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Plug Power Announces Agreement with Honda

March 25, 2004 by Jeff Shepard

Plug Power Inc. (Latham, NY) announced an agreement with Honda Research and Development Co. Ltd. (Japan) to continue development of the Home Energy Station. The new agreement comprises the second phase of an expected multi-phase product development effort.

The companies completed the first phase of the agreement in October 2003 with the successful demonstration of a prototype Home Energy Station at Honda R&D Americas' facility in Torrance, CA. The work under the second phase of the project will focus on developing a next-generation prototype of the Home Energy Station. As in the first phase, Honda R&D of Japan will fund Plug Power's work under this new agreement.

"Honda has very high standards for strategic partnerships, and we are pleased to be moving forward with them," said Roger Saillant, chief executive officer of Plug Power. "It is becoming more and more evident that the Home Energy Station could become a critical element in the emerging hydrogen economy."