Latham, NY based fuel cell developer Plug Power Inc. PLUG has provided an insight into its third-quarter financial results. Per the press release, revenues for the quarter totaled over $30 million, realized through accelerated fuel cell and hydrogen infrastructure shipments and installations. Management believes that the company is well on its track to achieve the guidance for 2015.
The company maintained its previously announced 2015 sales guidance of over $100 million. This would include sales of over 3,300 GenDrive units and development of over 15 GenFuel hydrogen storage and dispensing infrastructure.
Plug Power forecasts 2015 bookings to exceed $200 million, 75% of which would come from repeat customers.
Plug Power has been working with Wal-Mart WMT since 2007 and has supplied in excess of 1,800 GenDrive units. These units are being used in eight distribution centers in the U.S. Each of these centers uses Plug Power's proprietary GenFuel system.
The most recent order from Wal-Mart came in Jun 2015. It entailed the supply of 124 GenDrive fuel cells for Wal-Mart Canada’s new High Velocity Distribution Center building. This announcement saw Plug Power’s shares go up by 5.2% in the next two trading sessions.
Hydrogen fuel cell batteries have become a preferred choice for many retailers to power their forklift truck fleets over industrial lead-acid batteries. Hydrogen fuel cells provide consistent power to lift trucks, eliminating the need to change and charge batteries. In addition, fuel cells lower the carbon footprint as it emits only heat and water as byproducts.
Given the ongoing R&D on developing fuel cell technology, the cost of generating power from fuel cells is expected to come down. Undoubtedly, this alternate electricity generation technique has started to come into prominence and has caught the attention of investors.
What’s Up at the Peers
ABB Ltd. ABB recently announced that it has introduced a new manufacturing facility for medium-voltage air-insulated switchgears (‘‘AIS’’) in Tangerang, situated approximately 25 kilometers away from the Indonesian capital Jakarta. This initiative comes as part of the company’s $20-million investment plan for Indonesia (read: ABB Boosts Indonesian Power Supply with New AIS Facility).
AZZ incorporated AZZ has been awarded a contract by Yunnan Huaneng Lancang River Hydropower Company for providing two circuits of 550kV-3150A for the Huangdeng Hydro Power Plant in Yunnan Province, China.
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