Boston, MA, 04/11/2014 (usastockreport) – Plug Power Inc (NASDAQ:PLUG) is looking for new markets where it could deploy fuel cells instead of fossil fuels.
The first targets being airport support vehicles and refrigerated delivery trucks, Plug power is now seeking to replace fossil fuels with fuel cells rapidly. The company will be reporting its first gain this year since its IPO in 1999 with rapid growth in demand for its fuel cell powered forklifts.
Plug Power Inc (NASDAQ:PLUG)’s President, Chief Executive Officer and Director, Andrew J Marsh does not limit his goals to forklifts which are deployed in the $20 billion material handling industry. He aims to build up an industrial ecosystem which is entirely powered by fuel cells. Forklifts were only the first products that backed the company to generate revenue for its support. This view was shared by the U.S. Energy Department, which now seeks to grant $30 million to the company this year.
In an interview at the company’s headquarters in Latham, New York, Marsh said that they needed to begin with a suitable market for fuel cells, which at the same time was also large enough to build a business. He said that Plug Power started with the material handling business because it demanded a better product. But it was never seen as the ultimate goal for the technology. As of now, after having established Fuel Cells in the niche market, Marsh seeks to expand the deployment of the new technology to compete with electricity driven from fossil fuels.
Plug Power Inc (NASDAQ:PLUG)’s shares surged more than nine times over a period of six months and the growth is attributable to the rising demand for forklifts. The company forecasts orders to increase fourfold this year and reach up to almost $150 million. Orders are chiefly obtained from The Kroger Co. (NYSE:KR) and Wal-Mart Stores, Inc. (NYSE:WMT).