Plug Power to develop fuel cell range extenders for FedEx delivery trucks Plug Power (PLUG) announced it will develop hydrogen fuel cell range extenders for 20 FedEx (FDX) Express electric delivery trucks, allowing FedEx Express to nearly double the amount of territory the vehicles can cover with one charge. This $3M project is funded by the US Department of Energy and includes project partners FedEx Express, Plug Power and Smith Electric Vehicles. The resulting hybrid vehicles will be powered by lithium-ion batteries and a 10-kilowatt Plug Power hydrogen fuel cell system. The fuel cell solution is based on Plug Power's GenDrive Series 1000 product architecture.
Plug Power backs FY15 revenue guidance of over $100M, consensus $99.96M Plug Power highlighted strong fuel cell and hydrogen infrastructure shipments and installations in Q2 allowing for a record revenue quarter. The company is on track to achieve its previously announced 2015 financial targets. The company projects bookings of more than $200M in 2015, with approximately 75% coming from repeat customers.