Plug Power Demonstrates High Efficiency Automotive Fuel Cell
21 May 1999
Plug Power Demonstrates High Efficiency Automotive Fuel Cell
CAMBRIDGE, Mass.--May 20, 1999--In a press release today, Plug Power announced that it had demonstrated a high efficiency automotive fuel cell using gasoline in a program sponsored by the U.S. Department of Energy (DOE) and achieved efficiencies higher than current internal combustion engines. "An integrated system was demonstrated using a Plug Power fuel cell stack and Epyx multi-fuel processor," the release read. "This is an impressive accomplishment, states Dan Reicher, DOE's Assistant Secretary for Energy Efficiency and Renewable Energy, because obtaining high efficiency while operating on gasoline and other alternative fuels is our biggest challenge," continued the release. "The test demonstrated that widely available fuels could be used in fuel cells without sacrificing the option of using renewable fuels such as ethanol. The program was initiated through DOE's participation in the Partnership for a New Generation of Vehicles, (PNGV).""We would like to extend our congratulations to Plug Power and Epyx," said David Eisenhaure, President and Chief Executive Officer of SatCon Technology Corporation. "Demonstrating a high efficiency automotive system using gasoline is a major milestone in automotive fuel cell development. Recently major automotive manufacturers have been recommitting themselves to the development of fuel cell vehicles. We've been working with Opel, GM's European partner in fuel cell development. We are also a participant in the PNGV program, and are building power electronics modules for electric, hybrid electric and fuel cell vehicles for one of the Big Three."
"We're also pleased to be working with Plug Power on manufacturing electronics modules for their residential fuel cell power generation system," continued Eisenhaure. "This system, using natural gas or other fuel, would generate electricity locally at a residence or commercial operation without the need for power supplied by a utility company. This recent success by Plug Power demonstrates that the future of power generation using fuel cells is fast becoming a reality."
SatCon Technology Corporation(R) manufactures and sells power and energy management products for telecommunications, silicon wafer manufacturing, factory automation, aircraft, satellites and automotive applications. These products include advanced electric motors, high-density power electronics, suspension systems, satellite control systems, propulsion systems, and flywheel energy-storage systems for a variety of commercial and government customers. SatCon has four subsidiaries: Film Microelectronics, Inc. designs and manufactures microelectronic circuits and interconnect products. Magmotor manufactures motors and suspension systems. Beacon Power manufactures flywheel energy storage devices and the Technology Center is responsible for new technology and product development.
Note: This release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the caption "Factors Affecting Future Results" in the Company's Annual Report on Form 10-K for the year ended September 30, 1998, which factors are incorporated herein by reference. Please note that the Company's future growth opportunities are dependent on the introduction of new products that must penetrate commercial market segments. No assurance can be given that new products can be developed, or if developed, will be successful; that competitors will not force prices to an unacceptably low level or take market share from the Company; or that the Company can achieve or maintain profits in these markets.
