Plug Power (NASDAQ:PLUG) Inc shares climbed 7% to $7.68 in early Wednesday trading after a regulatory filing revealed that the hydrogen fuel cell specialist expects to generate $6 billion in revenue by 2027 and $20 billion in revenue by 2030.
Plug Power (NASDAQ:PLUG) is projecting a compound annual growth rate in revenue of about 50% and a 5% gross margin by 2030 as it increases production.
The company, though, expects to generate revenue of about $1.2 billion in 2023, compared to the FactSet consensus estimate of $1.28 billion.
Plug Power also announced that it is currently the preferred supplier of 550 megawatt (MW) electrolyzers to Fortescue, a global green energy and metals company, for Fortescue’s proposed Gibson Island Project.
And, the company reported that Arcadia eFuels has selected Plug Power to provide a 280 MW proton exchange membrane (PEM) electrolyzer system to Arcadia’s Vordingborg plant for the production of sustainable aviation fuel (SAF).
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