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Plug Power on Pace for Largest Second Quarter in Company History

By June 26, 2019 3   min read  (438 words)

June 26, 2019 |

Fuel cells works, Plug Power : Reports $72.0 million in Revenues and $73.7 million in Gross Billings for Q1 2021 Up 76% and 71% Year over Year

Company sees record numbers for fuel cell deployments

LATHAM, N.Y.– Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, today highlights record numbers as the close of the 2019 second quarter approaches.

The Company remains on track to set a record quarter in Q2 for units produced and deployed in any second quarter in its history.

In the second quarter 2019, Plug Power is on track to deploy approximately 2,000 fuel cell units to a variety of new customers and for expansions of many existing customer programs. The deployment volumes equate to an approximately 70 percent increase from the prior year second quarter.

Developing a robust and ever improving manufacturing platform is enabling efficient volume ramps.  Successful vertical integration, such as the acquisition of leading MEA-producer American Fuel Cell, has also enabled production and deployment records by increasing Plug Power’s control over its supply chain.

“Ongoing commercial traction and growth has led us to this record quarter,” said Andy Marsh, CEO of Plug Power. “We continue to further the commercial adoption of hydrogen and fuel cells in material handling applications, Plug Power’s core market. Additionally, we’ve successfully moved the proven technology into adjacent applications with our ProGen fuel cell engine product line, namely on-road with StreetScooter, into small-scale robotics and UAVs through the acquisition of EnergyOr, and into telecommunication back-up and remote village power with global channel partners like Chem.”

The Company remains on target to meet full year guidance of $235 to $245 million in gross billings and positive adjusted EBITDA for the full year of 2019.

About Plug Power Inc.

The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers. Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future.  www.plugpower.com.

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