LATHAM, N.Y., Oct. 27, 2011 — Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy products, placed a large production order for Air Squared Mfg., Inc. scroll compressors to be used in the GenDrive® product suite. Air Squared has supplied compressors to Plug Power since 2006. Their compressors will be operational in over 2,000 GenDrive systems deployed with material handling customers across North America by years end. Plug Power was the first fuel cell company to partner with the Broomfield, CO-based company.
Air Squared scroll compressors are used to direct air to the GenDrive fuel cell stack. Scroll compressors are inherently more efficient and reliable, consisting of only two primary moving parts, allowing for a small and compact design. They are also oil-free, meeting the requirements set by Plug Power for clean compressed air without impurities. Air Squared is also using scroll technology to develop efficient hydrogen recirculation pumps for fuel cell applications.
As one of our major customers, Plug Power has played a large part in our rapid growth over the last two years. Plug Power has helped provide the base business we needed to bring machining in-house, resulting in large-scale price reductions and a vast improvement in quality.
Robert Shaffer, Air Squared President and Founder
Air Squared is a key supplier with unique capabilities and we are pleased to extend this long term relationship.
Andy Marsh, Plug Power CEO
The architects of modern fuel cell technology, Plug Power revolutionized 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 Wegmans, Whole Foods, and FedEx Freight. With more than 1,200 GenDrive units shipped to material handling customers, accumulating over 5 million hours of runtime, Plug Power manufactures tomorrow’s incumbent power solutions today. Additional information about Plug Power is available at http://www.plugpower.com.
Air Squared Manufacturing, Inc. is the industry leader in oil-free scroll design and manufacturing. By introducing a simple design with fewer moving parts, scroll technology has established itself as a highly efficient, very reliable, cost-effective alternative. Through a growing line of compressor, vacuum pumps, and expanders, Air Squared makes the many advantages of oil-free scroll technology available to OEMs worldwide.
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that are subject to certain assumptions, risks and uncertainties, any of which are difficult to predict, are beyond Plug Power’s control and that may cause Plug Power’s actual results to differ materially from the expectations in Plug Power’s forward-looking statements including statements regarding the risk that revenue growth can or will be sustained, that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; the cost and timing of developing Plug Power’s products and its ability to raise the necessary capital to fund such development costs; the risk that the previously disclosed expected uses of the Company’s recently raised capital may change; the ability to achieve the forecasted gross margin on the sale of Plug Power’s products; the 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 Plug Power’s products; market acceptance of Plug Power’s GenDrive system; Plug Power’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 Plug Power’s products; Plug Power’s ability to develop commercially viable products; Plug Power’s ability to reduce product and manufacturing costs; Plug Power’s ability to successfully expand its product lines; Plug Power’s ability to improve system reliability for GenDrive; competitive factors, such as price competition and competition from other traditional and alternative energy companies; Plug Power’s ability to manufacture products on a large-scale commercial basis; Plug Power’s ability to protect its intellectual property; the cost of complying with current and future governmental regulations; and other risks and uncertainties discussed under “Item IA-Risk Factors” in (i) Plug Power’s annual report on Form 10-K for the fiscal year ended December 31, 2010, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2011 and (ii) in Plug Power’s quarterly report on Form 10-Q for the quarter ended March 31, 2011 filed with the SEC on May 13, 2011, as well as in the other reports Plug Power files from time to time with the SEC. Plug Power does not intend to, and undertakes no duty to update any forward-looking statements as a result of new information or future events.