Plug Power Launches Fuel Cell System For Class 2 Vehicles

Plug Power Inc. (NASDAQ:PLUG) introduced a fuel cell system — GenDrive 2440-36R — for Class-2 electric forklifts. The system will reduce fueling duration by 30% and increase storage capacity as well as runtime by 56%. Shipment of the new system is likely to commence from third-quarter 2018.

Thanks to the new GenDrive 2440-36R system, forklift trucks will be able to eliminate one refueling cycle in a three-shift facility. Saving time on refueling compared with traditional lead acid battery will result in productivity savings. A customer having more than 90 Class 2 vehicles will be able to save in excess of $400K over a five-year period.

Positives of GenDrive

GenDrive is a hydrogen-based fuel cell system, which provides power to electric vehicles primarily used for material handling. The system augments the efficiency of electric lift trucks and is a better substitute for traditional batteries. The system is gaining popularity for saving cost and more than 20,000 fuel cells have been delivered to satisfied customers.

Given the rising popularity, the company has constructed more than 60 scalable hydrogen fueling stations, each with 4 to 6 hydrogen dispensers to serve customers.

Demand for FCEV

Fuel cell electric vehicles (FCEVs) are in demand, since they promote clean power and reduce carbon emissions from diesel-powered vehicles. The government plans to boost the market for fuel cell energy in the United States and hopes for a pollution-free environment by 2030.

Price Movement

In the past twelve months, Plug Power’s shares have lost 21.3% against the industry’s rally of 6.3%.

Zacks Rank & Key Picks

Plug Power y carries a Zacks Rank #4 (Sell).

A few better-ranked stocks in the same industry are Pioneer Power Solutions, Inc. (NASDAQ:PPSI) , Eaton Corporation, PLC (NYSE:ETN) and ESCO Technologies Inc. (NYSE:ESE) . While Eaton and ESCO Technologies carry a Zacks Rank #2 (Buy), Pioneer Power Solutions sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Pioneer Power Solutions delivered an average positive earnings surprise of 44.82% in the past four quarters. The Zacks Consensus Estimate for 2018 moved up 29.4% in the last 60 days.

Eaton delivered an average positive earnings surprise of 2.97% in the past four quarters. The Zacks Consensus Estimate for 2018 moved up by a nickel in the last 60 days.

ESCO Technologies reported an average positive earnings surprise of 2.44% in the past four quarters. The Zacks Consensus Estimate for 2018 moved up 13.2% in the last 60 days.

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