Plug Power today reported its 2013 fourth quarter and year-end financial results. Growing sales momentum in 2013 continued as the year progressed, with bookings in the fourth quarter of $32m.
Strong fourth quarter product sales and maintenance orders were received from significant customers such as Walmart, Kroger, BMW and Mercedes-Benz. These orders followed on the heels of an investor update on the 8th of October during which CEO Andy Marsh discussed company plans to expand into providing hydrogen to customers and revealed negotiations that were underway for new multi-site deals with several customers preparing to deploy fuel cells in their material handling fleets.
Sales orders for the year 2014 already exceed $60m. The company also has a strong balance sheet, with over $66m in cash as of today.
In January 2014, Plug Power launched its new all-inclusive GenKey solution that provides customers with GenDrive fuel cells, GenFuel hydrogen infrastructure and fuel supply, and GenCare year-round maintenance service. In February, Plug Power announced that Walmart would be the first multiple site GenKey customer, with a contract that is being implemented at six Walmart North America distribution centers over the next two years.
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