Plug Power Announces Progress Made Against 2009 Or

Plug Power Inc., a leader in providing clean, reliable energy solutions today provides a progress report against its 2009 order milestone.

As stated throughout the year, Plug Power remains encouraged by the successful implementation of GenDriveâ„¢ fuel cell power units into material handling applications during 2009. Plug Power's GenDrive solution offers customers an environmentally-conscious alternative to lead-acid batteries as a power source for electric lift trucks, allowing for increased productivity and lowered lifetime operational costs of the operation. Major companies such as Central Grocers, Wegmans, Sysco and Coca-Cola have first-mover advantage in an industry where revenue is generated based on the efficiency of the operations.

Plug Power also saw success in India during 2009, selling 200 prime power GenSys® units to Wireless TT Info Services Limited (WTTIL), the tower arm of Tata Teleservices Limited (TTSL). Additionally, Plug Power and SFO Technologies signed a five-year manufacturing and supply agreement for the build of Plug Power's GenSys systems in India.

Against its milestone to secure 1,000 orders in 2009, Plug Power achieved 786 total orders. Plug Power ended 2009 with 584 GenDrive orders, receiving 204 unit orders in the fourth quarter. There are several orders still pending which are expected to close early this year.

"Plug Power saw strong market traction in both the material handling and remote prime power markets during 2009. Businesses implemented our solutions to benefit their operations and allow for sustainability targets to be met," said Plug Power's CEO, Andy Marsh. "Plug Power remains focused on completing current negotiations with customers. At the same time, we expect to see sales momentum continue to build in 2010 as the value proposition of our GenDrive and GenSys products become more evident in their market spaces."

As was previously announced, Plug Power officially launched its class-2 standup-reach truck unit during the fourth quarter of 2009. This system is a critical enhancement to the GenDrive offering, complementing the product portfolio and achieving a key corporate milestone. Following on successful tests with major lift truck OEMs in North America, targeted customers can now convert their entire lift truck fleet to hydrogen fuel cell power units, totally eliminating toxic lead-acid batteries and consuming battery-charging equipment from their operations.

"The successful launch of the GenDrive class-2 product dramatically increased the level of interest and sales activity during the fourth quarter," said Tom Hoying, Vice President of sales for Plug Power. "The convenience of full-fleet conversion, coupled with increased productivity and lowered operational costs, makes the buying decision considerably easier for the customer. During the fourth quarter, Plug Power received a purchase order from a major retailer constructing a new facility using only a hydrogen infrastructure. We are confident that this trend will continue in 2010, allowing Plug Power to meet its sales targets."

The Company announced a three-year path to profitability on October 8, 2009. According to the corporate strategy, Plug Power believes it can achieve profitability by 2012, generating a positive cash flow for the first time in the Company's history. Plug Power's GenDrive and GenSys backlog at December 31, 2009 was 853 units. This backlog will correlate with Plug Power's 2010 goal to ship 1,100 GenDrive units and 1,000 GenSys units.

Plug Power will discuss overall financial metrics, including its progress against the net cash milestone, during its regularly scheduled 2009 year-end conference call.

http://money.cnn.com/news/newsfeeds/articles/globenewswire/182579.htm

Source: CNNMoney.com