Plug Power Announces Completion of Cellex Power Acquisition

    LATHAM, NY, and VANCOUVER, April 4 /CNW/ - Plug Power Inc. (Nasdaq:  
PLUG), a leader in providing clean, reliable on-site energy products, today
announced that the Company has completed its previously announced acquisition
of Cellex Power Products Inc., a private company and a leader in providing
fuel cell power solutions for lift trucks and other material handling
    Plug Power paid USD 45 million in cash for all of Cellex Power's
outstanding shares. At time of closing, Cellex Power had approximately
USD 9 million in cash and cash equivalents on hand.
    "Completing this acquisition is a significant step in diversifying Plug
Power's product portfolio and adding new revenue streams from a large
potential market," said Dr. Roger Saillant, Plug Power's President and Chief
Executive Officer.
    Plug Power considers telecommunications backup and material handling
applications to be attractive near-term markets for proton exchange membrane
(PEM) fuel cells and has selected these as central components of the Company's
growth strategy.
    Since its inception in 1998, Cellex Power has been developing PEM fuel
cell power units for electric lift trucks and is targeting the estimated USD
1.5 billion industrial motive battery market. In November 2006, Cellex
successfully completed beta testing of its zero-emission, hydrogen fuel cell
power units in pallet trucks at two Ohio-based Wal-Mart distribution centers.

    About Cellex Power Products
    Cellex Power is a world leader in developing and commercializing fuel
cell solutions for lift trucks and other material handling equipment. Cellex
Power fuel cell solutions replace the industrial lead acid battery system used
today in powering lift truck fleets in large-scale distribution centers. For
more information, please visit

    About Plug Power
    Plug Power Inc. (Nasdaq:   PLUG), an established leader in the development
and deployment of clean, reliable, on-site energy products, currently
integrates fuel cell technology into backup power products for
telecommunications, utility and uninterruptible power supply applications. The
Company is actively engaged with private and public customers in targeted
markets, including the United States, Europe, Middle East, Russia, South
Africa and South America. For more information about how to join Plug Power's
energy revolution as an investor, customer, supplier or strategic partner,
please visit

    Safe Harbor Statement
    This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including but not
limited to the expected benefits of the Cellex Power acquisition. We believe
that it is important to communicate our future expectations to our investors.
However, there may be events in the future that we are not able to accurately
predict or control and that may cause our actual results to differ materially
from the expectations we describe in our forward-looking statements,
including, without limitation, the risk that the Cellex Power acquisition is
unsuccessful or that the anticipated synergies of the acquisition are not
realized, that unit orders will not ship, be installed and/or convert to
revenue, in whole or in part; 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 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; Plug Power's ability to establish relationships with third parties
with 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 and other risks and uncertainties discussed under "Item
IA-Risk Factors" in Plug Power's annual report on Form 10-K for the fiscal
year ended December 31, 2006, filed with the Securities and Exchange
Commission ("SEC") on March 16, 2007, and the reports Plug Power files from
time to time with the SEC. Plug Power does not intend to and undertakes no
duty to update the information contained in this press release.

For further information:

For further information: Media, Cynthia Mahoney White of Plug Power
Inc., +1-518-782-7700 ext. 1973, or Mobile, +1-518-527-1172, or; or Investors, Deborah K. Pawlowski of Kei
Advisors, +1-716-843-3908, or Mobile, +1-716-310-3949, or; Web Site:;

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