Plug Power Applauds Introduction of the Bi-Partisan Fuel Cell Extenders Act of 2015
September 24 2015 - 7:00AM
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.
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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
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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
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to fund such costs; the ability to achieve the forecasted gross
margin on the sale of our products; the risk that our actual net
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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
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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
media@plugpower.com
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