Plug Power Reports Year-End, Q4 Results

January 17, 2002 by Jeff Shepard

Plug Power Inc. (Latham, NY) announced fourth-quarter accomplishments and milestones achieved throughout 2001. During 2001, Plug Power delivered 132 systems, including 131 5kW systems that operate on natural gas and one 50kW prototype system that operates on hydrogen.

"I am optimistic about the progress we have made over the past year," said Roger Saillant, Plug Power president and CEO. "Plug Power will continue to be an industry leader in proton-exchange membrane fuel cell technology and develop products that will meet the needs of our customers."

The company reduced net cash expenditures to $55.5 million, well below its $64.3 million objective for the year. "We have been successful decreasing net cash expenditures every quarter since the fourth quarter of 2000," said Mark Schmitz, CFO. "We closed the fourth quarter with net cash expenditures of $11.7 million, compared to $12.2 million reported in the third quarter of 2001."