Plug Power announces new CFO

LATHAM, N.Y., Jan. 9, 2003 — Plug Power Inc. on Wednesday announced the appointment of David A. Neumann to Vice President and Chief Financial Officer, effective Monday, January 20.

Neumann’s appointment follows the resignation of W. Mark Schmitz, effective January 20, who has accepted the position of Vice President of Finance with Tyco Fire and Security, a division of Tyco International Ltd.

“David is an experienced financial leader,” said Roger Saillant, Plug Power President and Chief Executive Officer. “During the past five years, David has been involved in all aspects of the Company’s financial operations, and has been instrumental in ensuring the Company’s compliance with Securities and Exchange Commission (SEC) reporting obligations. He has been a key player in the Company’s initial public offering, securing additional funds through a secondary offering and, recently, preparing us for the proposed acquisition of H Power Corp. We are confident he will continue to help advance the company.”

Neumann has served as Corporate Controller for Plug Power since December 1997 and was acting Chief Financial Officer for a period during 2001. He has more than 10 years’ accounting, tax and SEC reporting experience. Neumann is a Certified Public Accountant and holds a B.S. degree in accounting from the State University of New York at Plattsburgh.

Schmitz commented, “I am confident about the positive direction in which the management team is taking the company and that Plug Power will continue to gain momentum.”

In discussing Schmitz’ departure, Saillant said, “We are pleased that Tyco recognizes Mark’s talents and vision. While we will miss working with Mark, we respect his decision to accept this role with a large and internationally recognized division of Tyco. He has made a significant contribution here at Plug Power during the past year-and-a-half and we wish him the best in his new position.”

Plug Power designs, develops and manufactures on-site electric power generation systems utilizing Proton Exchange Membrane (PEM) fuel cells for stationary applications. Plug Power’s fuel cell systems are expected to be sold globally through a joint venture with General Electric 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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