Plug Power Closes Preferred Stock Sale to Air Liquide

Plug Power Closes Preferred Stock Sale to Air Liquide

LATHAM, N.Y., May 20, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG),
a leader in providing clean, reliable energy solutions, today announced that
the preferred stock investment by Air Liquide closed on May 16.

Plug Power issued 10,431 shares of convertible Series C Preferred Stock to Air
Liquide and realized $2,595,400 in gross proceeds from the stock sale.The
stock is entitled to receive dividends at a rate of 8 percent per year and is
convertible into shares of common stock at a conversion price equal to
$0.248794 per share. More details are available in the Form 8-K that Plug
Power filed today with the Securities and Exchange Commission.

As Plug Power announced on May 8, the preferred stock sale was part of a $6.5
million strategic investment by Air Liquide that is a significant endorsement
of Plug Power's strategy to grow its business of hydrogen fuel cells for
forklift trucks and other horizontal markets.

Other components of that investment include: Plug Power's sale of a 25 percent
ownership interest in HyPulsion, a joint venture between Axane, an Air Liquide
subsidiary, and Plug Power, for $3.3 million and a $659,000 engineering
service contract to develop European versions of Plug Power's hydrogen fuel
cells for forklifts.An Air Liquide representative will also join Plug Power's
board of directors as part of the agreement.

About Plug Power Inc.

The architects of modern fuel cell technology, Plug Power revolutionized 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 million hours of runtime,
Plug Power manufactures tomorrow's incumbent power solutions today. Additional
information about Plug Power is available at www.plugpower.com.

Safe Harbor Statement

This communication contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are
based on current expectations that are subject to certain assumptions, risks
and uncertainties, any of which are difficult to predict, are beyond
ourcontrol and that may cause our actual results to differ materially from
the expectations in such forward-looking statements, including the risk that
we may not have sufficient cash to fund our operations to profitability and
that we may be required to seek strategic alternatives, including but not
limited to a potential business combination or a sale of the company, or
reduce and/or cease our operations, that unit orders will not ship, be
installed and/or convert to revenue, in whole or in part; development ofour
products may take longer and cost more than we expect and we may not be able
to raise the necessary capital to fund such development costs; we may not be
able to increase the margin on the sale of our products as much as expected or
at all; our actual net cash used for operating expenses may exceed our
projected net cash for operating expenses; the fuel and fueling
infrastructures for our products may not be available or may cost more than
expected; our GenDrive system may not reach wider market acceptance; we may
not be able to establish and maintain necessary relationships with third
parties for product development, manufacturing, distribution and servicing and
the supply of key product components; components and parts for our products
may not be available or may cost more than expected; we may be unable to
develop commercially viable products; we may be unable to reduce product and
manufacturing costs; we may be unable to successfully expand our product
lines; we may be unable to improve system reliability for GenDrive; we may
suffer price competition and competition from other traditional and
alternative energy companies; we may be unable to manufacture products on a
large-scale commercial basis; we may be unable to protect our intellectual
property; compliance with current and future governmental regulations may be
costly; and other risks and uncertainties discussed under "Item IA-Risk
Factors" in our annual report on Form 10-K for the fiscal year ended December
31, 2012, filed with the Securities and Exchange Commission ("SEC") on April
1, 2013 and as amended on April 30, 2013, and the reports we file from time to
time with the SEC. We do not intend to, and we undertake no duty to update any
forward-looking statements as a result of new information or future events.

CONTACT: David Rodewald / Karen Freedman +1 805-494-9508
         The David James Agency | Plug Power
         plugpower@davidjamesagency.com

Plug Power, Inc Logo