LATHAM, N.Y., August 9, 2005 (PRNewswire-FirstCall) — Plug Power Inc., a leading provider of clean, reliable on-site energy, announced the inclusion of a fuel cell tax credit in the Energy Bill signed by President George W. Bush yesterday.
The bill includes a 30 percent tax credit up to $1,000 per kilowatt on the purchase of fuel cells used in residential or commercial applications. The tax credit will be available in January 2006 and specifically includes telecommunications carriers among the eligible end users for the tax credit. Additionally, the bill includes an authorization for $3.7 billion for hydrogen and fuel cell research and development, demonstration and market transition over the next 10 years.
“We believe the tax credit will substantially strengthen GenCore’s product value proposition by providing GenCore customers an opportunity for a $5,000 savings,” said Dr. Roger B. Saillant, President and Chief Executive Officer of Plug Power. “The entire New York Congressional delegation worked tirelessly to create this great opportunity for the fuel cell industry.”
The legislation reflects the significant efforts of Congressman Michael R. McNulty (D-Green Island, NY), who introduced the first fuel cell credit proposal into Congress; Senator Charles E. Schumer (D-NY), who included the telecommunications industry in the tax credit portion of the energy bill; Senator Hillary Rodham Clinton (D-NY), who co-sponsored legislation that led to the energy bill’s $3.7 billion authorization for hydrogen and fuel cell research, development, demonstration and market transformation; and Congressman John E. Sweeney (R-Clifton Park, NY) who was supportive of the legislation.
The telecom industry is a key market for Plug Power’s GenCore backup fuel cell system and accounts for a significant portion of the more than 170 GenCore backup systems sold year-to-date.
About Plug Power
Plug Power Inc. is an established leader in the deployment of clean, reliable, on-site energy products. More than 550 Plug Power fuel cell systems have been delivered to customers worldwide in commercial, public sector, telecommunications, utility and uninterruptible power supply markets. For more information about how to join Plug Power’s energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.