16.09.03

16.9.2003: Meldung: Plug Power Receives $3.9 Million Nist Program Award

Plug Power Inc., announced today a $3.9 million program award from the National Institute of Standards and Technology (NIST). The award is part of NIST""s Advanced Technology Program (ATP) and is for research and development of stationary fuel cells. Plug Power expects to receive approximately $1.8 million in net funding from NIST during the two year, cost-share program.

Plug Power will pursue a combination of four next-generation technologies intended to enhance performance and reduce the cost of the Company""s future fuel cell system designs. Specific projects will include: development of a sophisticated power control system utilizing digital signal processing, incorporation of carbon nanotube materials designed to improve stack performance, development of hydrogen supply techniques for addressing the intermittent demands of surge power, and advanced humidity management control schemes for improved fuel cell stack reliability.

"Developing fuel cells and getting them into the marketplace to produce energy is vital," said New York Senator Charles E. Schumer. "NIST""s decision to make this award to Plug Power couldn""t come at a better time, and will help ensure that our energy needs are met in a safe, reliable, and environmentally sound way."

"Once again, the federal government has recognized Plug Power""s ongoing commitment to finding innovative, cost-effective, and environmentally-sound solutions to the nation""s energy needs," said Congressman Mike McNulty (D- Green Island). "I am especially encouraged by the joint agreement between Plug Power and Albany NanoTech on a portion of this project. These types of collaborative efforts, coupled with federal dollars, will help the Capital District cement its status as a center for hi-tech research and development -- and help stabilize and grow our regional economy."

"We are pleased to have been selected to pursue these innovative technologies with NIST that have the potential to significantly simplify system design and reduce costs," said Dr. John F. Elter, Plug Power Vice President of Research and System Architecture.

Plug Power is partnering with Albany NanoTech at the State University of New York at Albany to develop the incorporation of nano-structured materials as part of this project.

About ATP

ATP provides cost-shared funding to industry-led teams, which can include non-profits and universities to help advance particularly challenging, high-risk R&D projects that have the potential to spark important, broad-based economic or social benefits for the United States. The program supports projects that industry cannot fully fund on its own because of significant technical risks. ATP awards are made on the basis of rigorous, competitive peer review of the scientific and technical merit of each proposal. Further information about ATP is available at http://www.atp.nist.gov/.

About Plug Power

Plug Power Inc. designs, manufactures and markets proton exchange membrane (PEM) fuel cells for stationary applications. Plug Power""s strategic partners include GE Fuel Cell Systems, DTE Energy Technologies, Vaillant GmbH, Honda R&D Co., Ltd., Engelhard Corporation and Celanese Ventures. The Company""s headquarters are located in Latham, N.Y., with offices in Washington, D.C., and The Netherlands.

This press release may contain statements, which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Plug Power""s future results of operations, Plug Power""s product development expectations or of Plug Power""s financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. You should not rely on forward-looking statements because Plug Power""s actual results may differ materially from those indicated by these forward- looking statements as a result of a number of important factors. These factors include, but are not limited to, Plug Power""s ability to develop a commercially viable fuel cell system; the cost and timing of developing Plug Power""s fuel cell systems; market acceptance of Plug Power""s fuel cell systems; Plug Power""s reliance on Plug Power""s relationship with certain affiliates of General Electric; Plug Power""s ability to perform on its multi-generation product plan in a manner satisfactory to GEFCS and DTE; ability to manufacture fuel cell systems on a commercial basis; competitive factors, such as price competition, competition from other power technologies and competition from other fuel cell companies; the speed and extent of consolidation of the fuel cell industry; the cost and availability of components and parts for Plug Power""s fuel cell systems; the ability to raise and provide the necessary capital to develop, manufacture and market Plug Power""s fuel cell systems; Plug Power""s ability to lower the cost of its fuel cell systems and demonstrate their reliability; the cost of complying with current and future governmental regulations; and other risks and uncertainties discussed under the heading "Factors Affecting Future Results" in Plug Power""s annual report on Form 10-K for the fiscal year ended December 31, 2002, dated March 31, 2003 and filed with the Securities Exchange Commission on March 31, 2003, and the reports Plug Power files from time to time with the Securities and Exchange Commission. Plug Power does not intend to and undertakes no duty to update the information contained in this press release.

Source: Plug Power Inc.
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