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This statistic highlights Plug Power’s Backlog from 2013 onwards, reported on an annual basis.
Plug Power Inc. is an American firm that develops hydrogen fuel cell devices to replace traditional batteries in electrically driven equipments and automobiles. The corporation is based in Latham, New York, with other locations in Spokane, Washington, and Rochester, New York.
(All figures are in millions)
A backlog is a collection of work that has not been completed in a timely manner. Backlogs can affect a company’s future earnings since they indicate that the company is unable to satisfy demand. A backlog is an existing task that exceeds current production capability. Plug Power’s operations consist of the following: sales of the fuel cell system, sale of hydrogen installations and other infrastructure, services performed on fuel cell systems and related infrastructure, Power Purchase Agreements, fuel delivered to customers, and other rental income.
Plug Power’s total backlog has been on a constant rise since 2013, till the latest year 2019. Between 2013 and 2019, Plug Power’s total backlog witnessed a huge increase of 3195% in just 7 years, from $24.2 million in 2013 to $797.4 million in 2019. It increased from $24.2 million in 2013 to $133.4 million in 2014, making a huge increment of 451.2% in just a year. Further, the backlog increased by $102.2 million or by 76.6%, from $133.4 million in 2014 to $235.6 million in 2015. Form here, it increased from $235.6 million backlogs in 2015 to $380 million backlogs in 2016, marking an increment of 61.7%. From 2016 to 2017, the company’s backlogs grew from $380 million in 2016 and touched the $500 million mark in 2017, showing an increase of 31.5%. Further, it increased by 8%, from $500 million in 2017 to $540 million in 2018. During the latest year of 2019, the backlogs of the company were 47.66% higher than the backlogs in 2018. The backlogs of the company in 2019 stood at $797.4 million, which was up by $257.4 million or 47.66% from 2018, where the revenue generated was $540 million.
Plug Powe Inc was incorporated in 1997 and is headquartered in Latham, New York, US. As a foremost provider of wide-ranging hydrogen fuel cell turnkey solutions, Plug Power is leading the hydrogen economy. The company is fixated on green hydrogen (hydrogen fuel produced using renewable resources and electrolysis) and fuel cell solutions used to power electric motors mainly in the electric mobility and stationary power markets, answering to the ongoing paradigm shift in the power, energy, and transportation businesses to address climate change and energy security and to accomplish sustainability goals. Plug Power created the major commercially viable market for the hydrogen fuel cell. The company has installed over 40,000 fuel cell systems and enhanced its vertical integration through procurements, making it a worldwide leader in green hydrogen solutions.
It is engrossed on proton exchange membrane (“PEM”), fuel cell and fuel dispensation technologies, fuel cell/battery hybrid technologies, and connected hydrogen and green hydrogen generation, storage, and dispensing substructure. A fuel cell is an electrochemical device that syndicates hydrogen and oxygen to produce electricity and heat minus combustion. Plug Power supplies end-to-end clean hydrogen and zero-emissions fuel cell resolutions for supply chain and logistics submissions, on-road electric vehicles, the stationary power market, and more. Its largest market today is material handling; it helps customers at multi-shift high volume manufacturing and high throughput dispersal sites where it believes its products and services provide a unique combination of productivity, elasticity, and environmental benefits. Plug Power’s stock goes by the symbol ‘PLUG’ and is listed on the NASDAQ stock exchange.
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