Plug Power PEM
(<10 kW)

Plug Power was founded in June of 1997 as a joint venture between DTE Energy, a diversified energy services company and parent of Detroit Edison (Michigan's largest electric utility) and Mechanical Technology Inc., an early developer of fuel cells. Plug Power has grown from 22 to over 350 employees.

In August 2001, finalized new agreements with GE Fuel Cell Systems, L.L.C. (GEFCS), GE MicroGen, Inc. (GEMG), GE Power Systems Equities (GEPS Equities) and DTE Energy Technologies (DTE) in line with the Memoranda of Understanding. Under the new agreement, GEFCS' exclusive, worldwide distribution rights are expanded (with the exception of a 4-state territory served by DTE Energy Technologies) to include the full range of Plug Power's stationary PEM fuel cell systems.

According to recent press releases:

LATHAM, N.Y. – June 18, 2002 -- Plug Power Inc. (NASDAQ: PLUG) today announced that the California Energy Commission (CEC) has certified the Company’s 5kW stationary fuel cell system complies with the requirements of California’s "Rule 21" grid interconnection standard.

LATHAM, N.Y. – July 23, 2002 -- Plug Power Inc. (NASDAQ: PLUG) introduced today the GenSys™5C, the Company’s new Combined Heat and Power (CHP) fuel cell system, at the Town Hall in Babylon, N. Y.

The Plug Power GenSys™5C unit is installed and operating at the Babylon Town Hall where it provides supplemental heat and electricity to the facility. "LIPA is proud to be a pioneer in the field of fuel cell technology," said LIPA Chairman Richard M. Kessel. "LIPA believes that fuel cells hold the key to achieving true distributed generation that makes economic and environmental sense. Installation of this unit will help us better understand the issues associated with the integration of fuel cells at customers’ facilities where heat produced by the units can also be used."

November 12, 2002
Plug Power To Buy H Power For $50.7 Million Stock

Plug Power Inc. and H Power Corp. announced today that they have entered into a definitive merger agreement pursuant to which Plug Power would acquire H Power in a stock-for-stock exchange valued at approximately $50.7 million. The two companies believe that the combination of these two leaders in the PEM fuel cell industry will create a stronger company that is better positioned to achieve long term commercial and financial success in this promising new industry. The combined entity will have 83 issued patents and 168 pending patent applications worldwide.

More Information

Plug Power
968 Albany-Shaker Road
Latham, NY 12110
Telephone: 518-782-7700
Fax: 518-782-9060

Go to the Plug Power web site at http://www.plugpower.com/

Source: Plug Power web site 8/02; updated 5/2003