Plug Power Inc (NASDAQ:PLUG) Unveils its Growth Strategy


Dallas, Texas 10/09/2013 (Financialstrend) – On  October 8 the Lathum, New York based Plug Power Inc (NASDAQ:PLUG), had hosted a town hall meet in which the Company’s President and CEO, Andy Marsh, provided business updates on its business operations through the previous few quarters and the road ahead for this reliable energy solutions provider.

Plug Power’s growth strategy is centred on its bid to expand its market share by pushing for more sales of its flag ship product “GenDrive fuel cells” in forklift trucks. The diversified electronics niche player hopes to accomplish this trough close ended deals with numerous warehousing and dock operators. It is also stepping up its consulting business where by it draws on its in house expertise to  help is customers design enterprise wide energy grid by leveraging on clean technologies.  It is also contemplating to diversify its target customer base to include the transportation refrigeration sector. Plug Power believes that the transportation sector would be a good revenue generator given the year on year increase in the growth rate of that vertical and hopes to sell more of its fuel cells to these players. It is also working on a strategy where in it can tap into the nascent retail store management segment which is currently dependent on forklifts handlers. Plug Power is hoping to offer full blown turnkey solutions to this segment. Last but not the least, the firm is hoping to expand its foot print to international markets and feels that its total addressable market is huge if it can tie up with international partners.

The $42 million market cap company shares have been reeling at the stock market due to a steady dip in its sales volumes over the past few quarters. The stock lost close to 12.6% from its previous market close price during trading on October 8 to settle at $0.62 per share.