Plug Power Inc (NASDAQ:PLUG), the New York-based fuel cell maker, boasts of breaking revenue records in the second quarter of 2015. Plug Power is the leading player in providing hygienic, reliable energy solutions for forklifts, reported impressive fuel cell and hydrogen infrastructure shipments and installations in the second quarter of 2015.
There was an upsurge in the shares of Plug as it went by 10% to $2.47 in New York Stock Exchange. The company made an announcement that for the second quarter, it shipped 888 GenDrive units to customers. It accelerated the pace when compared to 419 GenDrive units shipped in the first quarter of this year and 687 in the second quarter of 2014.
In the first quarter of 2015, the company’s total earnings stood at $9.4 million. The company is on course to achieve its earlier announced 2015 financial targets. Plug Power’s flagship fuel cell product, GenDrive, dislocates lead-acid batteries to power electric lift trucks.
The products are used in big warehouses and distribution centers. In addition, the company manufactures fuel cells for refrigerated vehicles and trucks used to tow luggage at airports.
Plug Power Inc (NASDAQ:PLUG) has initiated steps towards diversifying its products through adding hydrogen fueling stations, namely, GenFuel. The company, in its bid to augment revenue sources, has entered into contracts with big profile companies like FedEx, Walmart, and BMW.
Plug Power continues to surge in the industry with pioneering and groundbreaking solutions that really enable customers enhance productivity and economize spending. Plug Power, an undisputed leader in hydrogen fuel cell technology, is transforming the industry with cost-effective solutions that go a long way in augmenting productivity, reduce operating costs and lessen carbon footprint.
The company is expected to reach its revenue target for the current year of above $100 million, containing sales of beyond 3,300 GenDrive units, and building in excess of 15 new GenFuel hydrogen infrastructures. The company highlights bookings of over $200 million in the current year, with nearly 75% arriving from repeat customers.
“Management set ambitious revenue and operational objectives for 2015. The persistent customer loyalty towards our products along with the performance of our team has led to a record revenue quarter that is in tune with these goals”, said the CEO of Plug Power.
“I am hopeful of turning the company into a profitable one by 2016”, said the CEO .