Plug Power Reports a Record Third Quarter in the Company’s History

By November 9, 2020 2   min read  (378 words)

November 9, 2020 |

Fuel cells works, hydrogen, plug power, fuel cells

Raising 2020 gross billing guidance
● Reported gross billings of $125.6M; reflecting growth of 106% year-over-year and 73.4% sequentially
● Reflecting strong performance in the quarter; raising 2020 gross billings guidance to $325M-$330M from $310M
● Hosted second annual virtual Plug Symposium showcasing strategic priorities in green hydrogen, market expansion, gigafactory and reaffirming revenue and EBITDA targets for 2024
● Announced strategic partnerships with Brookfield Energy and Apex Clean Energy to source renewable electricity and build liquid green hydrogen plants
● Signed an MOU with Linde to deploy pilot class-6 and class-8 vehicles on road in 2021
● Recent capital raise positions the company with over $725M in cash to execute on its growth initiatives

Recap of the Third Quarter Financials

Plug Power achieved a record third quarter with gross billings of $125.6M, the highest quarter in the company’s 22-year history. This gross billing is over 10% higher than the previous guidance and reflects growth of 106% year-over-year and 73.4% sequentially, above another record quarter in Q2 2020. Plug Power is raising 2020 full-year gross billings guidance to $325M-$330M up from $310M.

Plug Power deployed another record 4,100 fuel cell systems and 13 hydrogen fueling stations in Q3 2020. This reflects year-over-year growth of 130% for fuel cell units deployed. This record growth aligns with Plug Power’s target to have cumulatively deployed over 40,000 GenDrive systems by year end, and to design, build and operate a fueling network in excess of 100 hydrogen fueling stations.

The record number of GenDrive units deployed have logged almost 600M hours of runtime in the field and 32.4M hydrogen fills performed, which has resulted in 6.7M lbs of CO2 removed in 2020. These staggering numbers underscore the importance of the impact our products are making on the global logistics industry and sustainability during this ongoing pandemic. During the height of the pandemic, Plug Power’s robust products were operating at 99% efficiency and moved ~30% of the retail food and groceries through the United States to support the needs of customers like Walmart, Amazon, Kroger, SuperValu, Wegmans, and Aryzta. As the COVID-19 global crisis continues, Plug Power fuel systems continue to run at record high levels, and we continue to be deemed an essential business due to our role within the global food supply chain.

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