LATHAM, N.Y., Feb. 09, 2018 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, today joins the hydrogen fuel cell industry in applauding the reinstatement of the fuel cell investment tax credit (ITC). Early this morning Congress passed, and the President signed into law, the Bipartisan Budget Act of 2018 which included a five-year phase down and phase out of the expired ITC. With the reinstated fuel cell tax credit now in place, a level playing field has been reestablished for alternative energy power solutions.
The newly-placed tax plan extends the ITC for fuel cells through 2022, phasing down from 30% to 26% in 2020 and 22% in 2021. Most importantly, this tax credit is an important tool to keeping the American-made fuel cell industry in place and allowing it to scale.
Incredible collaboration, both politically and industry-wide, went into rallying around the fuel cell tax credit reinstatement. Hydrogen fuel cells are a “made in America” power solution. According to the Fuel Cell and Hydrogen Energy Association, the entire industry provides more than 10,000 jobs in the United States, and supports tens of thousands of additional jobs through its customers, suppliers and installers. These high-skilled, well-paid workers, are helping America win the tough, global competition for manufacturing. All involved applaud the actions taken to address the market disparity that was created in 2015.
“Over the past two years, I have seen true bipartisan efforts to bring this across the finish line,” said Andy Marsh, CEO of Plug Power. “Congress has once again created a fair and level playing field which enables the best and most beneficial technologies to prevail in the marketplace on merit. This tax credit extension is a win for the fuel cell industry and it is protecting good-paying American manufacturing and service jobs, not just in New York, but across the country.”
Instrumental to the extension is incredible bipartisan support from both the Senate, led by Senator Charles E. Schumer (D-NY), and The House of Representatives, including Congressman Paul Tonko (D-NY), Congressman Tom Reed (R-NY), Congressman John Faso (R-NY) and Congresswoman Cathy McMorris Rodgers (R-WA).
“This tax credit not only incentivizes businesses to purchase clean, American-made fuel cells from innovative companies like Plug Power, but it is also a proven job creator. When I visited Plug Power in 2010 the company had 87 employees, when I returned in 2016 they had over 300 employees, and revenue had increased by 400 percent! The ITC tax credit had a lot to do with that success, so I knew it must be renewed, but it wasn’t easy. I’ve been working for over two years to bring my colleagues together, from both sides of the aisle, to pass this extension, and yesterday our hard work finally paid off. Simply put, this pro-growth credit will continue to allow companies like Plug Power grow and create even more jobs for a generation to come,” said Senator Charles E. Schumer.
The fuel cell industry consists of a strong collaboration of technology, manufacturing, service and policy organizations. Plug Power worked closely alongside strong colleagues, including those from the Fuel Cell Hydrogen and Energy Association, BloomEnergy and the National Gas Association, to support the policy efforts.
About Plug Power Inc.
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers.
Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future. Learn more 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 that involve significant risks and uncertainties about the Company, including but not limited to statements about the Company’s expectations regarding full year 2018 revenue and Q1 2018 revenue, adjusted gross margin and adjusted EBITDAS, achieving adjusted EBITDAS break even, increasing revenue and gross margin, improving fuel cell stack life, the expansion of fuel cells into additional vehicle markets, the launch of ProGen engines, a potential strategic partnership for the China market, opportunities in the on-road electric vehicle market, and expansion in the hydrogen fueling business. Investors are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In particular, the risks and uncertainties include, among other things, the risk that the Company continues to incur losses and might never achieve or maintain profitability; the risk that the Company will need to raise additional capital to fund its operations and such capital may not be available; the risk that the Company’s lack of extensive experience in manufacturing and marketing products may impact its ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or be converted to revenue, in whole or in part; the risk that a loss of one or more of the Company’s major customers could result in a material adverse effect on the Company’s financial condition; the risk that a sale of a significant number of shares of stock could depress the market price of the Company’s common stock; the risk of potential losses related to any product liability claims or contract disputes; the risk of loss related to an inability to maintain an effective system of internal controls; the Company’s ability to attract and maintain key personnel; the risks related to the use of flammable fuels in the Company’s products; the risk that pending orders may not convert to purchase orders, in whole or in part; the cost and timing of developing, marketing and selling the Company’s products and the Company’s ability to raise the necessary capital to fund such costs; the Company’s ability to obtain financing arrangements to support the sale or leasing of its products and services to customers; the Company’s ability to achieve the forecasted gross margin on the sale of its products; the cost and availability of fuel and fueling infrastructures for the Company’s products; the risk of elimination of government subsidies and economic incentives for alternative energy products; market acceptance of the Company’s products and services, including GenDrive units; the Company’s ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of components and parts for the Company’s products; the Company’s ability to develop commercially viable products; the Company’s ability to reduce product and manufacturing costs; the Company’s ability to successfully market, distribute and service its products and services internationally; the Company’s ability to improve system reliability for its products; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the Company’s ability to protect its intellectual property; the cost of complying with current and future federal, state and international governmental regulations; the risks associated with potential future acquisitions; the volatility of the Company’s stock price; and other risks and uncertainties referenced in the Company’s public filings with the SEC.
Plug Power Media Contact
Teal Vivacqua
518.738.0269
media@plugpower.com
SOURCE: PLUG POWER