LATHAM, N.Y., Sept. 24, 2015 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions strongly supports the Fuel Cell Tax Extenders Act of 2015 introduced by Representative John Larson (CT-01) with original co-sponsors Representatives Paul Tonko (NY-20) and Chris Gibson (NY-19) on Friday, September 18, 2015. The bi-partisan bill will extend federal incentives for residential, commercial and vehicular fuel cell use as well as extend and expand credits for hydrogen infrastructure. This legislation will provide important certainty for fuel cell manufacturers and Plug Power's GenDrive and ReliOn customers.
The current tax incentives for fuel cell vehicles and hydrogen infrastructure are set to expire at the end of this year, while the fuel cell investment tax credit for material handling and stationary fuel cells will end on December 31, 2016. This legislation will extend all of the credits through the year 2021. The Fuel Cell Extenders Act of 2015 helps to level the playing field, enabling customers of all sizes to invest in new business-improving technology like hydrogen fuel cells.
"The existing tax credits have been very successful in sparking great interest and demand for hydrogen and fuel cell solutions, thus passing this bill now will help keep that momentum strong," said Andy Marsh, CEO at Plug Power. "I commend Representatives Larson, Tonko and Gibson for their steadfast support for hydrogen fuel cell technology adoption and for Plug Power's continued growth."
"Fuel cell technology has gained widespread traction because of the efficiency and productivity gains that are realized. This is something everyone can get on board with," said Congressman Tonko. "This legislation extends a critical and robust tax credit that will provide the incentive for large-scale conversions to this clean technology at manufacturing and distribution centers across the country, which will ultimately lead to new jobs. I thank Congressman Larson for his commitment to encouraging innovation and making energy efficiency our fuel of choice."
"Fuel cells are a critical component of the nation's efforts to reduce our dependency on fossil fuels and lower energy costs," said Congressman Gibson. "I am delighted to help remove barriers to growing this industry, especially in the Capital Region. Plug Power and its skilled workforce are advancing incredible technologies for everyday use by American businesses and consumers. They deserve the same incentives enjoyed by other clean energy industries."
"Fuel cell technology continues to grow and improve, supporting thousands of jobs and supplying clean energy to more and more Americans," said Congressman Larson. "Extending incentives for businesses, homeowners, or those purchasing new cars will make it easier to develop and use fuel cell and hydrogen technology—and provide the certainty that such investments remain affordable and accessible for all. These incentives are already in place. As the technology continues to improve, it just makes sense to ensure more Americans have access to this clean, affordable energy."
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is revolutionizing the industry with cost-effective solutions that increase productivity, lower operating costs and reduce carbon footprint. Its signature solution, GenKey, provides an all-inclusive package for customers, incorporating GenFuel hydrogen and fueling infrastructure, GenCare aftermarket service and either GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery replacement, is used in electric lift trucks in high-throughput material handling applications. With more than 8,500 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with over 107 million hours of runtime. Plug Power manufactures tomorrow's incumbent power solutions today, so customers can POWERAhead. Additional information about the Plug Power brands is available at www.plugpower.com.
Plug Power Inc. Safe Harbor Statement
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. ("PLUG"), including but not limited to statements about PLUG's forecast of financial performance, order bookings, business model, strategy and growth opportunities. You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In particular, the risks and uncertainties include, among other things, the risk that we continue to incur losses and might never achieve or maintain profitability; the risk that we will need to raise additional capital to fund our operations and such capital may not be available to us; the risk that our lack of extensive experience in manufacturing and marketing products may impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in whole or in part; the risk that pending orders may not convert to purchase orders, in whole or in part; the risk that a loss of one or more of our major customers could result in a material adverse effect on our financial condition; the risk that a sale of a significant number of shares of stock could depress the market price of our common stock; the risk that negative publicity related to our business or stock could result in a negative impact on our stock value and profitability; the risk of potential losses related to any product liability claims or contract disputes; the risk of loss related to an inability to maintain an effective system of internal controls or key personnel; the risks related to use of flammable fuels in our products; the cost and timing of developing, marketing and selling our products and our ability to raise the necessary capital to fund such costs; the ability to achieve the forecasted gross margin on the sale of our products; the risk that our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our products, including GenDrive, ReliOn and GenKey systems; the volatility of our stock price; our ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our product lines; our ability to successfully expand internationally; our ability to improve system reliability for our GenDrive, ReliOn and GenKey systems; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal, state and international governmental regulations; risks associated with potential future acquisitions; and other risks and uncertainties referenced in our public filings with the Securities and Exchange Commission. For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the Securities and Exchange Commission (the "SEC") including, the "Risk Factors" section of PLUG's Annual Report on Form 10-K for the year ended December 31, 2014. You should consider these factors in evaluating the forward-looking statements included in this presentation and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.
CONTACT: Plug Power Media Contact Teal Vivacqua 518.738.0269 firstname.lastname@example.org
Source:Plug Power Inc.