A leader in fuel cell technology, Plug Power Inc. (PLUG) reported an impressive increase in GenDrive fuel cell shipment in third-quarter 2014 from the comparable quarter last year. 857 GenDrive units were shipped in the third quarter, surpassing the 2013 third quarter shipment of 155 units by a massive 450%. Shipment volume also exceeded the 687 GenDrive units shipped in the sequentially preceding quarter.

These GenDrive units were sent to customers like BMW, Wal-Mart Stores Inc. (WMT), The Procter & Gamble Company (PG), Mercedes-Benz, The Kroger Co. (KR), Stihl, UNFI and Volkswagen.

Plug Power expects to continue the strong run and aims to ship between 900 and 1,000 GenDrive units in the final quarter of 2014. Consistent research and development efforts have helped Plug Power to develop GenKey, its all-inclusive platform that offers GenDrive fuel cell units, GenFuel hydrogen fueling infrastructure, and GenCare service and support.

We believe the comprehensive GenKey solution will help Plug Power to expand market share and boost customer base. Its list of customers shows a definite edge the company has in the automobile industry – the GenDrive units make material handling easier at automobile manufacturing sites.

Plug Power is planning to further expand its operations in the global automobile markets with emphasis in Europe and Asia. The company plans to make additional investment in the second half of 2014 to improve sales in domestic and international markets.

Plug Power has a Zacks Rank #3 (Hold).

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