Will Plug Power Be the First Profitable Fuel Cell Company?

[madokie]

Is Plug Power lurching to profitability along the hydrogen highway on forklifts? (Nasdaq delisting notice notwithstanding.)

A profitable quarter for a publicly traded fuel cell company would break a 100-year drought in the sector. But several other large fuel-cell firms may be on the brink of profitability in 2013 or 2014, as well.

Bloom Energy's CFO was cited by Dan Primack of Fortune's Term Sheet in 2012 as envisioning profitability in 2013. We haven't heard a lot since then about Bloom's profitability, although its base of premier customers and partners continues to grow. We'll look for the details in the anticipated S-1.

FuelCell Energy CEO Chip Bottone told GTM in an earlier interview that the firm will be profitable at an 80-megawatt-per-year run rate, likely to be achieved sometime in 2014. Lazard's Sanjay Shrestha has promised an "inflection point of its growth curve" for FuelCell Energy for a while now, writing of "a clear path to profitability over the next eighteen months." GTM contributor Chris Nelder spoke to Bottone last month; the CEO said he expects to have a total portfolio of 150 megawatts to 200 megawatts in operation by the end of the year.

Both Bloom and FuelCell Energy build large stationary fuel cells using SOFC and MCFC technologies, respectively

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