Plug Power: Business Goals for 2016
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LATHAM, New York - Plug Power Inc. (PLUG), a leader in providing clean, reliable energy solutions, highlights that it has exceeded the aggressive business objectives it set for the full year of 2015. Details of the company’s performance in 2015 and its goals for 2016 will be shared on a conference call to be held today at 10:00 am ET.
During 2015, Plug Power achieved the following goals:
More than $100 million in revenue
More than a 50% increase from 2014
More than $200 million in contract bookings
Another record year with contracts from new and longstanding customers
More than 15 GenFuel hydrogen storage and dispensing infrastructure installations
Plug Power provides customers with more than 2.5 tons of hydrogen a day enabling more than 3,000 daily GenDrive fuelings
GenDrive gross margins in excess of 25 percent by the end of the year
Continuing the trend of expanding gross margins across the business offerings
Achieved goal of acquiring more than six new customers
New customers include Colruyt, U-Line and The Home Depot
“Plug Power exceeded the goals in 2015 set forth at the start of the year,” said Andy Marsh, CEO of Plug Power. “The performance of our team throughout 2015 coupled with the interest and demand we are seeing from customers has put the company in a great position to continue its success in the coming year.”
Plug Power has set the following performance goals for the full year of 2016.
Revenue of $150 million
Contract bookings of $275 million
Install 25 new GenKey sites, linking together GenDrive fuel cell units, GenFuel hydrogen infrastructure and GenCare service for easy customer adoption
Achieve full year gross margins exceeding 10 percent, excluding $10 million of deferred profit
Operating cash usage of less than $20 million
The Company expects cash burn and gross margins to improve significantly throughout 2016. Marsh continues, “We enter 2016 with a calculated plan for success. Every quarter, we become more and more precise with obtaining, meeting and exceeding our objectives. I am proud of what we’ve accomplished in building this market and business thus far, and am excited by the path ahead of us in 2016.”
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is revolutionizing the industry with cost-effective solutions that increase productivity, lower operating costs and reduce carbon footprint. Its signature solution, GenKey, provides an all-inclusive package for customers, incorporating GenFuel hydrogen and fueling infrastructure, GenCare aftermarket service and either GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery replacement, is used in electric lift trucks in high-throughput material handling applications. With more than 9,000 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with more than 107 million hours of runtime. Plug Power manufactures tomorrow's incumbent power solutions today, so customers can POWERAhead. Additional information about the Plug Power brands is available at www.plugpower.com.