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The companies have entered into a five-year agreement where NeST will manufacture Plug Power's fuel cell systems in India. NeST will also provide support for vendor development, procurement, manufacturing, testing and shipment of the GenSys systems. NeST provides Plug Power with world-class manufacturing and supply expertise in the Indian telecommunications market. At the same time, their ideal location allows for the export of products to other key markets in Africa and Asia.
The companies are currently preparing for the production of the first 200 GenSys units sold to WTTIL, the cell tower arm of Tata Teleservices Limited (TTSL), announced in July of this year. Plug Power expects to have all 200 units shipped by the end of March, 2010 and install approximately 1,000 systems throughout India by the end of the same year. The Indian telecommunications market is expected to grow with the approximate addition of 50,000 towers annually over the next three to five years.
GenSys(R) provides continuous power to cell tower sites with no or extremely unreliable electric grid service. An estimated ten percent of the cell towers in India currently operate completely off-grid where the primary power is provided by diesel generators. Plug Power's GenSys units are fueled by Liquid Petroleum Gas (LPG), allowing the customer to eliminate logistics associated with the delivery of pure hydrogen.
"This is a great opportunity for NeST to support the fast growing fuel cell market," said Mr. N. Jahangir, Vice Chairman and Managing Director of the NeST Group. "This is an ideal product for NeST to demonstrate its vertically integrated capability in electronics, wire harness, power supply, sheet metal, plastics and box build. NeST is grateful to Plug Power for selecting us as their manufacturing partner, which I consider as recognition of our demonstrated capability in global competitiveness, quality and fulfillment. NeST is committed to make Plug Power successful and grow in this product area."
"Plug Power is very impressed with the unique combination of significant vertical integration, quality manufacturing and focus on customer satisfaction provided by NeST," said Mr. Scott Egbert, Managing Director of Plug Power Energy India. "NeST's stellar management team and globally diverse design and manufacturing services allowed Plug Power to confidently enter into this partnership as a way to offer the highest-quality and lowest-cost commercial product to customers.
About Plug Power Inc.
Plug Power Inc. (Nasdaq:PLUG), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive and continuous power products. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.
The Plug Power Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4446
About SFO Technologies
SFO Technologies (A NeST Group Company- www.nestgroup.net) is an ODM Major with revenues upward of $200 million. NeST is a vertically integrated company offering end to end product support to customer from design, engineering, manufacturing, procurement, software development, system integration and value engineering services. NeST has a global foot print with operations in USA, Europe, Middle East, India and Asia pacific. NeST competence covers electronics, RF and wireless, fiber optics, power supplies, wire harness, mechanical and plastics. NeST offers their services to diverse market verticals like Healthcare, Communication, automotive, aerospace, wind energy, solar energy, thermal power etc. NeST is headquartered in Kochi, Kerala State and has its design and manufacturing operations at Kochi, Mysore, Bangalore, Chennai and Software Development Center at Trivandrum in India. NeST supports many Fortune 500 companies such as GE, HP, Verizon, Diebold, Honeywell, ABB, Alsthom, Alcatel-Lucent, Siemens, Hitachi, Toshiba, etc. for design, manufacturing, software development and system integration services.
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the number of GenDrive and GenSys units we expect to ship in 2010 through 2012, our projected revenues for 2010 through 2012, and our expectations for achieving profitability and positive cash flow in 2012. 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, our ability to reduce product and manufacturing costs; our ability to improve system reliability for both GenDrive and GenSys; our ability to successfully expand our product lines; the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; our ability to develop commercially viable products; the cost and timing of developing our products and our ability to raise the necessary capital to fund such development costs; market acceptance of our GenDrive and GenSys systems; our ability to manufacture 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 our products; 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 fuel and fueling infrastructures for our products; our ability to protect our intellectual property; 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 energy products; and other risks and uncertainties discussed under "Item IA-Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2008, filed with the Securities and Exchange Commission ("SEC") on March 16, 2009, and the reports we file from time to time with the SEC. We do not intend to and undertake no duty to update the information contained in this communication.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Plug Power Inc.
CONTACT: Plug Power Inc. Media Contact: Katrina Fritz Intwala (518) 782-7700 ext. 1360 media@plugpower.com Investor Relations Contact: Cathy Yudzevich (518) 782-7700 ext. 1448 investors@plugpower.com
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