PLUG POWER INC (NASDAQ:PLUG) Looking Forward To Increase EV Growth

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Dallas, Texas 08/27/2014 (FINANCIALSTRENDS) – PLUG POWER INC (NASDAQ:PLUG) is awaiting the greater maturation of the electric vehicle sector, even as its share prices mark a dip in recent trading sessions.

The recent downtrends in the prices for this cell maker have been despite its healthy quarterly results reports.

Healthy quarter

For PLUG POWER INC (NASDAQ:PLUG) the sectors which reported quarterly improvement has been the 185% growth in revenue at $4.4 million over the past year. However, it has to be noted that other players in this sector, such as Ballard Power systems Inc.(BLDP)  have reported 3 cents loss per share.

At last count for PLUG the units it has shipped of its flagship product GenDrive are 687 in the quarter, which is ahead of the 246 of same quarter 2013. The clientele for these products are big-time retail chain stores such as Wal-Mart Stores Inc, Central Grocers as well as The Procter & Gamble Company.

Plug currently holds 2.659 GenDrive units in stock at the end quarter.

The next quarter, as per guidance provided by PLUG is to the tune of $75 million, based on the potential bookings likely to happen, hovering around the $150 million figure.

But the future of EV to drive PLUG

Despite the performance of this fuel cell technology player, the bottom line in long term growth will be wedded to the growth curve of electric cars.

As the stress on greener and environmentally-tuned vehicle and transport services increases, most look towards zero-emission technologies such as PLUG POWER INC (NASDAQ:PLUG) fuel cells. The company has been adopting the hydrogen principle for transport industry as well as the retail material handling sector. Now as it moves to hydrogen fuel cells in power electric lift truck as well as automotive manufacturing sector.

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