Plug Power Expects to Receive $12M in Funding

July 30, 2003 by Jeff Shepard

Plug Power Inc. (Latham, NY) announced that it expects to receive approximately $12 million in net funding upon finalization of contracts with the US Department of Energy (DOE, Washington, DC) and the New York State Energy Research and Development Authority (NYSERDA) under several recently awarded programs.

The DOE awarded two Plug Power proposals addressing backup/premium power and high-temperature fuel cell membrane research and development in support of President Bush's FreedomCAR and Hydrogen Fuel Initiatives. Plug Power also will develop and field test backup systems for near-term applications in the telecommunications industry. In addition, NYSERDA awarded two separate proposals submitted by Agway Energy Products and National Fuel Gas Distribution Corp. for Plug Power combined heat and power technology development and demonstration projects.

Agway Energy Products will install and operate a total of five Plug Power fuel cell systems,- two GenSysTM5P propane-powered fuel cell systems at the Agway Energy Products Training Center in Syracuse and the New Baltimore Service Area on the New York State Thruway, and three GenSysTM5CS natural gas fuel cell systems at the Dormitory Authority of the State of New York headquarters in Albany. National Fuel Gas Distribution will install and operate one GenSysTM5CS natural gas fuel cell system at a residence in Buffalo in a follow-on to a program that operated a Plug Power fuel cell in 2002 and 2003.