Plug Power, the fuel cell manufacturing company has continued its push into European markets, by agreeing an order with FM Logistic, a French logistics company.
Fuel Cells to be used in 90,000 square meter facility
FM own a 90,000 square meter logistics facility in Neuville-aux-Bois. Plug Power will be providing fuel cells which are expected to be used on the Toyota Material Handling and Crown pallet jacks, and power trucks that are used in the facility.
Plug Power growing its customer base
In a statement regarding the agreement, Andy Marsh, the CEO of Plug Power, said, “Plug Power continues to add new customer names to our resume and we look forward to helping FM Logistic continue to grow its business through the use of GenDrive fuel cells.”
He continued by adding, “Our expanded partnership with FM Logistics further strengthens our value proposition that GenDrive applies not just for our core large distribution center markets, but also in extending to smaller-size distribution centers and to the European logistics operations.”
GenDrive is the name of the fuel cells they provide that offer an alternative to traditional lead batteries. They are more economical and provide increased productivity. The fuel cells are used for powering forklift trucks in warehouses, refrigerated trucks for transporting temperature sensitive goods, and the trucks used at airports to transport baggage back and forth from airplanes and terminals.
FM is a family owned business that has been in operation since 1967. They are currently operational in 13 countries, and the majority of their revenue now comes from non-French markets, especially other European nations and the BRIC countries, Brazil, Russia, India and China.
Plug Power, based in Latham, New York, have been looking to achieve $500 million in revenue and this deal will help them towards achieving that. Current estimates for this year put revenue at over $150 million, and there is almost double that in bookings.
Even with these decent revenue numbers, Plug Power has struggled to break even. When Marsh was appointed CEO in 2008 he said his aim was for the company to make a profit, and it looks like the fourth quarter of 2016 may finally see that aim come to fruition.