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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 10, 2000
PLUG POWER INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 00027527 22-3672377
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
968 ALBANY-SHAKER ROAD
LATHAM, NY 12110
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code:
(518) 782-7700
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Item 5. Other Events.
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On March 10, 2000, the Registrant issued a press release announcing a
development agreement with GE MicroGen and Joh. Vaillant GmbH u. Co., a leading
European heating appliance manufacturer. A copy of the press release is attached
as an Exhibit to this report on Form 8-K and is incorporated herein by reference
in its entirety.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits.
Exhibit 99.1 - Press Release of Plug Power Inc. dated March 10, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PLUG POWER INC.
Date: March 10, 2000 By: /s/ William H. Largent
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William H. Largent
Chief Financial Officer
(Principal Financial and Accounting Officer)
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EXHIBIT INDEX
Exhibit No. Description
- ---------- -----------
Exhibit 99.1 Press release of Plug Power Inc. dated
March 10, 2000
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Exhibit 99.1
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For Immediate Release
March 10, 2000 Contact: Melanie C. Lee
Plug Power
(518) 782-7700 Ext. 1307
PLUG POWER AND GE SIGN AGREEMENT WITH VAILLANT TO DEVELOP THE
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NEXT GENERATION OF HEATING APPLIANCES
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Latham, N.Y. -- Plug Power Inc. (NASDAQ: PLUG) and GE MicroGen announced today
that they have signed a development agreement with Joh. Vaillant GmbH u. Co. of
Remscheid, Germany, one of Europe's leading heating appliance manufacturers. The
agreement is for a combination furnace, hot water heater and fuel cell system
that will provide both heat and electricity for the home. The fuel utilization
efficiencies of this appliance will be twice that of many existing conventional
power plants.
Fuel cells are on-site power generation devices that produce
electricity through an electrochemical reaction, rather than combustion. The
benefits of fuel cell technology include higher efficiency, near-zero emission
of pollutants and other particulate matter (e.g. smog), and reliability. Plug
Power is committed to developing and manufacturing fuel cell systems for
residential, small business and automotive applications.
Fuel cells by themselves run at a 40% fuel efficiency rate which is
similar to many of the large central station generating plants in operation
today. The remaining 60% of the fuel energy is wasted or lost when released into
the environment in the form of heat. An advantage of having a fuel cell at a
residential location is the ability to capture this heat and put it to good use
such as making hot water or heating the home. The fuel cell heating appliance
under development improves the overall efficiency to 80% or more.
Under the agreement, Vaillant will obtain fuel cells and gas-processing
components from Plug Power and then produce the fuel-cell heating appliances for
its customers in Germany, Austria, Switzerland and the Netherlands. Vaillant
will also produce these appliances for GE MicroGen who will then market the
appliances under the GE brand name throughout Europe.
"These new forms of distributed generation will let us make effective
use of our world's scarce resources," said Gary Mittleman, Plug Power president
and CEO. "Plug Power and Vaillant will develop environmentally friendly fuel
cell heating units which will enable homeowners to meet their electricity, hot
water and heating needs."
- more-
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The appliances are scheduled for testing in European markets by the end of 2001.
Sales are scheduled to begin in 2003.
Headquartered in Remscheid, Germany, Vaillant is a pioneer among leading
European heating technology companies. With 5,400 employees, Vaillant is the
leading European supplier offering customers a complete range of central heating
and hot water appliances using electricity, gas and oil, as well as solar
heating appliances. It has production facilities at five locations in Germany
and one in Spain. The company celebrated its 125th anniversary last year.
GE MicroGen is a subsidiary of GE Power Systems, one of the world's leading
suppliers of power generation technology, energy services and energy management
systems. A $10+ billion business, GE Power Systems serves customers through a
global network of offices and service centers, and has the largest installed
base of power generation equipment in the energy industry. In February 1999, GE
MicroGen and Plug Power, a leading developer of proton exchange membrane (PEM)
fuel cells for stationary and automotive applications, formed a joint venture to
distribute, install and service Plug Power-manufactured stationary fuel cell
systems worldwide. The venture with Plug Power is the latest in a series of
actions by GE Power Systems to broaden its participation in the small power
generation market. GE Power Systems' portfolio of power generation products now
extends from 2 kW up to 450 megawatts (450,000 kW).
Plug Power is a leading U.S. designer and developer of on-site, electricity
generation systems utilizing proton exchange membrane fuel cells for residential
applications. Since being founded in 1997, the Latham, N.Y.- based company has
grown from 22 to over 350 employees. Plug Power's strategic partners and
investors include DTE Energy Company, Michigan's largest electric utility;
Mechanical Technology Incorporated, an early developer of fuel cell
technologies; General Electric Company, one of the world's leading suppliers of
power generation technology and energy services; and Sempra Energy subsidiary,
Southern California Gas Company, the largest U.S. natural gas distribution
company.
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This press release may include 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
reflect Plug Power's current views about future events and financial
performance. These forward-looking statements are identified by their use of
terms and phrases such as "believe," "expect," "plan," "anticipate," and similar
expressions identifying forward-looking statements. Investors should not rely on
forward-looking statements because they are subject to a variety of risks,
uncertainties, and other factors that could cause actual results to differ
materially from Plug Power's expectations, and Plug Power expressly does not
undertake any duty to update forward-looking statements. These factors include,
but are not limited to, the following: (i) the cost of development and market
acceptance of Plug Power's fuel cell systems, (ii) competitive factors, such as
price competition and new product introductions, (iii) the cost and availability
of products, (iv) the cost of complying with current governmental regulations,
(v) unanticipated expenses or delays in resolving Year 2000 computer issues by
either Plug Power or those with whom Plug Power does business, and (vi) other
factors detailed from time to time in Plug Power's filings with the Securities
and Exchange Commission.
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