Plug Power has reported record quarter two (Q2) results, reflecting strong business momentum for the New York-based provider of fuel cell energy solutions.
Gross billings of $58.6m for the quarter, compared to $39.2m in Q2 2018 illustrated an increase of almost $20m.
For the quarter, Plug Power also reported a substantial improvement in operating margin and adjusted EBITDA. The improvement is both year-over-year, on a sequential basis.
The company also deployed over 2,000 of its GenDrive fuel cell systems to a variety of customers, including, Amazon, Walmart, Bridgestone and Lipari.
The successful quarter saw Plug Power accomplish many business milestones. June (2019) saw Plug Power acquire EnergyOr, a manufacturer of advanced lightweight and compact PEM hydrogen fuel cell systems for robotics, small scale material handling and aerospace applications.
The acquisition allows Plug Power to expand it ProGen suite to address robotics, small-scale material handling, and UAV applications.
Q2 also saw the company announce its first major on-road customer win through its partnership with StreetScooter, a subsidiary of DHL, the world’s largest logistics and mail communications service.
The partnership will see StreetScooter deploy 100 ProGen hydrogen fuel-cell powered trucks, starting in 2020. This marks the world’s first commercial scale fuel cell engine deployment for the on-road logistics application.
The fuel cell vehicles will have an effective range covering distances of up to 500km. Commenting on the deal, Markus Reckling, Head of German Operation at DHL Express said, “If everything works as we would imagine it would, there could soon be 500 vehicles worldwide.”
Plug Power are currently on track to deliver over a 10-fold increase in gross billings since 2013 (given 2019 expectations of $235-$245m), with a strong focus on delivering growth and expanding addressable markets.
The company’s Q2 highlights its continued traction in its existing material handling markets, while the StreetScooter contract validates its market expansion into on-road market applications.