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., +1-518-782-7700 ext. 1973

Copyright