Plug Power announces its strategy to achieve profitability
Plug Power Inc. is an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive and continuous power products. Now the company, during its analyst and investor meeting held on Thursday, October 8, 2009, announced its strategy for achieving profitability and generating a positive cash flow for the first time in the Company’s history.
For this, Plug Power will focus resources on its two commercial products, GenDrive(TM), a superior alternative to lead-acid batteries in the material handling market, and GenSys(R), a continuous-run prime power system that replaces diesel generators at remote telecommunication sites where the grid is non-existent or unreliable.
The Company’s presentation highlighted its plans to double shipments of their products each year from 2010 to 2012, equating to approximately 7,200 to 9,400 shipments at the end of 3 years which in turn would double the revenue over the same period.
In an attempt to attain its goal of profitability, Plug Power will try to lower product costs by leveraging the supply chain, lowering manufacturing costs and improving system reliability for both product lines. Key success factors include product expansion, starting with the release of the class-2 stand-up reach truck product for electric lift trucks in the fourth quarter of 2009.
“Plug Power has established a strategy to bring the Company to profitability,” said Plug Power’s CEO, Andy Marsh. “We have surveyed what it will take to sustain Plug Power into the future and have developed a thoughtful plan to engender success.”
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