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2021-10-15

Plug Power forecasts $3 billion in annual sales by 2025

Plug Power expects revenue will grow by 65% next year to somewhere between $825 million and $850 mil

Plug Power forecasts $3 billion in annual sales by 2025

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After negotiating joint ventures with SK Group in South Korea and Renault Group in France, executives estimated in January that the 2024 revenue total would be $1.7 billion.</p>\n<p>Now, chief financial officer&nbsp;Paul Middletonfigures revenue will be closer to $2 billion in three years.</p>\n<p>Middleton also expects that growth will continue with Plug Power forecasting $3 billion in sales by 2025.</p>\n<p>Plug Power (Nasdaq: PLUG) spent 12 years building a market by selling hydrogen fuel cells to retailers and manufacturers to power forklifts in large factories and distribution centers. Now, the company is projecting growth at a clip of 50% or more for several years as it builds a hydrogen network and creates applications for fuel cells to power delivery trucks, airplanes, data centers and factories.</p>\n<p>The company has delivered 52,000 fuel cells for its forklift and material handling business. That number is projected to grow to 60,000 next year.</p>\n<p>One of the big factors behind its sales growth is linked to Plug's expectation that more than 25% of its revenue will come from sales beyond its forklift and material handling business next year.</p>\n<p>\"There are significant tailwinds that are driving the global hydrogen economy,\" Middleton said Thursday during Plug's fall investor symposium. \"We are operating in a favorable regulatory and social environment and the global cost curves are benefiting from the escalating global market focus on green solutions.\"</p>\n<p>Plug chief executive&nbsp;Andy Marsh&nbsp;and chief strategy officer&nbsp;Sanjay Shresthaare building a global hydrogen generation network to make it easier for current and prospective customers to keep their fuel cells supplied with hydrogen. And they are focused on producing hydrogen through wind, solar and hydroelectric sources as more countries and corporations work to reduce their reliance on fossil fuels.</p>\n<p>The goal is to create enough capacity to produce 500 tons of green hydrogen per day by 2025 and 1,000 tons per day by 2028.</p>\n<p>\"We are going to be the company that is going to be known for not only building the first commercial market for hydrogen fuel cells but building the first global hydrogen ecosystem, creating a green hydrogen highway not only here in the United States but around the world,\" Marsh said.</p>","source":"lsy1633760424806","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Plug Power forecasts $3 billion in annual sales by 2025</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPlug Power forecasts $3 billion in annual sales by 2025\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-15 09:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bizjournals.com/albany/news/2021/10/14/plug-power-ups-revenue-forecast.html?ana=yahoo><strong>THE BUSINESS JOURNALS</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Plug Power expects revenue will grow by 65% next year to somewhere between $825 million and $850 million.\nGrowing demand for fuel cells, electrolyzers and hydrogen produced through renewable ...</p>\n\n<a href=\"https://www.bizjournals.com/albany/news/2021/10/14/plug-power-ups-revenue-forecast.html?ana=yahoo\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLUG":"普拉格能源"},"source_url":"https://www.bizjournals.com/albany/news/2021/10/14/plug-power-ups-revenue-forecast.html?ana=yahoo","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101164080","content_text":"Plug Power expects revenue will grow by 65% next year to somewhere between $825 million and $850 million.\nGrowing demand for fuel cells, electrolyzers and hydrogen produced through renewable electricity have prompted the Latham manufacturer to increase sales forecasts as it introduces more applications and expands its presence around the world.\nTwo years ago, Plug executives projected sales would surpass $1 billion by 2024. After negotiating joint ventures with SK Group in South Korea and Renault Group in France, executives estimated in January that the 2024 revenue total would be $1.7 billion.\nNow, chief financial officer Paul Middletonfigures revenue will be closer to $2 billion in three years.\nMiddleton also expects that growth will continue with Plug Power forecasting $3 billion in sales by 2025.\nPlug Power (Nasdaq: PLUG) spent 12 years building a market by selling hydrogen fuel cells to retailers and manufacturers to power forklifts in large factories and distribution centers. Now, the company is projecting growth at a clip of 50% or more for several years as it builds a hydrogen network and creates applications for fuel cells to power delivery trucks, airplanes, data centers and factories.\nThe company has delivered 52,000 fuel cells for its forklift and material handling business. That number is projected to grow to 60,000 next year.\nOne of the big factors behind its sales growth is linked to Plug's expectation that more than 25% of its revenue will come from sales beyond its forklift and material handling business next year.\n\"There are significant tailwinds that are driving the global hydrogen economy,\" Middleton said Thursday during Plug's fall investor symposium. \"We are operating in a favorable regulatory and social environment and the global cost curves are benefiting from the escalating global market focus on green solutions.\"\nPlug chief executive Andy Marsh and chief strategy officer Sanjay Shresthaare building a global hydrogen generation network to make it easier for current and prospective customers to keep their fuel cells supplied with hydrogen. And they are focused on producing hydrogen through wind, solar and hydroelectric sources as more countries and corporations work to reduce their reliance on fossil fuels.\nThe goal is to create enough capacity to produce 500 tons of green hydrogen per day by 2025 and 1,000 tons per day by 2028.\n\"We are going to be the company that is going to be known for not only building the first commercial market for hydrogen fuel cells but building the first global hydrogen ecosystem, creating a green hydrogen highway not only here in the United States but around the world,\" Marsh said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":690,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}