The station will power both homes and cars.

There are only two stations in existence. One is located on the grounds of Honda's lab in Torrance, Calif., where experiments have been conducted on Honda's fleet.

The system is fueled by natural gas. The Home Energy Station can produce enough hydrogen to fill one fuel-cell vehicle every day.

"The home energy station is still a long ways out," said Roger Saillant, Plug president and CEO.

Saillant told shareholders that the company was using stockholders' money wisely and praised their patience for holding on during difficult times.

The fuel-cell system maker reported a net loss of $12 million, or 16 cents a diluted share, for the first quarter ended March 31, down from a net loss of 13.8 million, or 27 cents a diluted share, for the same period last year.

Plug also reported an increase in revenues with $3.3 million, up from $3 million the year before.

Highlights for the first quarter included:

    * The completion of distribution agreements with three international providers of equipment and services: Hidrener Hydrogen Energy Systems Inc. of Turkey; siGEN Ltd. of Aberdeen Scotland; and IST Group Ltd. of South Africa.
    * Signing a five-year agreement with Radnor, Pa.-based Airgas Inc., the largest U.S. distributor of industrial, specialty and medical gases, to jointly market hydrogen fuel services products for Plug's GenCore system;
    * Shipped 20 GenCore systems to customers in the United States, Europe, Asia and South Africa;
    * Announced the second phase of the Home Energy Station project with Honda R&D of Japan. The station will be a home-based unit that will power homes and vehicles.