Plug Power Adds Fiat Chrysler in Detroit as a New Fuel Cell Customer

By November 7, 2019 2   min read  (272 words)

November 7, 2019 |

Plug Power FCA

In a conference call, today CEO Andy Marsh announced that Fiat Chrysler in Detroit placed its first fuel cell order in the third quarter of 2019

The Fiat Chrysler’s order with Plug Power is for more than 240 hydrogen fuel cell units and the contract is worth over $10 million to Plug Power.

Over the year, Plug Power has been doing well-supplying fuel cells for forklifts and that includes customers such as  BMW, Daimler, Honda, VW, GM and it now includes Fiat Chrysler.

Plug Power CEO, Andrew Marsh said, “Fourth quarter will be a record for Plug Power as we are on track to achieve $235 million to $245 million in revenue and breakeven adjusted EBITDA for the year, a major accomplishment for the company.”

Marsh continued “Our first order for Fiat Chrysler for over 240 units, another validation of our value proposition for material handling in automotive applications. Today, we have BMW, Daimler, Honda, VW, GM, and now Fiat Chrysler’s customers.”

The announcement came along with Plug Power’s quarterly earnings report.

$1 billion revenue plan by 2024

The company also announced it’s an ambitious plan of $1 billion revenue by 2024. ” Our $1 billion revenue plan by 2024, with a mix of $750 million of material handing, $200 million in on-road vehicles and $50 million in stationary power. The company is targeting in 2024, $200 million in EBITDA and $170 million in operating income. An aggressive plan, but with our broad offering capability as the only turnkey shop in the fuel cell space, we believe these targets are achievable. At the seminar, the logic for achieving these goals were clearly enunciated.”

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