When Plug Power Inc (NASDAQ:PLUG) management says just about anything at all, investors listen, and today is no different. The company’s marketing department posted a blog today updating its progress in the automotive industry.
Plug Power offers proof of concept
The fuel cell system manufacturer said that so far, Honda, BMW, Volkswagen and Mercedes-Benz are using its GenDrive fuel cell-driven forklift systems. Plug Power also touted the “superior benefits and lower operational costs” it says that these automakers enjoy with their forklift systems.
Voss Capital is betting on a housing market boom
The Voss Value Fund was up 4.09% net for the second quarter, while the Voss Value Offshore Fund was up 3.93%. The Russell 2000 returned 25.42%, the Russell 2000 Value returned 18.24%, and the S&P 500 gained 20.54%. In July, the funds did much better with a return of 15.25% for the Voss Value Fund Read More
The company said its GenFuel hydrogen fuel cell infrastructure provides predictability to automakers because the GenDrive systems are at full power for a full shift, no matter what amount of weight they are moving.
Plug Power touts the benefits of GenFuel
Plug Power also said its system increases the amount of time forklifts are able to run, compared to forklifts that run on lead acid batteries. The company’s systems require just two minutes to change a fuel cell, compared to the 15 minutes required to change a lead acid battery. Plug Power said that over the course of a year, the extra 13 minutes of uptime adds up to more than 156 hours of productive time
The company also cited sustainability and a “safer, cleaner working environment.”
Plug Power looks to expansion
Plug Power also said the success it has found in the automotive industry “opens the door for global expansion of fuel cell use.” The company said it is working with automakers in other countries, including Mexico, the U.K., Spain and Germany, to expand their use of the company’s GenDrive and GenKey systems.
Overall, the blog post doesn’t really say anything Wall Street didn’t already know, so it seems a little strange that this post was what moved the company’s shares today, although StreetInsider and other sites named the post as being the reason.
Last week, management did say that Plug Power may beat revenue estimates for next year. Shares edged higher after that comment as well.