Plug Power Joins Fuel Cell Industry in Celebrating Reinstated Fuel Cell Tax Credit
February 09 2018 - 7:41AM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean,
reliable energy solutions, today joins the hydrogen fuel cell
industry in applauding the reinstatement of the fuel cell
investment tax credit (ITC). Early this morning Congress
passed, and the President signed into law, the Bipartisan Budget
Act of 2018 which included a five-year phase down and phase out of
the expired ITC. With the reinstated fuel cell tax credit now in
place, a level playing field has been reestablished for alternative
energy power solutions.
The newly-placed tax plan extends the ITC for
fuel cells through 2022, phasing down from 30% to 26% in 2020 and
22% in 2021. Most importantly, this tax credit is an important tool
to keeping the American-made fuel cell industry in place and
allowing it to scale.
Incredible collaboration, both politically and
industry-wide, went into rallying around the fuel cell tax credit
reinstatement. Hydrogen fuel cells are a “made in America” power
solution. According to the Fuel Cell and Hydrogen Energy
Association, the entire industry provides more than 10,000 jobs
in the United States, and supports tens of thousands of
additional jobs through its customers, suppliers and installers.
These high-skilled, well-paid workers, are helping America win the
tough, global competition for manufacturing. All involved applaud
the actions taken to address the market disparity that was created
in 2015.
“Over the past two years, I have seen true
bipartisan efforts to bring this across the finish line,” said Andy
Marsh, CEO of Plug Power. “Congress has once again created a fair
and level playing field which enables the best and most beneficial
technologies to prevail in the marketplace on merit. This tax
credit extension is a win for the fuel cell industry and it is
protecting good-paying American manufacturing and service jobs, not
just in New York, but across the country.”
Instrumental to the extension is incredible
bipartisan support from both the Senate, led by Senator Charles E.
Schumer (D-NY), and The House of Representatives, including
Congressman Paul Tonko (D-NY), Congressman Tom Reed (R-NY),
Congressman John Faso (R-NY) and Congresswoman Cathy McMorris
Rodgers (R-WA).
“This tax credit not only incentivizes
businesses to purchase clean, American-made fuel cells from
innovative companies like Plug Power, but it is also a proven job
creator. When I visited Plug Power in 2010 the company had 87
employees, when I returned in 2016 they had over 300 employees, and
revenue had increased by 400 percent! The ITC tax credit had
a lot to do with that success, so I knew it must be renewed, but it
wasn’t easy. I’ve been working for over two years to bring my
colleagues together, from both sides of the aisle, to pass this
extension, and yesterday our hard work finally paid off.
Simply put, this pro-growth credit will continue to allow
companies like Plug Power grow and create even more jobs for a
generation to come,” said Senator Charles E. Schumer.
The fuel cell industry consists of a strong
collaboration of technology, manufacturing, service and policy
organizations. Plug Power worked closely alongside strong
colleagues, including those from the Fuel Cell Hydrogen and Energy
Association, BloomEnergy and the National Gas Association, to
support the policy efforts.
About Plug Power
Inc. The architect of modern hydrogen
and fuel cell technology, Plug Power is the innovator that has
taken hydrogen and fuel cell technology from concept to
commercialization. Plug Power has revolutionized the material
handling industry with its full-service GenKey solution, which is
designed to increase productivity, lower operating costs and reduce
carbon footprints in a reliable, cost-effective way. The Company’s
GenKey solution couples together all the necessary elements to
power, fuel and serve a customer. With proven hydrogen and fuel
cell products, Plug Power replaces lead acid batteries to power
electric industrial vehicles, such as the lift trucks customers use
in their distribution centers.
Extending its reach into the on-road electric vehicle market,
Plug Power’s ProGen platform of modular fuel cell engines empowers
OEMs and system integrators to rapidly adopt hydrogen fuel cell
technology. ProGen engines are proven today, with thousands in
service, supporting some of the most rugged operations in the
world. Plug Power is the partner that customers trust to take their
businesses into the future. Learn more at
www.plugpower.com.
Safe Harbor
StatementThis communication contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve significant
risks and uncertainties about the Company, including but not
limited to statements about the Company’s expectations regarding
full year 2018 revenue and Q1 2018 revenue, adjusted gross margin
and adjusted EBITDAS, achieving adjusted EBITDAS break even,
increasing revenue and gross margin, improving fuel cell stack
life, the expansion of fuel cells into additional vehicle markets,
the launch of ProGen engines, a potential strategic partnership for
the China market, opportunities in the on-road electric vehicle
market, and expansion in the hydrogen fueling business. Investors
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 that, 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 the
Company continues to incur losses and might never achieve or
maintain profitability; the risk that the Company will need to
raise additional capital to fund its operations and such capital
may not be available; the risk that the Company’s lack of extensive
experience in manufacturing and marketing products may impact its
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 be converted to revenue, in
whole or in part; the risk that a loss of one or more of the
Company’s major customers could result in a material adverse effect
on the Company’s financial condition; the risk that a sale of a
significant number of shares of stock could depress the market
price of the Company’s common stock; 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; the Company’s ability to attract and
maintain key personnel; the risks related to the use of flammable
fuels in the Company’s products; the risk that pending orders may
not convert to purchase orders, in whole or in part; the cost and
timing of developing, marketing and selling the Company’s products
and the Company’s ability to raise the necessary capital to fund
such costs; the Company’s ability to obtain financing arrangements
to support the sale or leasing of its products and services to
customers; the Company’s ability to achieve the forecasted gross
margin on the sale of its products; the cost and availability of
fuel and fueling infrastructures for the Company’s products; the
risk of elimination of government subsidies and economic incentives
for alternative energy products; market acceptance of the Company’s
products and services, including GenDrive units; the Company’s
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 the Company’s
products; the Company’s ability to develop commercially viable
products; the Company’s ability to reduce product and manufacturing
costs; the Company’s ability to successfully market, distribute and
service its products and services internationally; the Company’s
ability to improve system reliability for its products; competitive
factors, such as price competition and competition from other
traditional and alternative energy companies; the Company’s ability
to protect its intellectual property; the cost of complying with
current and future federal, state and international governmental
regulations; the risks associated with potential future
acquisitions; the volatility of the Company’s stock price; and
other risks and uncertainties referenced in the Company’s public
filings with the SEC.
Plug Power Media
ContactTeal
Vivacqua518.738.0269media@plugpower.com
SOURCE: PLUG POWER
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