Plug Power's $2.5 Million DOE Award Will Expedite Fuel Cell Commercialization Outside of Material Handling

Plug Power's $2.5 Million DOE Award Will Expedite Fuel Cell Commercialization
Outside of Material Handling

Existing Customers Seek Expanded Use of Hydrogen

LATHAM, N.Y., Nov. 20, 2012 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG),
a leader in providing clean, reliable energy solutions, has been selected for
a $2.5 million award from the U.S. Department of Energy (DOE) to modify
electric tow tractor ground equipment to function with GenDrive hydrogen fuel
cells in airport applications. Under a three-year initiative with the DOE's
Office of Energy Efficiency and Renewable Energy, 15 tow tractors will be
deployed at FedEx Express airport hub locations in Memphis, Tennessee and
Oakland, California. FedEx will deploy hydrogen fuel cell technology at these
sites to study the productivity, efficiency and the environmental benefits of
using hydrogen.

"FedEx continually works toward goals to increase vehicle efficiencies and
reduce emissions in big and small ways that are sustainable and long-lasting,"
said Russell Musgrove, Managing Director with FedEx Express. "Plug Power's
plan to develop and deploy fuel cell-powered baggage tow tractors aligns with
our commitment to continually research and test technologies that will help us
connect the world in responsible and resourceful ways."

Hydrogen fuel cells have proven benefits in power applications as a
replacement to traditional lead-acid batteries. Customers using hydrogen fuel
cells have experienced significant improvements in productivity and
operational efficiencies in running their large distribution centers and
manufacturing operations. Many of these customers are now interested in
extending these benefits to other areas within their business, including
ground support equipment applications, other fleet vehicles and refrigerated
trailer operations. "Ground support equipment is a natural fit for our
GenDrive product, and this project allows us to take our prior expertise in
the area and further develop it for future commercialization," said Andy
Marsh, CEO at Plug Power. "FedEx has been a valuable collaborator for Plug
Power in the past and we look forward to continuing our positive work with
them as the company evaluates additional markets."

Senator Schumer announced the DOE award in a press release dated October,
31^st and re-emphasized its importance in helping to expand the use of fuel
cells. "This significant federal award means that Plug Power can continue to
help the Capital Region secure its place as an international hub for fuel cell
research and development," said Senator Charles E. Schumer (D-NY). "Plug Power
will not only further the development of domestic fuel cell technologies with
their plan to retrofit 15 electric tow tractors, the company will also put
this innovative technology to practical use as they study the usage of these
in real world applications like those at FedEx. I applaud the federal
government for rewarding Plug Power's innovation, which is both
energy-efficient and cost-effective."

Senator Gillibrand included her support in expanding the use of fuel cells in
driving a renewable energy economy. "Plug Power continues to be on the leading
edge of fuel cell research and development. This important federal investment
is another example of the critical mass of innovation and high technology we
possess in the Capital Region," said Senator Kirsten Gillibrand (D-NY). "The
initiative between Plug Power and FedEx is yet another example of how green
technology drives our innovation and economy by providing energy-efficient and
affordable renewable energy alternatives."

Congressman Paul Tonko, an engineer and expert in the House of Representatives
in energy policy, added why this award is so important in expanding fuel cells
to other markets. "Plug Power is a local example of our national commitment to
leadership in advanced fuel cell research and development," said Congressman
Paul Tonko (D-NY 21^st CD). "Plain and simple, research equals jobs. This
project is just the beginning of a more energy efficient and cleaner burning
transformation of on the ground tractors at our nation's airports. These are
the type of investments that create jobs, grow our economy, reduce our
dependence on foreign oil and make our air cleaner. I commend Plug Power for
receiving this competitive federal award and will continue to fight for clean
energy innovation funding right here in the Capital Region."

The award was made to Plug Power pursuant to a competitive solicitation issued
by the DOE on April 25, 2012.

FedEx Freight has used GenDrive fuel cells in its Springfield, Missouri
facility since 2009. Taking a leadership role in the adoption and advancement
of responsible environmental practices, FedEx Freight invested in GenDrive to
save energy and demonstrate its commitment to sustainability and environmental
responsibility. Through this continued collaboration, Plug Power believes this
award will help pave the way for expansion of these best practices into
adjacent markets, and the further use of hydrogen powered fuel cells as an
important source of alternative energy.

About Plug Power Inc.

The architects of modern fuel cell technology, Plug Power is revolutionizing
the industry with cost-effective power solutions that increase productivity,
lower operating costs and reduce carbon footprints. Long-standing
relationships with industry leaders forged the path for Plug Power's key
accounts, including Walmart, Sysco, P&G and Mercedes. With more than 3,000
GenDrive units deployed to material handling customers, accumulating over 8.5
million hours of runtime, Plug Power manufactures tomorrow's incumbent power
solutions today. Additional information about Plug Power is available at
www.plugpower.com.

The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446

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projected net cash for operating expenses; the cost and availability of fuel
and fueling infrastructures for our products; market acceptance of our
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CONTACT: Media Contact:
         Reid Hislop
         Plug Power Inc.
         Phone: (518) 782-7700 ext. 1360
         media@plugpower.com
        
         Investor Relations Contact:
         Cathy Yudzevich
         Plug Power Inc.
         Phone: (518) 782-7700 ext. 1448
         investors@plugpower.com

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