LATHAM, N.Y., Oct. 13, 2009 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, announced its strategy for achieving profitability during its analyst and investor meeting held on Thursday, October 8, 2009. By executing its strategy, Plug Power plans to be profitable by 2012, generating a positive cash flow for the first time in the Company's history. Presentations made by Plug Power management, including Andy Marsh, CEO, and Gerry Anderson, CFO, can be accessed by going directly to the Plug Power Web site at www.plugpower.com and selecting the Web cast link on the home page.

Plug Power will focus resources on its two commercial products, GenDrive(TM), a superior alternative to lead-acid batteries in the material handling market, and GenSys(R), a continuous-run prime power system that replaces diesel generators at remote telecommunication sites where the grid is non-existent or unreliable.

Highlights from the Company's presentation include plans to double shipments of their products each year from 2010 to 2012, equating to approximately 7,200 to 9,400 shipments at the end of 3 years. In turn, revenue is expected to double annually over the same period. Plug Power intends to generate approximately equal revenue between its GenDrive and GenSys product families.

In order to reach profitability, Plug Power will continue to drive down product costs by leveraging the supply chain, lowering manufacturing costs and improving system reliability for both product lines. Key success factors include product expansion, starting with the release of the class-2 stand-up reach truck product for electric lift trucks in the fourth quarter of 2009.

"Plug Power has established a strategy to bring the Company to profitability," said Plug Power's CEO, Andy Marsh. "We have surveyed what it will take to sustain Plug Power into the future and have developed a thoughtful plan to engender success."

Plug Power's analyst and investor day attracted key speakers to help illustrate their support for Plug Power and confidence in the Company's products. Presenters represented partners, customers, suppliers and government agencies, including:

 * The Raymond Corporation
 * Sysco
 * Linde, Inc.
 * Bridgestone/Firestone
 * Strata-gems Consulting
 * US Department of Energy
 * and, 3M Research and Development

Strong support was shown for Plug Power's GenDrive product for the material handing market: "We are very excited about our partnership with Plug Power and we take this relationship very seriously," said Chuck Pascarelli, Executive Vice President of Sales and Marketing for the Raymond Corporation. "I think we are pioneering the right stuff and I think it's important. And, by the way, the industry is ready for this revolutionary technology.