LATHAM, N.Y., March 13, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today reported its 2013 fourth quarter and year-end financial results.
Plug Power's growing sales momentum in 2013 continued as the year progressed, with bookings in the fourth quarter of $32 million.
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 October 8 th 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 $60 million. The company also has a strong balance sheet, with over $66 million 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. "Although a lot has happened since our last call, I am more bullish than ever that Plug Power is moving into a rapid-growth cycle," said Andy Marsh. "We kicked off the first quarter of 2014 by signing a multi-site, multi-year GenKey contract with Walmart that surpassed our Q1 goals. I firmly believe that this continuing momentum will carry on throughout 2014, and that orders for this year will total more than $150 million – almost four times our total for 2013. We also are on track to achieve our goal of EBITDAS break even by Q3 2014."