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Two Russian Companies Plan $217 Million Cash Investment in Plug Power

LATHAM, NY April 11 - A group of Russian investors with strong ties to hydrogen and fuel cell development have agreed to make a very large investment in Plug Power, Inc. here, the company announced today.

Calling it a "transformational investment," Plug Power president and CEO Dr. Roger Saillant told investment analysts and others in a hastily arranged conference call this morning that a major Russian investment firm, Interros, together with Norilsk Nickel, described as the world’s largest producer of nickel and palladium, have agreed to invest $217 million in cash in Plug Power.

The two Russian entities arranged the deal through their joint venture, Smart Hydrogen, which, according to Plug’s release, was formed to participate in the emerging global hydrogen economy.

The investment has to be approved by shareholders, expected for some time this summer, and various regulatory agencies. If and when signed, sealed and delivered, it would mean the Russian investors would own about one third of Plug Power. It would also increase Plug’s war chest to about $285 million in cash and marketable securities, Saillant said.

In the conference call, Plug executives said the Russians approached them last fall to explore the investment idea. Plug’s release quoted Vladimir Potanin, president of Interros, as saying that he and his colleagues began in early 2005 "a nearly year-long review of the global fuel cell industry to identify what we believe to be the best companies in this industry."

Michael Prokhorov, Norilsk Nickel’s director general, said his company "has long supported fuel cell technology research, and our investment in Plug Power demonstrates this commitment."

(A more detailed article will appear in the upcoming May issue of "The Hydrogen & Fuel Cell Letter").

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