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Plug Power Selected for National Institute of Standards & Technology Award
THURSDAY, OCTOBER 25, 2001 7:25 AM
LATHAM, N.Y., Oct 25, 2001 /PRNewswire via COMTEX/ -- Plug Power Inc. (Nasdaq:PLUG) announced today that it has been selected to receive an award from the National
Institute of Standards and Technology (NIST), Advanced Technology Program (ATP) for development of a next generation fuel processor.
ATP awards are made on the basis of a rigorous competitive review considering scientific and technical merit of each proposal and its potential benefits to the U.S. economy. The
program is managed by NIST.
"ATP funding will be fundamental in creating the opportunity for Plug Power to explore a pathway to achieving further reductions in fuel cell system cost while at the same time
improving system reliability and performance," said Dr. John F. Elter, Plug Power Vice President of Research & Systems Architecture. "The proposed breakthroughs in fuel
processor technology will accelerate cost reductions for widespread market penetration by stationary fuel cell systems."
The focus of the project is to refine and enhance the design of the fuel processor through innovation in reformer technology and unique operating methodology. The fuel processor
is one of three components of the fuel cell system, which also includes the stack and power conditioner.
The program is intended to be conducted in three phases over a 24-month period. Phase one embodies the majority of the research effort, where multiple concepts for optimizing
fuel processor systems will be studied in-depth. Modeling tools and designs of experimental methods will be utilized to select the concept to be further developed in phase two.
During phase three, the system concept will be expanded into a detailed prototype system design. This prototype will be assembled, tested and demonstrated on-site at Plug
Power`s manufacturing and research facility in Latham, N.Y.
ATP provides cost-shared funding to industry, non-profit organizations and universities to help advance particularly challenging high-risk research and development projects that
have the potential to spark important, broad-based economic or social benefits for the United States.
Plug Power designs and develops on-site electric power generation systems utilizing Proton Exchange Membrane (PEM) fuel cells for stationary applications. Plug Power`s fuel
cell systems are expected to be sold globally through a joint venture with General Electric and through DTE Energy Technologies in a four-state territory, which includes Michigan,
Illinois, Ohio and Indiana. The Company`s headquarters are located in Latham, New York with offices in Washington DC 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 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 "Risk Factors" in Plug Power`s
final prospectus, dated July 19, 2001 and filed with the Securities Exchange Commission on July 29, 2001, Plug Power`s current report on Form 8-K filed with the Securities and
Exchange Commission on June 14, 2001 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.
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