Plug Power Announces Agreement With Honda for Next Phase of Home Energy Station Collaboration

Plug Power Announces Agreement With Honda for Next Phase of Home Energy Station
Collaboration 


LATHAM, N.Y., March 25  /PRNewswire-FirstCall/ -- Plug Power Inc. , a leading
provider of clean, reliable on-site energy, announced today an agreement with
Honda R&D Co., Ltd. of Japan to continue development of the Home Energy
Station.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20021024/PLUGLOGO )

The new agreement comprises the second phase of an expected multi-phase product
development effort.  The companies completed the first phase of the agreement in
October 2003 with the successful demonstration of a prototype Home Energy
Station at Honda R&D Americas' facility in Torrance, California.

The work under the second phase of the project will focus on developing a
next-generation prototype of the Home Energy Station.  As in the first phase,
Honda R&D of Japan will fund Plug Power's work under this new agreement.

"Honda has very high standards for strategic partnerships, and we are pleased to
be moving forward with them," said Dr. Roger B. Saillant, Plug Power Chief
Executive Officer.  "It is becoming more and more evident that the Home Energy
Station could become a critical element in the emerging hydrogen economy."

About the Home Energy Station:

A Home Energy Station is a fuel cell system that provides electricity and heat
to a home or business, while also providing hydrogen fuel for a fuel cell
vehicle.  The product is fueled by natural gas and is expected to be more
environmentally friendly than traditional energy devices due to its higher
efficiency and lower emissions.

About Honda:

Honda began operations in North America in 1959 with the establishment of
American Honda Motor Co., Inc., Honda's first overseas subsidiary.  Using
domestic and globally sourced parts, Honda began assembling motorcycles in
America in 1979, with U.S. automobile manufacturing starting in 1982. Honda
designs, manufactures and markets its products in North America and worldwide.
Honda currently builds products in 12 manufacturing plants in North America,
with three major R&D centers in the U.S.

About Plug Power

Plug Power Inc. designs and develops on-site energy systems based on proton
exchange membrane fuel cells. Plug Power's strategic partners include GE Fuel
Cell Systems, DTE Energy Technologies, Vaillant GmbH, Honda R&D Co., Ltd.,
Engelhard Corporation and Celanese Ventures. The Company's headquarters are
located in Latham, N.Y., with offices in Washington, D.C., and The Netherlands.

This pressrelease may contain 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 contain
projections of Plug Power's future results of operations, Plug Power's product
development expectations or of Plug Power's financial position or state other
forward-looking information. In some cases you can identify these statements by
forward-looking words such as "anticipate," "believe,""could," "estimate,"
"expect," "intend," "may," "should," "will" and "would" or similar words. You
should not rely on forward-looking statements because Plug Power's actual
results may differ materially from those indicated by these forward- looking
statements as a result of a number of important factors. These factors include,
but are not limited to, Plug Power's ability to develop commercially viable
on-site energy products; the cost and timing of developing Plug Power's on-site
energy products; market acceptance of Plug Power's on-site energy products; Plug
Power's reliance on its relationship with certain affiliates of General Electric
(GEFCS); Plug Power's ability to perform on its multi- generation product plan
in a manner satisfactory to GEFCS; Plug Power's ability to manufacture on-site
energy products on a large-scale commercial basis; competitive factors, such as
price competition and competition from other traditional and alternative energy
companies; the cost and availability of components and parts for Plug Power's
on-site energy products; the ability to raise and provide the necessary capital
to develop, manufacture and market Plug Power's on-site energy products; Plug
Power's ability to establish relationships with third partieswith respect to
product development, manufacturing, distribution and servicing and the supply of
key product components; Plug Power's ability to protect its intellectual
property; Plug Power's ability to lower the cost of its on-site energy products
and demonstrate their reliability; the cost of complying with current and future
governmental regulations; the impact of deregulation and restructuring of the
electric utility industry on demand for Plug Power's on-site energy products;
fluctuations in the trading price and volume of Plug Power's common stock and
other risks and uncertainties discussed under the heading "Factors Affecting
Future Results" in Plug Power's annual report on Form 10-K for the fiscal year
ended December 31, 2003, dated March 11, 2004 and filed with the Securities
Exchange Commission on March 11, 2004, and the reports Plug Power files from
time to time with the Securities and Exchange Commission. Plug Power does not
intend to and undertakes no duty to update the information contained in this
press release. 

http://www.newscom.com/cgi-bin/prnh/20021024/PLUGLOGODATASOURCE: Plug Power
Inc.



CONTACT:  Cynthia Mahoney White, Manager, Public Relations & Marketing

for Plug Power Inc., [phone] ext. 1973

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