Plug Power, Honda to Research Home Hydrogen System

Plug Power Inc. has announced that it has entered into a Memorandum of Understanding with Honda R&D Co., Ltd. of Japan, a subsidiary of Honda Motor Co., Ltd.

LATHAM, New York – May 16, 2002 [] The MOU documents the companies’ mutual desire to collaborate on a research project to explore concepts for a home-based hydrogen vehicle refueling system and Honda’s intention to purchase two stationary fuel cell power generation systems from Plug Power. The companies anticipate completing the supply arrangements for the two stationary fuel cell power generation systems later this year. The companies also expect to complete a definitive agreement for the home refueling system collaboration during 2002. A home refueling system is a fuel cell product that will provide heat, hot water, and electricity to a home, while also providing hydrogen fuel for a fuel cell vehicle. The device will be fueled by natural gas, and is expected to be environmentally friendly due to its high efficiency and low emissions. “The agreements will enable Honda and Plug Power to begin collaboration on an exciting project, the home refueling system for a fuel cell vehicle, which can accelerate the introduction of fuel cell vehicles by selling hydrogen infrastructure with each car,” said Plug Power CEO Roger B. Saillant. “Honda is a clear leader in the development of automotive fuel cell systems and one of the most respected and environmentally conscious technology and product development companies worldwide. We are very excited to be working with them.” Plug Power designs, develops and manufacturers on-site electric power generation systems utilizing Proton Exchange Membrane fuel cells for stationary applications. Plug Power’s fuel cell systems are expected to be sold globally through GE Fuel Cell Systems, L.L.C. and through DTE Energy Technologies in a four-state territory, which includes Michigan, Illinois, Ohio and Indiana. The Company’s headquarters are located in Latham, N.Y., with offices in Washington, D.C. and The Netherlands.
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