Plug Power announces Industry’s Highest Capacity Fuel Cell for Material Handling Applications

New GenDrive™ 1900 Fuel Cell Brings Increased Productivity and Reduced Emission to Six-Ton Forklift Trucks

PlugPower Inc. (NASDAQ: PLUG), a leader inproviding clean, reliable energy solutions, today announced the GenDriveSeries 1000 product family has a new member, the GenDrive 1900. It is Plug Power’shighest-power fuel cell yet and one of the largest developed for material handling applications.

The GenDrive 1900 is designed as adrop-in replacement for lead-acid batteries on six-ton capacity, four-wheel, class-one counterbalanced forklift trucks. Six-ton forklift trucks are among the most popular large-capacity forklift trucks in use.

The new fuel cell is the company’s first to feature an optional second hydrogen tank to double hydrogen capacity.With both tanks installed, the fuel cell can store up to 3.4 kg of hydrogen with an energy capacity of 50 kilowatt-hours (kWhr). Capable of a constant power output of 14kW, the fuel cell delivers more than eight hours of runtime, which is 50% more than a conventional battery in this application. The GenDrive 1900 has a refill time of two minutes, maximizing the productivity of forklift trucks.

The new fuel cell is part of the GenDrive Series 1000 products targeted at sit-down counterbalanced trucks that are used in high-volume manufacturing and high-throughput warehousing and distribution operations. Other products in the family include the 1400, 1500,1600 and 1700 for three-wheel and four-wheel counterbalanced trucks.

With this new offering in its product line, Plug Power now provides a complete solution that spans all class-one forklift trucks, making it possible for its retail and manufacturing material handling customers to standardize on hydrogen fuel cells in place of lead-acid batteries.

“This is a very important extension of the GenDrive Series 1000 product line because it means that our customers can fully commit to a hydrogen-powered forklift fleet that enhances environmental impact, eliminates the need for battery storage and provides a better return on their investment in hydrogen fueling and storage,” said Andy Marsh, Plug Power president and CEO. “This is important for Plug Power too, as it expands our addressable market and cements our reputation as the leading PEM fuel cell integrator in the material handling industry.”

The GenDrive 1900 runs at the same operating pressure as other Series 1000 products, which helps to simplify hydrogen infrastructure. It also features a system controller that enables the operator to monitor and communicate fuel cell stack and system performance to optimize output, provide information for planned maintenance and reduce total cost of ownership.

Availability

The new GenDrive 1900 will start customer trials in the third quarter of 2013. When released, it will be available through Plug Power’s worldwide sales force.

The architects of modernfuel cell technology, Plug Power is revolutionizing the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for Plug Power’s key accounts, including Walmart, Sysco, P&G and Mercedes. With more than 4,000 GenDrive units deployed to material handling customers, accumulating over 10 million hours of runtime, Plug Power manufactures tomorrow’s incumbent power solutions today. Additional information about Plug Power is available at www.plugpower.com.

Plug Power Inc. SafeHarbor Statement

This communicationcontains forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995.These statements are based on currentexpectations that are subject to certain assumptions, risks and uncertainties,any of which are difficult to predict, are beyond our control and that maycause our actual results to differ materially from the expectations in ourforward-looking statements including, but not limited to: the risk that we continue to incur losses andmight never achieve or maintain profitability, the risk that we expect we willneed to raise additional capital to fund our operations and such capital maynot be available to us; our lack of extensive experience in manufacturing andmarketing products may impact our ability to manufacture and market products ona profitable and large-scale commercial basis; the risk that unit orders willnot ship, be installed and/or converted to revenue, in whole or in part; therisk that pending orders may not convert to purchase orders; the risk that ourcontinued failure to comply with NASDAQ’s listing standards may severely limitour ability to raise additional capital; the cost and timing of developing ourproducts and our ability to raise the necessary capital to fund such costs; theability to achieve the forecasted gross margin on the sale of our products; theactual net cash used for operating expenses may exceed the projected net cashfor operating expenses; the cost and availability of fuel and fuelinginfrastructures for our products; market acceptance of our GenDrive systems;our ability to establish and maintain relationships with third parties withrespect to product development, manufacturing, distribution and servicing andthe supply of key product components; the cost and availability of components andparts for our products; our ability to develop commercially viable products;our ability to reduce product and manufacturing costs; our ability tosuccessfully expand our product lines; our ability to improve systemreliability for our GenDrive systems; competitive factors, such as pricecompetition and competition from other traditional and alternative energycompanies; our ability to protect our intellectual property; the cost ofcomplying with current and future federal, state and international governmentalregulations; and other risks and uncertainties discussed, but are not limitedto, those set forth in (i) “Item IA-Risk Factors” in our Annual Report on Form10-K for the fiscal year ended December 31, 2011, filed with the Securities andExchange Commission (“SEC”) on March 30, 2012 and (ii) in our quarterly reporton Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on November14, 2012, as well as in the other reports we file from time to time with theSEC. We do not intend to, and undertake no duty to; update anyforward-looking statements as a result of new information or future events.

Source: Plug Power

For more information on: Plug Power