![]() By FY 2030, management expects to surpass $20 billion in annual revenue. The management expects revenue to reach $5 billion by FY 2026, meaning it will increase tenfold from FY 2021. The company's growth plans are supported by the policy environment promoting renewables such as the USA IRA Legislation and REPower Europe. Plug Power's business strategy is focused on expanding hydrogen production, scaling production through electrolyzer and fuel cell gigafactories, expanding into the on-road vehicles market and the large-scale stationary power market while expanding into new regions requiring decarbonization. The company's fiscal year ends December 31, with a single operating and reportable segment. ![]() In creating the first commercially viable market for hydrogen fuel cells, PLUG has deployed more than 60,000 fuel cell systems for forklifts and more than 180 fueling stations. PLUG has also partnered with several companies to support the reliability of supply and speed to market for hydrogen throughout North America. ![]() The company has a distinguished list of customers, including Amazon ( AMZN), Walmart ( WMT), and New Fortress Energy. Plug Power is building an end-to-end green hydrogen ecosystem-from production, storage, and delivery to energy generation. Therefore, I prefer not to invest now and wait to see how the 2023 developments will go. ![]() But the project is very ambitious, complex, and capital intensive with many risks and uncertainties. I believe that if the company proves that the business can be profitable and deliver shareholders' wealth, it will unlock enormous potential for future growth, just like we saw with Tesla's ( TSLA ) example over the past decade. I like Plug Power's ( NASDAQ: PLUG) mission to help our world to accelerate the shift toward decarbonization. ![]()
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