Plug Power Inc (NASDAQ:PLUG) has revealed that John Cococcia, vice president of Strategic Marketing and Investor Relations at Plug Power will reveal positive news about the company’s performance this quarter.
The VP is expected to reveal the news during the company’s upcoming investor conference. The firm took a larger loan in preparation for its biggest quarter in history and also hired more manufacturing workers. Plug Power plans to ship out roughly 3,000 GenDrive units within the third quarter which is significantly higher than the 1,200 units that it shipped in the previous quarter. The second quarter also holds the title of the largest quarter for the firm but is now about to be overtaken.
“We’ve had to bring lots of parts in. New York Green Bank loaned us money to help us procure lots of parts. We’ve hired more staff both here and in the field,” stated Plug Power CEO Andy Marsh.
Plug Power has been experiencing a surge in business ever since it struck deals with Amazon.com, Inc. (NASDAQ:AMZN) as well as Wal-Mart Stores Inc (NYSE:WMT). The deals are expected to result in significant revenue for the company this year with about $70 million from Amazon and $80 million from Walmart. The firm agreed to supply its GenDrive fuel cells so that they can be used to power the forklifts in the fulfillment centers and warehouses owned by the two companies.
The rising demand for the GenDrive fuel cells has led to the need for the company to invest more resources into the production line. Plug Power did not reveal the number of people that it hired and trained but the extra number of workers should provide a significant boost to the production of the fuel cells. The company has also been working hand in hand with its supply chain to make sure it receives the right supplies on a timely basis.
Marsh also reported that the company was able to add half an extra shift rather than an extra work shift to keep things running well. The adjusted workflow is expected to help the firm to maintain high production levels.
Plug Power stock closed the latest trading session on Wednesday at $2.14.