DOE Awards $100M in Fuel Cell Grants

 

DOE Awards $100M in Fuel Cell Grants


© 2006 The Associated Press

WASHINGTON - The Department of Energy on Tuesday announced $100
million in grants to fund 25 hydrogen fuel cell research and
development projects designed to reduce the nation's dependence on
foreign sources of energy.

Research laboratories and universities received about half of the
grants, but 3M Co., GrafTech International Ltd., Plug Power, and a unit
of industrial conglomerate United Technologies Corp. also received
awards.

The department will spend $100 million over four years on the projects,
which seek to overcome cost and durability barriers associated with
hydrogen fuel cell research. The applicants will provide another $27
million.

3M, maker of Scotch tape and furnace filters, received a total of $17.3
million, while UTC Power was awarded $8.4 million. GrafTech, maker of
graphite electrodes, was awarded a $2.3 million grant, and energy
products provider Plug Power received $8.6 million.

Fuel cells use hydrogen and oxygen to create electricity, with only
water and heat as byproducts and are up to three times more efficient
than traditional internal combustion technologies, according to the
Energy Department. But the cells are currently more expensive than
internal combustion engines, and have difficulty maintaining
performance over the full life of the system.

Shares of 3M dipped 20 cents to end at $79.89, while United
Technologies gained 14 cents to close at $65.12, and GrafTech added a
penny to $6.15, all on the New York Stock Exchange. Plug Power fell 2
cents to close at $4.18 on the Nasdaq.


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lkgeo1 wrote:
...

Wow! They turn $27 million into $127 without actually having to
do a thing. Sound like pork to me.


How good is a company when it's only income is government grants?
What happens to the company when the government stops the grants?
Clearly investors don't think Plug Power is any good.

Anthony

 



Plug Power Announces Follow-On Purchase Order for 120 GenCore(R) Fuel
Cell Systems from IST in South Africa

Publication Date:19-October-2006
06:00 AM US Eastern Timezone
Source:FuelCellWorks
Company unveils latest GenCore feature set at South Africa conference
LATHAM, N.Y.-- Plug Power Inc. (Nasdaq: PLUG), a leader in providing
clean, reliable on-site energy products, today announced that IST
Holdings (PTY) Ltd. (IST), a Plug Power distributor headquartered in
Pretoria, South Africa, has issued a follow-on purchase order for 120
of the Company's GenCore® backup fuel cell systems.

"This represents Plug Power's largest single purchase order to date
from an international distributor and is also a resounding testament to
our aggressive engagement of the South African market with IST," said
Greg Silvestri, Plug Power's President.

Plug Power will continue to build on its growing presence in South
Africa and is currently participating in the 9th annual GSM 3G Africa
conference, a leading Pan-African communication event. Plug Power is
exhibiting its GenCore backup fuel cell system, including a new battery
free model that utilizes ultracapacitor technology. More than 3,500
attendees, including representatives of Africa's leading
telecommunication and utility companies, are expected to attend the
event.

"The ultracapacitor feature allows us to better meet the demands of
customers that require reliable on-site backup power in remote regions,
where immoderate climates and severe temperatures negatively impact
battery life spans and overall performance," noted Mark Sperry, Plug
Power's Chief Marketing Officer.

In December 2005, the International Finance Corporation (IFC), the
private sector arm of the World Bank Group, awarded a $3 million grant
to IST and Plug Power to install 400 fuel cells in remote locations and
cities throughout South Africa over a three-year period. IST operates
throughout Africa's southern countries and sees the supply of fuel
cells in South Africa under the IFC program as a logical step toward
introducing fuel cells and other renewable energy projects across the
African continent.

About IST

Founded in 1980 as a systems technology integrator for industrial
markets, IST today is comprised of two major operating segments: the
electronics group, which is engaged in the energy system and
telecommunication sectors, and the mechanical group, which serves the
defense, nuclear power system and multi- disciplinary project sectors.
The group's headquarters is in Pretoria, South Africa, from which it
bases its operations throughout Southern Africa, as well as North
Africa, the Middle East, Australia and Europe. For more information,
please visit http://www.ist.co.za .

About Plug Power

Plug Power Inc. is an established leader in the deployment of clean,
reliable, on-site energy products. More than 650 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 http://www.plugpower.com .
Anthony Matonak wrote:

 



Money also comes from Utility ratepayers, taxpayers of various levels,
particularly NYS, school districts...and on and on. Another favorite is
DOD spending, a nicely hidden one.
All of the sales and installations so far that I've seen make little or
no economic sense.
So Pols and Bureaucrats like those at DOE throw around taxpayer money
with little or no accountability. Hopefully some niche uses of FCs
evolve. At some point the realities of supply and demand then take over.

As an investor you consider all means of funding and potential sales.
Currently investors think the stock is worth about $5 a share!