Plug Power Inc. reported its financial results for the first quarter of 2011. According to the company, this new year marks a fresh start for its scope of business. Unlike years past, 2011 marks the first year the company is entirely committed to its GenDrive® product line. According to Plug Power, which claims to be the only hydrogen fuel cell manufacturer to offer customers a complete product suite enabling full-fleet conversions, the company has captured over 85% of the fuel cell-powered material handling market today.
Plug Power saw its most successful quarter in the company’s history during the first quarter of 2011, primarily based on the unprecedented number of commercial orders it received. Order ramp-up, year over year, has legitimized the GenDrive business for Plug Power, and helped illustrate the commercial traction driving the company toward profitability. Plug Power closed out 2010 with a total of 543 GenDrive orders. In just the first quarter of 2011 alone, the company has already exceeded full year totals for prior years, accumulating 555 GenDrive unit orders.