Plug Power: Record Revenue Quarter
LATHAM, New York - Plug Power Inc. (PLUG), a leader in providing clean, reliable energy solutions, highlighted strong fuel cell and hydrogen infrastructure shipments and installations in the second quarter of 2015 allowing for a record revenue quarter. The company is on track to achieve its previously announced 2015 financial targets.
Plug Power's flagship fuel cell product, GenDrive, displaces lead-acid batteries to power electric lift trucks. The company shipped 888 GenDrive units during the quarter to customers. This compares to 419 GenDrive units shipped in the first quarter of 2015 and 687 in the second quarter of 2014.
Plug Power continues to lead the way in building new hydrogen storage and dispensing infrastructures. In the second quarter of 2015, the company built four new GenFuel sites and made construction progress on an additional four hydrogen fueling stations in North America intended for completion in the third quarter.
"Management set aggressive revenue and operational goals for 2015, and the continued customer acceptance of our products along with the performance of our team has resulted in a record revenue quarter that is right in line with these goals," said Andy Marsh, CEO at Plug Power. "Plug Power continues to lead the industry with innovative and groundbreaking solutions that really help customers increase productivity and save money."
The company maintains its 2015 forecast of total sales in excess of $100 million, composed of sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen infrastructures. The company projects bookings of more than $200 million in 2015, with approximately 75 percent coming from repeat customers.
Full details of Plug Power's quarter will be discussed when the company announces its second quarter earnings in early August.
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 6,500 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with over 100 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