Plug Power Completes Distribution Agreement with GE Fuel Cell Systems; Reports Financial NewsAugust 13, 2000 by Jeff Shepard
Plug Power Inc. (Latham, NY) completed an amendment to its distribution agreement with GE Fuel Cell Systems (Schenectady, NY) that defines product specifications and delivery schedules for precommercial and commercial model introductions. The new agreement allows GE to extend the existing 10-year agreement by an additional five years. "We are pleased to have an agreement in place that reflects the current expectations for product specifications and delivery schedules for grid-independent and grid-parallel products," said Barry Glickman, GE Fuel Cell Systems president. "The new agreement provides a solid basis for continued collaboration between GE and Plug Power and will enhance GE Fuel Cell Systems' ongoing efforts to develop global product distribution and servicing partnerships." In other news, Plug Power reported that revenues for the second quarter of 2000 were $2.4 million as compared to $2.0 million for the second quarter ended June 30, 1999. Net loss for the second quarter of 2000 was $18.0 million, or $0.42 loss per diluted share, as compared to $8.6 million, or $0.37 diluted loss per share, for the second quarter ended June 30, 1999. Weighted average shares outstanding for the quarter ended June 30, 2000, increased to 43.2 million shares from 23.5 million at June 30, 1999. This increase was primarily a result of the October 1999 initial public offering of 6.8 million shares of common stock and the issuance of 9.2 million shares of common stock.