Plug Power has reported second quarter (Q2) results with gross billings of $58.6m.

The company reported record breaking deployments and gross billings in Q2, coupled with substantial improvement in operating income (loss) and adjusted EBITDA.

The clean energy company also reported a substantial improvement in operating margin and adjusted EBITDA.

Adjusted EBITDA for Q2 of 2019 was $0.1m, comparted to $13.5m in Q2 2018.

Q2 highlights

In the quarter, Plug Power deployed over 2,000 GenDrive units, up approximately 70% year-over-year, and reported gross billings of $58.6m, up 50% year-over-year.

The fuel cell systems were delivered to new and recurring customers, including Amazon, Walmart, Bridgestone and Lipari.

Q2 saw Plug Power close a deal with electric vehicle manufacturer StreetScooter, a subsidiary of DHL. The partnership will see StreetScooter initially deliver 100 ProGen hydrogen fuel cell-powered truck for on-road use to Deutsche Post DHL, starting in 2020.

Plug Power signs deal with StreetScooter

According to Markus Reckling, the Head of German operations at DHL Express, “If everything works as we imagine it would, there could soon be 500 vehicles worldwide.”

The second quarter also saw Plug Power acquire EnergyOr, a Montreal, Canada-based specialist in ultra-lightweight compact PEM hydrogen fuel cell systems. 

Plug Power acquires EnergyOr

Summary

A record Q2 for the company reflects the continued traction in its existing material handling market, while the StreetScooter contract validates its market expansion into on-road market applications.

Plug Power has reduced its cost by over 70% in the last ten years and has accumulated in excess of 200m hours of fuel runtime and believes it can reduce its overall cost by 25% as it doubles its volumes in the near term.

The company is pleased with its ongoing progress and expects to make additional announcements during Q3 at or prior to the September “Plug Power Symposium”.

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