4.12.2003: Plug Power: New Product Line for Hydrogen Generation
"We believe the GenSite(TM) product line offers a compelling economic value proposition when compared to the current cost associated with bottled hydrogen distribution and on-site electrolyzers," said Mark Sperry, Plug Power Chief Marketing Officer. "Hydrogen consumers require a reliable, easy to use, modular and scalable source of industrial grade hydrogen gas, the GenSite(TM) line shows Plug Power""s capability and resolve to deliver on these needs."
The GenSite(TM) product line operates on natural gas and provides 99.95 percent pure compressed hydrogen gas. The new product line leverages Plug Power""s core reformer technology that has been embedded in more than 380 GenSys(TM) fuel cell systems, which have operated for approximately one million hours during the past three years. Plug Power, a leader in system integration, will incorporate the reformer with a compressor and purifier to complete the overall system design.
The Company intends to engage both users of industrial hydrogen gas and industrial gas suppliers through demonstration units starting in the summer of 2004.
A 7 Nm3/hr (247 cubic feet/hour) GenSite(TM) unit will be on display in the Plug Power booth (#7737) at POWER-GEN in Las Vegas, Nev. from Tuesday, Dec. 9 through Thursday, Dec. 11. To learn more please visit http://www.plugpower.com/ and proceed to the event section.
About Plug Power
Plug Power Inc. designs and develops on-site energy systems based on proton exchange membrane fuel cells. 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 commercially viable on-site energy products; the cost and timing of developing Plug Power""s on-site energy products; market acceptance of Plug Power""s on-site energy products; Plug Power""s reliance on its relationship with certain affiliates of General Electric (GEFCS); Plug Power""s ability to perform on its multi-generation product plan in a manner satisfactory to GEFCS; Plug Power""s ability to manufacture on-site energy products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for Plug Power""s on-site energy products; the ability to raise and provide the necessary capital to develop, manufacture and market Plug Power""s on-site energy products; Plug Power""s ability to establish relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; Plug Power""s ability to protect its intellectual property; Plug Power""s ability to lower the cost of its on-site energy products and demonstrate their reliability; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power""s on-site energy products; fluctuations in the trading price and volume of Plug Power""s common stock 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.