LATHAM, N.Y., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today reported its financial results for the second quarter 2013.
In the quarter, Plug Power experienced a renewed customer interest in its business due, in part, to the May 8 announcement of a $6.5 million investment by Air Liquide. Of the $7.5 million in new orders received during the second quarter of 2013, $6.1 million occurred between the date the investment was announced, and the end of the second quarter.
An example of this is Mercedes-Benz's announcement that it would add 123 GenDrive fuel cell units to its fleet in Huntsville, AL, to support a new Mercedes logistics center located adjacent to its manufacturing facilities. This order rate puts the Company on the pace it needs to meet its stated goal of being profitable on an earnings before interest, taxes, depreciation, amortization and stock-based compensation (EBITDAS) basis by mid-year 2014.Plug Power business highlights in the second quarter of 2013 include customer shipments to Carters, Sysco Riverside, BMW, and P&G. These sales include significant expansions to existing sites by BMW, and the conversion of forklift trucks at P&G's Mehoopany, PA, site from lead-acid battery to GenDrive fuel cells. The Sysco Riverside, CA, facility is one of the first Plug Power customers to use an onsite reformer to convert natural gas to hydrogen. The use of onsite reformers opens up a new market segment of smaller distribution facilities where fuel cells can now be used cost effectively. The Company estimates that the use of this technology expands its addressable market in the U.S. by $1 billion USD. Plug Power is also on-target for the quarter for the material cost for new product shipments, and the Company is projecting that service costs will be significantly reduced by year-end 2013. Continuous improvement in operating costs is another benchmark for achieving breakeven EBITDAS in 2014.