DTE Energy to Sell Portion of Plug Power Ownership

DTE Energy Technologies Inc. (Detroit, MI) announced that it sold, through its wholly owned subsidiary DTE Energy Ventures Inc., 3.5 million shares of the stock it owns in Plug Power Inc. (Latham, NY), a fuel-cell development and manufacturing company. After the sale, DTE Energy Ventures' ownership position totals 10.6 million shares, or 14.5 percent, down from 19.4 percent ownership. DTE Energy will continue its business relationship with Plug Power in a number of markets.

"DTE Energy's utilities face near-term regulatory issues including rate cases that have resulted in a renewed focus on cost management and cash generation," said Dave Meador, senior vice president and chief financial officer. "In this environment, we have taken a range of near-term actions to conserve and generate cash. This sale of a limited portion of our Plug Power stock is consistent with our broader corporate initiative."