LATHAM, N.Y., Dec. 15 /PRNewswire-FirstCall/ -- Plug Power Inc. , a leader in providing clean, reliable on-site energy, today announced that IST Holdings (PTY) Ltd. (IST), a Plug Power distributor headquartered in Pretoria, South Africa, has issued a purchase order for 80 of the Company's GenCore(R) backup fuel cell systems. This represents the largest purchase order for the Company from one of its international distributors to date.
The 80 GenCore systems are the first of 400 Plug Power fuel cell systems expected to be installed during the next three years under a $3 million International Finance Corporation fuel cell financing initiative awarded to Plug Power and IST earlier today.
"For several months Plug Power has worked with IST and their telecom and utility customers throughout South Africa by providing GenCore fuel cell systems to support important infrastructure elements throughout the country," said Mark Sperry, Chief Marketing Officer of Plug Power. "This project is poised to pave the way for a more widespread use of alternative energy sources and demonstrates South Africa's commitment to the deployment of fuel cells."
South Africa generates two-thirds of Africa's electricity, and 40 percent of the continent's phones are located in that country. Working with Plug Power, IST will import, distribute, install and support the GenCore fuel cell systems at urban and rural sites throughout South Africa.
"We see great potential for the deployment of the fuel cell systems in countries such as South Africa, and we are committed to grow and develop the market," said Harry Coetzee, IST Group Chief Executive. "Our purchase from Plug Power and our partnerships with experienced telecommunication and utility companies allow us to meet our customers' needs for complete power solutions using advanced technology."
IST operates throughout Africa's southern countries and sees the supply of fuel cells in South Africa under the IFC program as a logical step to introducing fuel cells and perhaps other renewable energy projects, including wind and solar, across the African continent.
About GenCore(R)
The GenCore product line includes backup power products for the telecommunication, uninterruptible power supply and electric utility markets. The hydrogen-fueled GenCore 5-kilowatt backup fuel cell system is available in seven configurations to serve the broad needs of these applications.
About IST
IST was founded in 1980 to apply advanced integrated technologies in the provision of sophisticated engineered systems and solutions to industrial markets. The name was an acronym of Integrators of System Technology, which remains an accurate overall description of the group's business.
IST today comprises two major operating segments: the electronics group, which is engaged in the energy systems and telecommunications sectors; and the mechanical group, which serves the defense, nuclear power systems and multi- disciplinary projects sectors. The group's head office is based in Pretoria. From there it operates throughout Southern Africa and as far a field as North Africa, the Middle East, Australia and Europe. For more information please visit http://www.istltd.com/.
About Plug Power
Plug Power Inc. is an established leader in the deployment of clean, reliable, on-site energy products. More than 600 Plug Power fuel cell systems have been delivered to customers worldwide in commercial, public sector, telecommunications, utility and uninterruptible power supply markets. For more information about how you can join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit http://www.plugpower.com/.
This press release may contain statements, which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Plug Power's future results of operations, Plug Power's product development expectations or of Plug Power's financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. You should not rely on forward-looking statements because Plug Power's actual results may differ materially from those indicated by these forward- looking statements as a result of a number of important factors. These factors include, but are not limited to, Plug Power's ability to develop commercially viable on-site energy products; the cost and timing of developing Plug Power's on-site energy products; market acceptance of Plug Power's on-site energy products; Plug Power's reliance on its relationship with certain affiliates of General Electric (GEFCS); Plug Power's ability to perform on its multi- generation product plan in a manner satisfactory to GEFCS; Plug Power's ability to manufacture on-site energy products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for Plug Power's on-site energy products; the ability to raise and provide the necessary capital to develop, manufacture and market Plug Power's on-site energy products; Plug Power's ability to establish relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; Plug Power's ability to protect its intellectual property; Plug Power's ability to lower the cost of its on-site energy products and demonstrate their reliability; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's on-site energy products; fluctuations in the trading price and volume of Plug Power's common stock and other risks and uncertainties discussed under the heading "Factors Affecting Future Results" in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2004, dated March 15, 2005, and filed with the Securities Exchange Commission on March 15, 2005, and the reports Plug Power files from time to time with the Securities and Exchange Commission. Plug Power does not intend to and undertakes no duty to update the information contained in this press release.
