![]() ![]() With higher gross and net profit margins than Plug Power, Bloom Energy expects to become cash positive from operations by year's end.Īs of 2020, the company has installed roughly 600 megawatts worth of fuel cells that employ natural or biogas as a fuel source. It presented an outlook of roughly $1 billion in revenue and a non-GAAP gross margin of around 25% for the year. Also, GAAP gross margin was up 2.3 percentage points to 16.3% and the company's cash position went up 24% to $400.5 million. San Jose-based Bloom Energy (NYSE: BE) saw a 22% increase in revenue YoY in Q2 2021. However, Plug Power has grown its revenue at a significantly faster pace in the last five years and Ballard had a dismal quarterly performance. The company, in addition to marketing the same type of cell tech, also overlaps with Plug Power in material handling applications and stationary backup power. Recently, the company has received orders from Siemens to power a passenger train, Tata Motors to power 15 buses, and New Flyer for an additional 20 buses. Ballard Power Systemsīallard Power (NASDAQ: BLDP) is a Canadian fuel cell company that specializes in proton exchange membrane (PEM) cells like Plug Power. Analysts are expecting Ceres to be profitable in 2022, beating Plug Power by two years. SteelCell(r) can be cheaply and easily manufactured using readily available commodities and as a result, is attracting more and more customers. This is in addition to a partnership with Doosan Fuel Cell worth nearly $60 million that was initiated late last year and gave the company a strategic foothold in the South Korean market. ![]() Recently, the company partnered with Bosch to mass-produce its proprietary solid oxide fuel cell (SOFC) in a deal worth $32 million. Based on its last financial report in March, revenue increased by 34% YoY and gross profits were up 50%. ![]() Ceres PowerĬeres Power (OTCMKTS: CPWHF) is a British firm that is known for its highly efficient, fuel agnostic, and scalable fuel cell product SteelCell(r). We investigate three current competitors to the fuel cell maker. However, the company missed earnings estimates by $0.15 and has doubled its cash burn on operations, but still has over $3 billion in cash. Additionally, Plug Power raised its forecast for gross billing by $25 million from the previous quarter to $500 million for the year. The company also had a 37% year-over-year (YoY) increase in deliveries of its GenDrive units and it deployed four times as many hydrogen infrastructure systems as in the year prior. Beating analyst estimates by over $10 million and reporting revenue of $124.6 million, Plug Power (NASDAQ: PLUG) had a good second quarter. These tailwinds, along with ever-decreasing tech prices, will continue to fuel the industry. Just like with electric vehicles (EV), governments around the globe are offering incentives in the form of tax credits, grants, and loans to meet sustainability targets. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.The hydrogen market is projected to be worth over $11 trillion by 2050. With plans to build and operate a green hydrogen highway across North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by year end 2025. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 60,000 fuel cell systems and over 180 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. Replays from breakout room sessions will be available at Plug Power – YouTube. A recording of the webcast and corresponding slides will be available on the Company’s website for a period of time following the call. ![]()
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