LATHAM, N.Y., May 14, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today reported its 2014 first quarter results. Some significant accomplishments in the first quarter include:
- Broad Customer Acceptance of GenKey: Plug Power has closed GenKey deals with such customers as Kroger, Walmart, Volkswagen and Central Grocers during the quarter. GenKey is Plug Power's turnkey hydrogen fuel cell solution intended to simplify the transition to fuel cells for the customer. The first GenKey site is scheduled to be deployed this month with Walmart in Pottsville, Pennsylvania.
- Enhanced Balance Sheet: As of May 14, 2014, Plug Power has $174M in cash on its balance sheet to support business growth. With this funding, Plug Power intends to leverage opportunities to increase revenue and margins through strategic investments in areas such as stack development.
- Focus on hydrogen generation and distribution opportunities: The Company views hydrogen generation and distribution as critical to expand margins and increase revenue in the future. Some of the recent funding may be used to provide capital to fund projects supporting this activity .