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Plug Power reports record Q3 financials

Plug Power reports record Q3 financials

Plug Power has today (9th Nov) reported record-breaking third quarter (Q3) financial results with gross billings of $125.6m, the highest in the company’s 22-year history.

The New York-based company deployed a record 4,100 fuel cell systems and 13 hydrogen refuelling stations, reflecting growth of 130% year-over-year for fuel cell units deployed.

Reflecting on the record month, Plug Power said its deployment record aligns with the company’s target to have cumulatively deployed over 40,000 GenDrive systems by year end, and design, build and operate a network in excess of 100 hydrogen fuelling stations.

Q3 saw the hydrogen specialist announce strategic partnerships with Brookfield Energy and Apex Clean Energy to source renewable electric and build liquid green hydrogen plants, and sign an MoU with industrial gas giant Linde to deploy pilot class-six and class-eight vehicles in 2021.

Read more: Plug Power and Apex Clean Energy announce green hydrogen network plans

Read more: Linde vehicles to be powered by Plug Power technology

During the quarter, Plug Power also hosted its second annual Plug Symposium virtually, at which green hydrogen, the company’s gigafactory, its European expansions and data centres were all key topics of conversation.

Looking ahead to 2021, in a statement Plug Power said that it remains focused on building the green hydrogen economy in an electrified word.

The company also raised its 2020 full-year gross billings guidance to $325m-$330m from $310m.


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