Legislation to expand existing tax credit to cover forklifts using Plug Power's GenDrive

Source: PlantServices.com

Jul 15, 2010

Plug Power Inc. highlights progressive legislation unveiled by Senator Charles Schumer to amend section 30B of the Energy Policy Act of 2005, also knows as the Alternative Motor Vehicle Credit (AMVC). The proposed legislation expands the definition of "fuel cell motor vehicle" to include fuel cell-powered material handling vehicles.

Expansion of this tax credit directly benefits Plug Power's GenDrive product suite, developed and manufactured at its Latham, New York, headquarters. GenDrive is a superior alternative to lead-acid batteries as a power source for electric lift trucks. By converting operations to GenDrive hydrogen fuel cell power solutions, customers are able to increase productivity and lower operating costs with only heat and water as a byproduct. Extending financial incentives to material handling vehicles will help facilitate large-scale conversions to green technology at manufacturing and distribution centers across the country.

Senator Schumer's legislation would provide Plug Power and its suppliers with a significant boost and could create up to hundreds of jobs locally and through the state. "Senator Schumer's progressive legislation sheds light on the remarkable affects that fuel cell market growth can bring to New York State," said Andy Marsh, CEO at Plug Power. "By helping to commercialize sustainable fuel cell power solutions, thousands of green jobs will be created in manufacturing, engineering and the supply chain."

"We have one of the world's preeminent manufacturers of fuel cells right here, but due to arbitrary federal regulations, it is not able to compete on a level playing field," said Schumer. "That has to change. Fuel cells save energy and help the environment regardless of whether they're attached to a car or a forklift, and they should be treated equally. By leveling the playing field, we have the potential to create hundreds of jobs here in the Capital Region, but also at fuel cell parts manufacturers all over the state."

This proposed legislation was announced at a press conference held on Plug Power's 37,000 sq. ft. manufacturing floor on Wednesday, June 2. Also in attendance was Congressman Paul Tonko. Tonko introduced a similar piece of legislation, the Fuel Cell Industrial Vehicle Jobs Act of 2010, on April 28, 2010.

"Fuel cell technology has gained widespread traction in the material handling industry because of the efficiency and productivity gains that are realized," said Congressman Tonko. "Improving incentives for large scale conversions to this clean technology will lead to new investment and new jobs at companies like Plug Power in Latham. I will continue to work with Senator Schumer on these common sense solutions that will create jobs and promote the use of clean energy."

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