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

759

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.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.