Plug Power Inc (NASDAQ:PLUG) stock has rallied more than 188% this year so far. With a forward P/E ratio of 250, the stock isn’t cheap. But the company has immense growth potential as the fuel cell industry is expected to grow at 22% annual rate between 2014 and 2020. The Latham, New York-based company’s first quarter results were a bit disappointing as the company took about $68 million in charges related to the previously issued common stock warrants.

Plug Power

Plug Power razor-focused on customer service

Plug Power Inc (NASDAQ:PLUG) is investing heavily for its future. The company is increasing its sales force and expanding its infrastructure. CEO Andy Marsh says that Plug Power can increase its target revenue for 2015 from $100 to $135 simply by increasing the sales staff. In April, the fuel cell company raised $116 million in a secondary offering. Fresh flow of cash will help the company support continued growth and make strategic acquisitions.

Besides offering innovative technology to lower costs and improve efficiency, Plug Power Inc (NASDAQ:PLUG) is razor-focused on customer service. Consequently, the company has identified the key issues affecting potential customers. It has found that batteries are usually not charged when a truck reaches the store. Another finding is that employee turnover rate is very high in stores, and the staff don’t follow proper procedures to charge batteries.

As a result, trucks have to wait for more than half an hour to have minimum charge to unload. And uncharged batteries could result into missed opportunities to sell a product, says Renu Singh of Seeking Alpha. In contrast, fuel cell systems can be refueled in less than two minutes, giving a massive advantage. Riding on these advantages, Plug Power Inc (NASDAQ:PLUG) expects solid increase in demand for its products. The company expects to deliver 650 GenDrive units in the current quarter.

Plug Power is expanding its wings

Meanwhile, Plug Power Inc (NASDAQ:PLUG) continues to expand its wings. The company has acquired ReliOn Inc, which makes modular air-cooled fuel cell stacks. It will lower the company’s reliance on Ballard Power Systems Inc. (NASDAQ:BLDP). The company has also entered into a partnership with Air Liquide. Plug Power plans to expand its business in Asia through its partnership with Hyundai Hysco.

Plug Power Inc (NASDAQ:PLUG)’s revenue is expected to jump 171% in 2014 and another 64% in 2015. Shares of the Latham-based company gained 0.64% to $4.73 in pre-market trading Friday.