Plug Power Receives Award to Operate Residential GenSys Fuel Cells in New York State Homes
LATHAM, N.Y., July 7, 2009 (GLOBE NEWSWIRE) — Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions today announced that they have received a $1.4 million award from the New York State Energy Research and Development Authority (NYSERDA) to install and operate three combined heat and power (CHP) GenSys(r) fuel cell systems in New York State homes. These systems will allow Plug Power to validate and enhance product features in preparation for broad scale product commercialization. The first system is scheduled to be installed this summer with all three units expected to be operational this year.
A residential GenSys unit will be installed in the basement of each home and will operate in conjunction with the electric grid, running on natural gas. The fuel cell will produce electricity and high-quality heat to satisfy the home’s heating and domestic hot water demands. Plug Power estimates that GenSys will save the homeowner approximately 30% on their monthly utility bill.
The GenSys solution is expected to achieve an overall combined efficiency of 85%. Currently, homes utilizing grid electricity and typical heating systems average 44% household efficiency. “This increased efficiency level yields an annual CO2 reduction roughly equivalent to not driving your car for six months,” said Mark Sperry, Vice President of Plug Power’s Continuous Power Division. “The residential GenSys solution will allow for tremendous reductions in monthly energy bills and greenhouse gas emissions.”
“This project marks another step toward the commercialization of our residential GenSys product,” said Andy Marsh, CEO at Plug Power. “GenSys’s state-of-the-art technology has moved out of the labs and into real homes — homes with families, pets and swimming pools. This product will revolutionize the way energy is used around the world.”
Other partners on this project include:
* National Grid for site selection and grid interconnection
* CSA Engineering Services, LLC for mechanical integration to the
home heating system and grid interconnection design
* Chuck Russo Heating and Air Conditioning, LLC for mechanical
installation of GenSys fuel cell systems
* Socaris Electric for electrical installation of GenSys fuel cell
systems
NYSERDA has funded several projects to advance the development of Plug Power’s high-temperature fuel cell system, and this milestone project marks the culmination of many years of collaboration.
NYSERDA President and CEO Francis J. Murray, Jr. welcomed the demonstration: “Plug Power’s continuing leadership in developing residential fuel cell units has been demonstrated through its GenSys program. NYSERDA is pleased to match Plug Power’s $1.44 million investment in its development, and we look forward to receiving its operating results as a step toward commercialization of a unit that could dramatically reduce a homeowner’s energy bill and carbon footprint at the same time.”
About Plug Power Inc.
Plug Power Inc. (Nasdaq:PLUG), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive, continuous and backup power products. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power’s energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.
