Plug Power Inc. (Nasdaq: PLUG), a leader in on-site fuel cells, announced two new agreements with Honda R&D Company, Ltd. of Japan. Honda R&D agreed to continue funding of Plug Power’s work on the Home Energy Station – a fuel cell system that provides electricity and heat to a home or business, while also providing hydrogen fuel for a fuel cell vehicle.
The companies completed the previous phase in November 2005 with the successful commissioning of the third-generation Home Energy Station at Honda R&D Americas’ facility in Torrance, Calif. This third-generation system is 30 percent smaller in size than its predecessor, with 25 percent more power output, more hydrogen storage capacity, higher efficiency and significantly faster startup time. The fourth phase seeks to reduce system size even further.
The second agreement is focused on fundamental research and development work that Plug Power is conducting under funding from Honda. This agreement is focused on the advancement of technology for future Home Energy Stations, as well as more generalized applications, which are expected to benefit other Plug Power products.
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