Plug Power announces Q1 2020 results

Amid the global changes brought upon by the coronavirus outbreak, New York hydrogen fuel cell system provider Plug Power has reported its quarter one (Q1) results with gross billings totalling $43m.

During the quarter the company deployed over 1,000 fuel cell systems and had billings associated with four hydrogen infrastructure programmes.

Service costs were unusually high for directs and power purchase agreement customers in the first quarter given the unexpected peaking period due to the coronavirus.

In the financial report, Plug Power reaffirmed its guidance to achieve $300m in gross billings in 2020, which represents more than 25% growth year over year.

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