![]() In addition, the transition is likely to cause high demand for hydrogen fuel cells that Plug Power manufactures. This is predicted to impact the electric vehicle industry as people run away from high gas prices. The Russian invasion of Ukraine is already disrupting the oil and gas industry, leading to a surge in prices. ![]() Plug Power is poised to be among the companies gained during the current political turmoil involving Russia and Ukraine. The company also had a debt to asset ratio of 22.59 per cent, which is not bad for a big company like Plug Power. The 2021 financial report also showed that the company had assets worth $5.95 billion and liabilities of $1.34 billion. ![]() when they recorded a revenue of $306 million. This was a significant improvement from 2020. The financial records also show that the company had revenue of $502 million. Although this loss was almost half a billion, it was a huge improvement to the 2020 financial year, where the company recorded a loss of $596 million. In 2021, the company recorded a net income of -$459 million. However, the last few years offer a glimmer of hope about the changing tides of the company’s financial situation. Since its founding, Plug power has struggled to turn a profit. This was followed by introducing 125 KW ProGen fuel cell engines designed for electric delivery vehicles in 2020 for class 6,7, and 8 trucks and heavy-duty offroad equipment. In 2017, the company shipped its first ProGen Fuel cell engines designed for electric vehicles. The past few years have also seen the company make significant milestones in establishing itself as a hydrogen fuel cell distributor leader.
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