Plug Power (PLUG) Reports Record Quarterly Revenues for Q2; Maintains FY15 Outlook

Plug Power Inc. (Nasdaq: PLUG) 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.

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