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Plug Power Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: PLUG

Plug Power does not intend to, and undertakes no duty to update any forward-looking statements as a result of new information or future events.

At this time, it is my pleasure to turn the call over to Andy Marsh.

Andrew Marsh

Thank you, Cathy. Good morning, everyone, and thank you for joining our call.

The good news today is that deployments of our GenDrive systems for the material handling market continued to accelerate.

In the second quarter, Plug Power shipped 388 units compared to 73 units in the second quarter of 2011. This is an increase of 432%. Products were shipped to customers including Sysco for deployment in their new Boston and Long Island distribution centers, BMW, WinCo, Mercedes, P&G Alexandria and Wal-Mart, Cornwall.

The recently announced order from Mercedes was received in early April 2012, and all 72 units were installed and operational by early July. This is the quickest cycle time between receiving an order and deployment at a site requiring new hydrogen fueling stations.

Air Products was able to complete this task in under 90 days, an effort that historically is required from 9 to 12 months.

We believe this bodes well for this -- for the future, and our continuing efforts to decrease the cycle time from orders to shipment.

The Mercedes site is also the first site that is exclusively using Plug's next-generation products, based on our new low and high-power platforms.

Other significant deployments in the second quarter included Sysco Boston, a new distribution center using 185 Plug Power fuel cells; and Sysco Long Island, another new distribution center, using 67 Plug Power GenDrive units.

Also during the quarter, BMW continued to expand their fleet at their facility in Spartanburg, South Carolina. Thus far in 2012, Plug has delivered 60 units, bringing BMW's total fleet to 161 units as of June 30, 2012, and have another 79 units still to be delivered by year's end.

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