News Details

July 27, 2001 - LATHAM, N.Y. - Plug Power Inc. (NASDAQ:PLUG), today announced that the underwriters of its recently completed public offering of 4,000,000 common shares, have exercised their entire over-allotment option to purchase 600,000 additional common shares at $12.00 per share. The estimated net proceeds to Plug Power from the exercise of the over-allotment option are $6.8 million. The underwriting syndicate consists of JPMorgan, Merrill Lynch & Co., Salomon Smith Barney, FAC/Equities and McDonald Investments Inc.

Plug Power designs and develops on-site electric power generation systems utilizing proton exchange membrane fuel cells for stationary applications. The Latham, N.Y.-based company was founded in 1997, as a joint venture of DTE Energy Company and Mechanical Technology Incorporated. Plug Power Holland was founded in February 2000 as the first European operation base of Plug Power.

Safe Harbor Statements under Private Securities Litigation Reform Act of 1995: The material at this Plug Power Web page includes 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 reflect Plug Power's current views about future events and financial performance. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate," and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from Plug Power's expectations, and Plug Power expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, the following: (i) the cost of development and market acceptance of Plug Power's fuel cell systems, (ii) competitive factors, such as price competition and new product introductions, (iii) the cost and availability of products, (iv) the cost of complying with current governmental regulations, (v) unanticipated expenses or delays in resolving Year 2000 computer issues by either Plug Power or those with whom Plug Power does business, and (vi) other factors detailed from time to time in Plug Power's filings with the Securities and Exchange Commission.

The information contained within each press release posted to this site should be deemed accurate and current only as of the date of issuance. Plug Power Inc. is under no obligation to update this information and does not intend to update information provided in press releases posted to this site. For Plug Power's most current information please reference Plug Power Inc.'s public filings with the Securities and Exchange Commission located at http://www.sec.gov.