Plug Power (PLUG) Comments Following Governor Cuomo Tour of Headquarters

October 8, 2014 1:22 PM EDT

Plug Power Inc. (Nasdaq: PLUG) today welcomed New York State Governor Andrew M. Cuomo to its corporate headquarters in Latham, New York.

During this milestone visit, Governor Cuomo toured the manufacturing facility and then told workers and executives of the dramatic positive impact he expects from the recent 0% manufacturing tax for operations in the State of New York. This is positive news for growing companies, like Plug Power, who are competing worldwide.

Plug Power manufactures 100% of its GenFuel hydrogen dispensing and GenDrive fuel cell products, which are shipped to customers domestically and internationally, from the Latham manufacturing facility. Plug Power has been headquartered in Latham since it's founding in 1997, and opened the world-class manufacturing center in February of 2000.

Today, Plug Power is the leading supplier of hydrogen fuel cells to material distribution facilities worldwide. The company manufactures its full suite of GenDrive hydrogen fuel cell units, as well as GenFuel hydrogen fueling stations for customers such as Walmart, P&G, Kroger and BMW.

Plug Power is a high growth company competing successfully in a worldwide market where many other companies have failed. The economic environment in New York, created by Governor Cuomo, to support manufacturing and manufacturing operations is a critical component to the overall success of New York State companies. As Plug Power continues its accelerated growth path, statewide policies that support job growth can help the company bring more jobs to this region.

"It was a pleasure to tour Plug Power today and see first-hand how businesses in upstate New York are not just surviving but expanding to become national leaders in their industry," said Gov. Cuomo. "From eliminating the manufacturers tax to transforming the state's economic development strategy, we have spent the last four years creating a business-friendly environment that has resulted in the creation of 500,000 jobs and the largest one year drop in upstate unemployment ever recorded. I look forward to continuing to build on the progress we've made in the next four years and working to help businesses like Plug Power keep thriving, creating jobs and growing New York's economy."

"We are happy to have welcomed Governor Cuomo to Plug Power for the first time, and appreciate his tremendous support for manufacturing operations in New York State," said Andy Marsh, CEO at Plug Power Inc. "Governor Cuomo's business development focus is having a positive influence on the growth of manufacturers, state-wide."

As of September 2014, Plug Power had over 6,000 GenDrive fuel cells shipped to over 46 customer sites in North America. These units have accumulated over 20 million hours of runtime. Every day, nearly 6,000 kg of hydrogen is dispensed for fueling Plug Power fuel cells.

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