Boston, MA 01/03/2014 (wallstreetpr) – USA-based alternative energy and technology firm Plug Power Inc. (NASDAQ:PLUG) announced Thursday that it had achieved its desired and targeted orders and revenue amounting to about $32 million for the fourth quarter, triggering a 50% jump in its share value in trading.
Plug Power attracts the right customers
The alternative energy company’s current contracts include recurring orders from renowned brands like Wal-Mart, Bridgestone, BMW, Sysco Corp., Kroger, Procter & Gamble, Mercedes Benz and Coke, among many others. The current sales revenue of Power Inc. (NASDAQ:PLUG) also comes close to its previous forecasts of profitability in the fiscal year 2014 for the first time since it went public in 1999. The eco-friendly energy firm had estimated about $40 million in work orders for the FY2013 fourth quarter, and the company now hopes to see profits combined with cost-cutting measures and repeating revenue from existing customer base. Though still operating in losses, the optimism surrounding the projections for the fourth quarter and ensuing FY2014 sent Plug Power Inc. (NASDAQ:PLUG)’s share prices surging over 150% in the last week.
NYSERDA helps out with funding
With extensive research-oriented funding made available by the New York State Energy Research and Development Authority (NYSERDA) for clean energy development from hydrogen cells, Plug Power will soon produce the energy cells for refrigeration units mounted on trailer trucks, based on its flagship GenDrive fuel cell technology.
Aggregating significant improvements in revenue over 2013 so far, the Latham, New York-based green energy firm posted an impressive revenue jump from $1 million in the first half of 2013 to about $14 million seen in November 2013. With Power Inc. (NASDAQ:PLUG)’s third quarter revenue of about $4.6 million falling in close proximity of its $4.8 million in revenue posted exactly a year ago, Plug Power has managed to narrow losses through internal cost-cutting measures. Plug Power Inc. (NASDAQ:PLUG)’s shares rose a massive 50% to close their January 02 trading on NASDAQ at $2.33 from their previous $1.55 closing. After-hours trading figures hovered around the closing figure.
