Plug Power, a New York-based manufacturer of hydrogen fuel cell systems, has reported its quarter three (Q3) results with gross billings totalling $61m.
During Q3 2019, 68% of Plug Power’s gross billings were associated with the company’s subscription programme where customers pay a fee on a monthly basis to access Plug Powers fuel system solutions.
Adjusted EBITDA for the quarter was $2.5.
Q3 saw Plug Power host its first annual Plug Power Symposium, provide a five-year plan with an annual target of $1bn gross billings and sign multiple new partnerships.
The quarter saw Plug Power deploy 1,700 GenDrive fuel cell systems to new and recurring customers and conclude a ProGen fuel cell-powered ground support equipment (GSE) programme at the Albany International Airport.
Plug Power also signed an agreement with ENGIE in the quarter which will see the two companies identify mutually beneficial markets and customers, packaging Plug Power’s fuel cell technology with ENGIE’s hydrogen infrastructure, renewable energy and service programmes to deliver cost effective hydrogen energy solutions.
Plug Power’s operating income for the full year is expected to improve year over year, and the company expects positive adjusted EBITDA for the full year 2019.
Business momentum for the company remains strong in material handling. Plug Power’s growth strategy in the market remains consistent with focus on adding one large multi-site customer annually, whilst continuing to grow with foundational customers.