Shares of fuel cell maker Plug Power were as much as 8% in pre-market trade as reported revenue came in at $17.3 million, exceeding the company’s expectations of $16.65 million.
During Q2, Plug Power says it shipped 687 GenDrive fuel cell units to customers, including Walmart and Proctor & Gamble, much higher than the 246 units the fuel cell company shipped in the period a year prior.
In the company’s press release, Plug Power said:
“The Company has secured GenDrive and GenKey deals with Volkswagen, BMW, Mercedes-Benz and Honda. The Company expects that success within the auto-manufacturing market will open up a plethora of global opportunities as these customers standardize on hydrogen fuel cells to power the electric lift trucks at their manufacturing sites worldwide.”
Year-to-date, Plug Power is surging, up more than 275%.