Dallas, Texas 01/03/2014 (FINANCIALSTRENDS) –A rehabilitated confidence in the potential of fuel cells to power vehicles assisted drive Plug Power Inc (NASDAQ:PLUG) scrips to a 50% profit on Thursday.
The firm, which sells fuel cell structures for forklift trucks and other materials-handling vehicles, has almost tripled its scrip rate during the past month after bagging orders from such biggies like Procter & Gamble Co and Wal-Mart Stores Inc.
The company had a market capitalization of almost $8-billion at the turn of the century, when fuel cell firms were thriving on the assurance of hydrogen-fuelled vehicles. It declined around 12 cents early in the year 2013.
While a lot of investors stay skeptical of fuel cells, the company CEO Andy Marsh said that the additions of the past few months replicate a business that is lastly detecting its way.
“We think the firm has been underestimated for a long time,” Mr. Marsh stated.
Mr. Marsh blames the company’s stock decline earlier in 2013 on “financial suffering” caused by quality matters it had in the year 2012. Mr. Marsh recognizes that many shareholders had given up on the assurance of utilizing fuel cells for commercial apps after being burned over a decade back.
“The know-how probably wasn’t moderately ready in the year 2000,” added Mr. Marsh.
Plug Power gets hold of its fuel cell stacks from Ballard Power Systems Inc. and assimilates them into items utilized by firms like Wal-Mart, Kroger Co, plus Sysco Corp. in their warehouses.
Plug Power meets its 4Q order objectives
Plug Power Inc (NASDAQ:PLUG) stated that it met its fourth-quarter order goals and expects first-quarter reservations will meet or top those of the preceding quarterly period.
The alternative energy firm’s scrip surged over 35% during morning trading.
Plug Power Inc. stated that its fourth-quarter orders totaled around $32 million.