Why Plug Power (PLUG) Is Soaring Today
NEW YORK (TheStreet) -- Plug Power's
There are currently over 6 million forklifts in use in warehouses around the world. Most forklifts currently run on battery power (battery power that uses electricity and takes time to charge). Hydrogen fuel cells provided by Plug on the other hand use no electricity and are fully charged in literally seconds, saving warehouses across the world both time and money.
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"We always knew we were going to be successful", said CEO Andy Marsh in a statement. "In 2014 we will make money."
Indeed, since January Plug's stock is up nearly 410%.
"Our units can dramatically improve the productivity of an organization", continued Marsh. Wal-Mart
The company has also managed another successful program with FedEx
Plug is also developing a recurring revenue model that goes further than selling units to customers. The company is investing in developing hydrogen power stations across the country. While there are currently only 14 power stations in the U.S., Plug is working on building 45 stations on its own.
Plug stock was up 24.4% to $7.91 as of midafternoon Friday.
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