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LATHAM, N.Y., Nov. 8, 2010 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today reported its financial results for the third quarter of 2010. The Company had a net loss of $9.3 million on $5.8 million in revenue.
For the quarter, the company shipped 170 GenDrive™ systems to its growing portfolio of commercial customers in the North American material handling industry. Plug Power is experiencing its most successful year in shipping product. In fact, the year to date total of 371 units shipped already exceeds previous full year totals.
"Plug Power has grown tremendously its GenDrive business during 2010, especially in the third quarter of the year. But the pace at which our accomplishments have been realized is at a slower rate then we had expected," said Andy Marsh, CEO at Plug Power. "This is not atypical for a new, emerging technology, as we ramp up commercial activity. Our sales pipeline is still strong; customers continue to be fully engaged in the buying process. Our challenge continues to be predicting the timing of these deals in this new market."
During the third quarter, Plug Power saw continued growth and commercialization in the North American material handling market. Trials continue with a significant number of potential customers and the Company presently has planned an additional seven trials at customer facilities. The lift truck fleets of these seven customers comprise over 150 distribution centers with more than 20,000 lift trucks.
Most notably, Plug Power celebrated alongside several customers as GenDrive-powered lift truck fleets were deployed. Customer fleets include Sysco Houston, United Natural Foods, Inc. (UNFI), BMW, Walmart Canada and FedEx Freight. Mr. Marsh commented, "For Plug Power, the ultimate success is seeing a customer deploy our GenDrive products into operation. It's at that point that our mission of improving the business operations of our customers is fully realized."