Plug Power Reports Second-Quarter Results

July 29, 2001 by Jeff Shepard

Plug Power Inc. (Latham, NY) reported that product development and financial results for the second quarter, ended June 30, 2001, exceeded the company's anticipated results.

Contract revenue was $1.3 million, as compared to $2.4 million for the second quarter of 2000. The year-to-date contract was $2.3 million, as compared to $5.4 million in 2000. The company reports that second-quarter and year-to-date reduction in contract revenues reflects less emphasis on government research and development contracts as the company devotes most of its resources to product development and commercial sales. Plug Power believes that product sales will begin to favorably affect revenues in the third quarter of 2001.

"I am pleased at the progress we made during the second quarter," said Roger Saillant, president and CEO. "We have met or exceeded some very important commercial and product-development milestones, and we are progressing with the implementation of our business plan."