Plug Power PLUG,
a leader in providing clean, reliable energy solutions, today announces it has
met order targets set for the fourth quarter of 2013. Orders for the fourth
quarter of 2013 totaled approximately $32 million, and includes contracts with
Walmart, Kroger, Procter & Gamble, Bridgestone, BMW, Sysco, Ace Hardware, CVS,
Mercedes Benz, Lowes, Stihl, and Coke.
Key highlights associated with Plug Power's fourth quarter bookings include:
* A contract to deploy multiple sites with a single food distribution
customer using Plug Power's turnkey GenDrive solution which includes
products, service, and hydrogen;
* Repeat business with key material handling giants like Walmart, Kroger,
Mercedes Benz, and BMW, resulting in fleet expansion and follow-on orders.
These orders include both products and recurring revenue for service;
* And, addition of new customers to Plug Power's growing customer list.
"Plug Power has continued to deliver value to material handling customers
through its GenDrive product suite," said Andy Marsh, CEO at Plug Power.
"Moving forward, as we significantly grow the business, Plug Power will
increase its value-add for each customer through building our product base and
establishing recurring revenue streams through hydrogen and service. Plug
Power has seen significant traction closing out 2013, and we expect the first
quarter of 2014 bookings to meet or exceed the fourth quarter of 2013."
Actual financial results and further overview of customer success will be
presented and reviewed on the Company's fourth quarter and year-end conference
call. The Company will be holding its next business update conference call on
Tuesday, January 14 at 10:00 am ET. Details to access the conference call will
be posted on the homepage of Plug Power's web site, www.plugpower.com.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power is revolutionizing
the industry with cost-effective power solutions that increase productivity,
lower operating costs and reduce carbon footprints. Long-standing
relationships with industry leaders forged the path for Plug Power's key
accounts, including Walmart, Sysco, P&G and Mercedes. With more than 4,000
GenDrive units deployed to material handling customers, accumulating over 16
million hours of runtime, Plug Power manufactures tomorrow's incumbent power
solutions today. Additional information about Plug Power is available at
www.plugpower.com.
Plug Power Inc. Safe Harbor Statement
This communication contains statements that are not historical facts and are
considered forward-looking within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. These forward-looking statements
contain projections of our future results of operations or of our financial
position or state other forward-looking information. These forward-looking
statements include, without limitation, statements regarding financial
expectations for the fourth quarter of 2013 and the year 2014, growth
prospects for future orders, bookings and revenues, EBITDA projections,
reductions in material and service costs and alternative supply sources. We
believe that it is important to communicate our future expectations to our
investors. However, there may be events in the future that we are not able to
accurately predict or control and that may cause our actual results to differ
materially from the expectations we describe in our forward-looking
statements. Investors are cautioned not to unduly rely on forward-looking
statements because they involve risks and uncertainties, and actual results
may differ materially from those discussed as a result of various factors,
including, but not limited to: the risk that we continue to incur losses and
might never achieve or maintain profitability, the risk that we expect we will
need to raise additional capital to fund our operations and such capital may
not be available to us; the risk that we do not have enough cash to fund our
operations to profitability and if we are unable to secure additional capital,
we may need to reduce and/or cease our operations; the risk that a "going
concern" opinion from our auditors, KPMG LLP, could impair our ability to
finance its operations through the sale of equity, incurring debt, or other
financing alternatives; the recent restructuring plan we adopted may adversely
impact management's ability to meet financial reporting requirements; our lack
of extensive experience in manufacturing and marketing products may impact our
ability to manufacture and market products on a profitable and large-scale
commercial basis; the risk that unit orders will not ship, be installed and/or
converted to revenue; the risk that pending orders may not convert to purchase
orders; the risk that our continued failure to comply with NASDAQ's listing
standards may result in our common stock being delisted from the NASDAQ stock
market, which may severely limit our ability to raise additional capital; the
cost and timing of developing, marketing and selling our products and our
ability to raise the necessary capital to fund such costs; the ability to
achieve the forecasted gross margin on the sale of our products; the actual
net cash used for operating expenses may exceed the projected net cash for
operating expenses; the cost and availability of fuel and fueling
infrastructures for our products; market acceptance of our GenDrive systems;
our ability to establish and maintain relationships with third parties with
respect to product development, manufacturing, distribution and servicing and
the supply of key product components; the cost and availability of components
and parts for our products; our ability to develop commercially viable
products; our ability to reduce product and manufacturing costs; our ability
to successfully expand our product lines; our ability to improve system
reliability for our GenDrive systems; competitive factors, such as price
competition and competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the cost of
complying with current and future federal, state and international
governmental regulations; and other risks and uncertainties discussed under
"Item IA—Risk Factors" in Plug Power's annual report on Form 10-K for the
fiscal year ended December 31, 2012, filed with the Securities and Exchange
Commission ("SEC") on April 1, 2013 and as amended on April 30, 2013 and the
reports Plug Power filed from time to time with the SEC. These forward-looking
statements speak only as of the date on which the statements were made and are
not guarantees of future performance. Except as may be required by applicable
law, we do not undertake or intend to update any forward-looking statements
after the date of this communication.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in