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Plug Power Announces Second Quarter 2012 Financial Results

LATHAM, N.Y., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today reported its financial results for the second quarter of 2012.

In the second quarter of 2012, Plug Power continued to expand upon its customer base in North America. The quarter's GenDrive ® orders included units for Lowe's, Sysco, Walmart and Mercedes Benz, representing approximately $6.5 million in orders.

The order for Mercedes was received in early April 2012, and all 72 of the GenDrive units were installed and operational by early July. This is the quickest cycle time to date between receiving an order and deployment at a site requiring a new hydrogen fueling station.

Sysco's Long Island (N.Y.) and Boston locations recently were commissioned to use GenDrive fuel cells, bringing the number of fuel cells used at six of the foodservice distributor's locations to more than 600. Kroger, Compton, CA, and P&G, Greensboro, NC, round out the commissioned GenDrive sites during the second quarter of 2012. In total, 388 units were shipped during the second quarter.

Additionally, Plug Power is in the process of shipping and installing 254 units for the Walmart facility in Washington Court House, Ohio. This deployment signifies the third Walmart facility using GenDrive, with over 500 units now in the Walmart fleet.

Although deployments continued to grow in the second quarter, factors including a slower than expected order flow and some customer deployments delayed until 2013 have negatively impacted the Company's projections for 2012. Given these factors, Plug Power is adjusting its guidance for 2012 to the following:
  • From $40M in product and service revenue to $30M-$35M range
  • From $12M-$13M EBITDAS loss range to $17M-$19M loss range
  • From 10% Gross Margin to minus 5% to minus 10% range for 2012

It is important to note that the above revised product and service revenue range would still represent an almost 50% increase in year over year growth.

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