Plug Power on Pace for Largest Second Quarter in Company History
June 26 2019 - 7:00AM
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.
Safe Harbor Statement
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve significant risks and uncertainties about Plug Power
Inc.("PLUG"), including but not limited to statements about PLUG's
expectations regarding growth in revenue, increase in deployments,
growth with GenKey customers and its manufacturing platform. You
are cautioned that such statements should not be read as a
guarantee of future performance or results and will not necessarily
be accurate indications of the times that, or by which, such
performance or results will have been achieved. Such statements are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
these statements. In particular, the risks and uncertainties
include, among other things, the risk that we continue to incur
losses and might never achieve or maintain profitability; the risk
that we will need to raise additional capital to fund our
operations and such capital may not be available to us; the risk
that our lack of extensive experience in manufacturing and
marketing products may impact our ability to manufacture and market
products on a profitable and large-scale commercial basis; the risk
that unit orders will not ship, be installed and/or converted to
revenue, in whole or in part; the risk that pending orders may not
convert to purchase orders, in whole or in part; the risk that a
loss of one or more of our major customers could result in a
material adverse effect on our financial condition; the risk that a
sale of a significant number of shares of stock could depress the
market price of our common stock; the risk that negative publicity
related to our business or stock could result in a negative impact
on our stock value and profitability; the risk of potential losses
related to any product liability claims or contract disputes; the
risk of loss related to an inability to maintain an effective
system of internal controls or key personnel; the risks related to
use of flammable fuels in our products; the cost and timing of
developing, marketing and selling our products and our ability to
raise the necessary capital to fund such costs; the ability to
achieve the forecasted gross margin on the sale of our products;
the risk that our actual net cash used for operating expenses may
exceed the projected net cash for operating expenses; the cost and
availability of fuel and fueling infrastructures for our products;
market acceptance of our products, including GenDrive, GenSure and
GenKey systems; the volatility of our stock price; our ability to
establish and maintain relationships with third parties with
respect to product development, manufacturing, distribution and
servicing and the supply of key product components; the cost and
availability of components and parts for our products; our ability
to develop commercially viable products; our ability to reduce
product and manufacturing costs; our ability to successfully expand
our product lines; our ability to successfully expand
internationally; our ability to improve system reliability for our
GenDrive, GenSure and GenKey systems; competitive factors, such as
price competition and competition from other traditional and
alternative energy companies; our ability to protect our
intellectual property; the cost of complying with current and
future federal, state and international governmental regulations;
risks associated with potential future acquisitions; and other
risks and uncertainties referenced in our public filings with the
Securities and Exchange Commission (the “SEC”). For additional
disclosure regarding these and other risks faced by PLUG, see
disclosures contained in PLUG's public filings with the SEC
including, the "Risk Factors" section of PLUG's Annual Report on
Form 10-K for the year ended December 31, 2018. You should consider
these factors in evaluating the forward-looking statements included
in this presentation and not place undue reliance on such
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
SOURCE: PLUG POWER
Media Contact Kate GundryPluck
617.797.5174plugpower@pluckpr.com
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