Plug Power and Ballard Power Systems Awarded $2M Program to Develop Advanced PEM Fuel Cell System
January 12 2006 - 8:30AM
PR Newswire (US)
LATHAM, N.Y. and VANCOUVER, British Columbia, Jan. 12 /PRNewswire-
FirstCall/ -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing
clean, reliable on-site energy, and Ballard Power Systems (Nasdaq:
BLDP; TSX: BLD), a leading developer of proton exchange membrane
(PEM) fuel cells, today announced they have been awarded a $2M
program by the U.S. Department of Defense to develop an advanced
prototype PEM fuel cell system to support Defense Continuity of
Operations (COOP). Under this program, Plug Power and Ballard will
jointly develop a next- generation prototype PEM fuel cell power
solution to be used in backup power applications. Plug Power will
act as the systems integrator, using a Ballard(R) fuel cell stack
for evaluation and potential use in COOP programs for the U.S.
Department of Defense and Department of Homeland Security. "The
collaboration with Ballard Power Systems supported by the
Department of Defense combines key strengths from both our
companies," said Dr. Roger Saillant, President and CEO of Plug
Power. "This project affirms Plug Power's commitment to leverage
partnerships and explore all avenues in developing the best fuel
cell solutions for its customers." The project represents the first
phase of Plug Power-Ballard collaboration and, if successful, could
lead to further development work towards a portable, highly
durable, extended-run, zero emission prototype backup power
solution for COOP satellite locations. Fuel cell power could help
ensure that these locations remain operational, even when other
power sources have failed. "Collaboration among fuel cell
developers, systems integrators and governments will accelerate the
commercialization of fuel cell technology," said John Sheridan,
Ballard's Chairman of the Board and Interim President and Chief
Executive Officer. "Supplying Plug Power with our fuel cell stack
strongly supports our strategic decision to focus our efforts on
fuel cell development, leaving the systems integration to others."
COOP planning refers to the internal efforts of an organization,
such as a branch of government, department or office, to assure
that the capability exists to continue essential operations at
dispersed locations in the aftermath of any operational
interruptions. Potential applications for fuel cell backup power
could include running computers, telecommunications equipment and
other small office systems. Senators Carl Levin (D-MI) and Debbie
A. Stabenow (D-MI), Congressman John Conyers (D-MI) and John D.
Dingell (D-MI) from Michigan and Senators Hillary Rodham Clinton
(D-NY) and Charles E. Schumer (D-NY) along with Congressmen John E.
Sweeney (R-NY), Michael R. McNulty (D-NY), Maurice Hinchey (D-NY)
and James T. Walsh (R-NY) from New York, were instrumental in
supporting this collaborative project. The funding for the joint
development program is contained in the FY06 Department of Defense
Appropriations Act. About Plug Power Plug Power Inc. is an
established leader in the deployment of clean, reliable, on-site
energy products. More than 600 Plug Power fuel cell systems have
been delivered to customers worldwide in commercial, public sector,
telecommunications, utility and uninterruptible power supply
markets. For more information about how you can join Plug Power's
energy revolution as an investor, customer, supplier or strategic
partner, please visit http://www.plugpower.com/. About Ballard
Power Systems Ballard Power Systems is recognized as the world
leader in the design, development and manufacture of zero emission
proton exchange membrane fuel cells. With locations in Dearborn
(Michigan), Lowell (Massachusetts), and Burnaby (British Columbia),
Ballard is focused on making 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/. Plug Power Safe Harbor
Statement: 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, 2004, dated March 15, 2005, and filed with the
Securities Exchange Commission on March 15, 2005, 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. Ballard
Power Systems Safe Harbor Statement: This release contains
forward-looking statements that are based on the beliefs 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. When used in this release, the words "estimate,"
"project," "believe," "anticipate," "intend," "expect," "plan,"
"predict," "may," "should," "will," the negative of these words or
such other variations thereon or comparable terminology are
intended to identify forward-looking statements. Such statements
reflect the current views of Ballard with respect to future events
based on currently available information and are subject to risks
and uncertainties that could cause actual results to differ
materially from those contemplated in those forward-looking
statements. DATASOURCE: Plug Power Inc. CONTACT: Cynthia Mahoney
White, Manager, Public Relations & Marketing, Plug Power Inc.,
Phone: +1-518-782-7700 ext. 1973, Mobile: +1-518-527-1172, ;
Michelle Cormack, Manager, Corporate Relations, Ballard Power
Systems, Phone: +1-604-454-0900, Fax: +1-604-412-3100, Web site:
http://www.plugpower.com/ http://www.ballard.com/
Copyright