Plug Power: Record Revenue
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LATHAM, New York - Plug Power Inc. (PLUG), a leader in providing clean, reliable energy solutions, highlights that it has realized a second consecutive quarter of record revenue. More than $30 million of revenue was earned in the third quarter of 2015, gained through accelerated fuel cell and hydrogen infrastructure shipments and installations. Additionally, the company remains on track to attain 2015 financial targets.
"Our business growth continues at a regular cadence of customer adoption and commissioning. Plug Power is again recognizing a record revenue quarter that falls right in line with our established goals," said Andy Marsh, CEO at Plug Power. "Every day we receive positive feedback from customers who use our products to save money and improve productivity, and this really drives the innovation and pride within our doors."
Plug Power maintains its 2015 forecast of total sales in excess of $100 million, comprising sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen storage and dispensing infrastructures. The company projects bookings of more than $200 million in 2015, with approximately 75 percent coming from repeat customers.
Full details will be discussed when the company announces its third quarter earnings in early November.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is revolutionizing the industry with cost-effective solutions that increase productivity, lower operating costs and reduce carbon footprint. Its signature solution, GenKey, provides an all-inclusive package for customers, incorporating GenFuel hydrogen and fueling infrastructure, GenCare aftermarket service and either GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery replacement, is used in electric lift trucks in high-throughput material handling applications. With more than 8,500 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with more than 107 million hours of runtime. Plug Power manufactures tomorrow's incumbent power solutions today, so customers can POWERAhead. Additional information about the Plug Power brands is available at www.plugpower.com.