Plug Power Inc., a leader in providing clean, reliable energy solutions, today reports its 2014 fourth quarter and year-end financial results.
For the full year of 2014, the company realised bookings in excess of $150m, an increase of over $100m compared to 2013, and shipped 2,644 GenDrive units to material handling customers in North America, of which 2,406 were recognised as revenue.
Plug Power achieved $21.5m total revenue for the fourth quarter of 2014 and $64.2m for the full year.
Specifically in the fourth quarter, the company achieved another record quarter for shipments, with a 243% increase compared to the fourth quarter of 2013 to customers including Kroger, Walmart, Newark Farmers Market, and Honda. The company also reported a gross margin of 18% on its GenDrive product for the fourth quarter, as compared to -7% in the prior year.
Bookings for 2014 were accelerated by the launch of GenKey, a turnkey solution offering GenDrive fuel cells, GenCare service and GenFuel hydrogen making it significantly easier for customers to adopt hydrogen technology. With GenKey, Plug Power announced its largest order ever in 2014; a multi-site contract with Walmart for more than 1,700 GenDrive fuel cell units, GenFuel infrastructure and hydrogen supply and six years of GenCare services.
“These sales and booking results mark 2014 as an inflection point for Plug Power. Our results show that the market for fuel cells is real and commercially viable with enough headroom for Plug Power to continue its growth in 2015 and beyond,” said Andy Marsh, CEO at Plug Power. “Walmart has proven to be a tremendously important partner to Plug Power but I’m also very happy with the broad-based market support we saw throughout the year.”
Plug Power’s GenFuel business was an important focus for the company during 2014. “Material handling is a great market for our Plug Power products because we’re able to create great value for our customers. Critical to our success in material handling has been the ability to deliver hydrogen cost effectively,” Marsh said. “Our focus for 2015 is to expand availability of cost-effective hydrogen which I believe will fuel growth in core markets and allow us to grow other markets such as our ReliOn stationary power line.”
Plug Power completed construction of 10 GenFuel infrastructure sites, with another two in progress, during the full year of 2014. The company maintains its 2015 forecast of total sales in excess of $100m, composed of sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen infrastructures. The company intends to book over $200m in 2015, approximately 75% coming from repeat customers.