Boston, MA 06/11/2014 (wallstreetpr) – PLUG Power Inc. (NASDAQ:PLUG) in a conference call hosted by the company’s Chief Executive Officer has affirmed that better times are still ahead in terms of growth, to be driven by GenFuel Growth. The company remains buoyed by a wide range of product mix that continues to make many customers happy. Plug power bookings currently stand at $80 million against full year projection of $150 million. Improved booking continues to be attributed to customer acceptance of the company’s GenKey solution.
Closure of Nine GenKey Deals
‘PLUG Power has already closed nine GenKey deals with its largest customers being Walmart Stores, Inc. (NYSE:WMT). The store has already ordered a total of 1700 GenDrive units. The company has already initiated construction’ of a manufacturing GenFuel infrastructure to be sued for the six Walmart stores facilities.
Walmart continues to be a solid partner for the GenKey units along with, The Kroger Co. (NYSE:KR), which owns facilities in Colorado, Kentucky and Louisville. GenKey continues to add impressive revenue streams in addition to other product sales. The Chief executive officer also affirmed the company’s decision to increase its sales team in the year
Plug Power Looking to expand in Asia
The next path for the energy solution company looks to be further expansion in Asia markets. Its seems that the company is trying to replicate the same success it achieved in Europe, as a result, of partnerships with JV Partners and Air Liquide, in the new markets. Plug Power is planning to expand in Asia through a strategic partnership.
The Chief Executive also announced that the company has signed a nonbinding memorandum with Hyundai Hysco. The company plans to use the partnership to further sales of its hydrogen fuel cell products to countries across Europe.
Hyundai is a South Korean manufacturer also possessing deals in the automotive industry. Analysts continue to maintain a bullish nature on PLUG Power Inc. (NASDAQ:PLUG)’s stock seen by an “outperform” rating on a research note by Cowen & Co on May 15, 2014.
