Plug Power Inc (NASDAQ:PLUG), an alternative energy firm focused on hydrogen fuel cells, expressed confidence at the end of last week of ending its losses in 2016. The company is targeting a breakeven bottom-line on revenue of $150 million this year. Towards that end, Plug is working to boost revenue growth by signing new customers that increase sales and raise the profile of the company to attract more customers. Plug recently announced that Nike Inc (NYSE:NKE) and Home Depot Inc (NYSE:HD) have joined the list of its high-profile customers.
Plug’s CEO Andy Marsh recently revealed how high-profile customers were helping Plug drive sales. According to Marsh, the customers they have signed outshine native sales staff in marketing the company’s products.
By winning Home Depot and Nike, Marsh says he not only sees an expanded sales opportunity, but also a credibility boost to their business of selling fuel cells. Plug’s other high-profile customers that have also helped to lift its business profile are Wal-Mart Stores, Inc. (NYSE:WMT), Kroger Co (NYSE:KR), FedEx Corporation (NYSE:FDX) and BMW. The company is targeting the top-15 U.S. retailers for its customer roll.
Plug Power sells a range of fuel-cell based alternative fuel products and solutions. The company’s products include GenDrive, GenFuel and GenKey. Among other places, Plug’s fuel-cell products are finding use in powering forklifts at distribution centers and large warehouses. Refrigerated trucks used to move items at airports are also adopting fuel-cell technology to power their systems.
Plug Power has its focus on reaching $150 million in revenue in 2016, up from $100 million in 2015. The company is also in the process of reducing costs, with management capping cash use at $20 million. By diversifying revenue streams and trimming costs, Plug is hoping to at least get to breakeven this year. The company has been incurring losses for the most part in its development stage.