Hydrogen fuel-cell company Plug Power has stated the company’s goal is “not just to be a successful company but to be a top 10 fuel-cell company in the world”.
Speaking to investors and interested parties on a conference call, Plug Power CEO Andy Marsh highlighted more major achievements that the business has already made in Q1 – making the prospect of a very profitable fiscal 2014 more than likely.
“I’ve been here five-years and it’s never been this good. For the first time we have $46m in the bank,” he proclaimed.
It was announced yesterday (Wednesday January 15) Plug Power had completed the sale of 10,000,000 (ten million) shares of its common stock and warrants for 4,000,000 shares to be purchased – at a combined total of $30m.
The company also announced the launch of new turnkey solution to smooth customer’s transition to hydrogen fuel-cell. Called GenKey, it is comprised of three separate elements: GenDrive fuel cell units, GenFuel hydrogen fuel and infrastructure, and GenCare maintenance service. Plug Power provides full integration and deployment of the entire GenKey package for customers to ensure seamless transition to hydrogen fuel cell-based power for material handling operations.
Moving to a hydrogen infrastructure can be misinterpreted as a complex process, involving multiple vendors and contracts and entailing a lot of internal knowledge and training. GenKey takes complexity out of the equation for the customer by delivering a complete range of services to dramatically simplify the entire process. It is designed so companies can choose any or all of the platform elements to simplify and suit their needs.
“GenKey allows us to increase our value-add for customers through building a comprehensive turnkey solution that streamlines the transition to a hydrogen infrastructure – we do all the hard work, so the customer can focus on the best use of its new-found productivity,” said Andy Marsh, CEO of Plug Power. “GenKey also transforms Plug Power’s strategic business model from a product-only model, to one with a recurring revenue stream that we expect will add more predictability to our bottom line.”
The industry leading GenDrive fuel cell product line provides a comprehensive product suite foundation for warehouse and distribution center lift trucks that are converted from battery to fuel cell power. The fuel cells are a drop-in replacement for lead-acid batteries, fitting precisely into existing compartments on all major OEM material handling equipment.
The new GenFuel component will provide customers with support for the design and construction of an onsite hydrogen fuel infrastructure, either with the retrofitting of an existing facility or via development at a brand new facility. GenFuel services include the design, procurement, commissioning and maintenance for all the components required to successfully dispense hydrogen without disruption to the customer’s operations. Plug Power will provide operator training and a constant supply of cost-efficient hydrogen that leverages Plug Power’s quantity buying power.
GenCare is an ongoing maintenance service for both the fuel cells and hydrogen infrastructure. It includes advanced system monitoring, preventive maintenance, periodic system enhancements, parts inventory logs, and rapid-response onsite service by GenCare technicians.