Plug Power and Ballard Power Systems to Receive $3.5 Million in DoD Funding for Army Continuity of Operations
26 September 2007 - 9:01PM
PR Newswire (US)
LATHAM, N.Y.; VANCOUVER, British Columbia, Sept. 26
/PRNewswire-FirstCall/ -- Plug Power Inc. (NASDAQ:PLUG) and Ballard
Power Systems Inc. (Nasdaq: BLDP; TSX: BLD) have been awarded $3.5
million by the U.S. Department of Defense (DoD) to collaborate on
the next phase of fuel cell systems development to support the
DoD's Continuity of Operations (COOP) initiative. Plug Power and
Ballard have worked together since early 2006 on backup power
applications that target the U.S. DoD and Department of Homeland
Security and other government agencies. The companies will continue
to work collaboratively on a modular and scaleable fuel cell system
for use in telecommunication and other mission-critical backup
applications. Prototype system trials are expected to be deployed
in 2008 with both government and commercial customers. Government
investment enabled first-phase technology evaluation of the backup
power solution. This further funding, for the second phase, will
facilitate delivery of systems to customers for validation of
product requirements. "This award from the Department of Defense
accelerates joint development activities that move us toward a
product that supports the critical infrastructure needs of public
and private clients across a number of applications and
industries," said Roger Saillant, Plug Power's President and Chief
Executive Officer. "The funding acts as a catalyst that unites Plug
Power's established leadership in the development and
commercialization of backup power solutions with Ballard's latest
technology, the Mark1020 ACS(TM) fuel cell stack. We expect this
project will result in superior backup power solutions for
telecommunications and other mission-critical applications."
"Governments play a critical role in bringing technologies to
market that provide economic, environmental and security benefits
to society as a whole," said John Sheridan, Ballard's President and
Chief Executive Officer. "Moving into the second phase of this
collaboration with Plug Power illustrates how government, in the
role of both investor and end customer, moves new technology
forward." Sheridan continued, "Both phases are prerequisites for
early stage commercialization of fuel cell solutions to provide
customers with clean, reliable backup power." The award will be
administered through the U.S. Army Corps of Engineers' Engineer
Research and Development Center Construction Engineering Research
Laboratory (ERDC-CERL), which focuses on the evaluation and
installation of fuel cell power plants for stationary applications,
including infrastructure, environmental, water resources and
disaster operations. About Ballard Power Systems Ballard Power
Systems Inc. (TSX: BLD; Nasdaq: BLDP) is recognized as a leader in
the development, manufacture and sale of hydrogen fuel cells.
Ballard's mission is to make fuel cells a commercial reality. To
learn more about what Ballard is doing with Power to Change the
World(R), visit http://www.ballard.com/. Ballard Power Systems Safe
Harbor Statement This release contains forward-looking statements
that are based on the beliefs and assumptions of Ballard's
management and reflect Ballard's current expectations as
contemplated under section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of
1934, as amended. Such assumptions relate to our financial
forecasts and expectations regarding our product development
efforts, manufacturing capacity, and market demand. These
statements involve risks and uncertainties that may cause our
actual results to be materially different, including, without
limitation, the rate of mass adoption of our products, product
development delays, changing environmental regulations, our ability
to attract and retain business partners and customers, our access
to funding, increased competition, our ability to protect our
intellectual property, changes in our customers' requirements, and
our ability to provide the capital required for product
development, operations and marketing. Readers should not place
undue reliance on Ballard's forward-looking statements and Ballard
assumes no obligation to update or release any revisions to these
forward looking statements. For a detailed discussion of the risk
factors that could affect Ballard's future performance, please
refer to our most recent Annual Information Form. About Plug Power
Inc. Plug Power Inc. (NASDAQ:PLUG), an established leader in the
development and deployment of clean, reliable on-site energy
products, integrates fuel cell technology into backup and primary
power products for telecommunications, material handling, utility
and uninterruptible power supply applications. The Company is
actively engaged with private and public customers in targeted
markets throughout the world, including North America, Europe, the
Middle East, Russia, South Africa and South America. For more
information about how to join Plug Power's energy revolution as an
investor, customer, supplier or strategic partner, please visit
http://www.plugpower.com/. Plug Power Inc. Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including but not limited to our 2007 milestones and statements
regarding our growth plans. We believe that it is important to
communicate our future expectations to our investors. However,
there may be events in the future that we are not able to
accurately predict or control and that may cause our actual results
to differ materially from the expectations we describe in our
forward-looking statements, including, without limitation, the risk
that the anticipated synergies of the Cellex Power Products and
General Hydrogen acquisitions are not realized; the risk that unit
orders will not ship, be installed and/or convert to revenue, in
whole or in part; 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 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; 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 and other risks and uncertainties discussed under "Item
IA-Risk Factors" in Plug Power's annual report on Form 10-K for the
fiscal year ended December 31, 2006, filed with the Securities and
Exchange Commission ("SEC") on March 16, 2007, and the reports Plug
Power files from time to time with the SEC. Plug Power does not
intend to and undertakes no duty to update the information
contained in this press release. DATASOURCE: Plug Power Inc.
CONTACT: Al Bucknam of Plug Power Inc., +1-518-782-7700 ext. 1510,
; or Rebecca Young of Ballard Power Systems Inc., +1-604- 454-0900,
Web site: http://www.plugpower.com/ http://www.ballard.com/
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