Plug Power Shows Light On Revenue Growth Opportunities & Operational Scale At Gigafactory

Plug Power Inc PLUG is hosting its investor day today, unveiling revenue growth opportunities in the Applications and Energy business units and providing a financial update.

The team will also provide insights into the operational scale of Plug's manufacturing facilities, including the Rochester gigafactory and Vista manufacturing facility, to showcase Hydrogen solutions capability.

Plug Power aims to produce more than 2,000 tons of hydrogen per day from its green hydrogen network, including its first kiloton-scale plant by 2030. 

Also, by 2030, it looks to deploy one gigawatt (GW) of stationary power products, ship five GW of electrolyzers per year, and deliver 500,000 fuel cell-powered forklift trucks.

The company has agreed to supply Blue EnerFreeze, the energy subsidiary of STEF, the European leader in the transportation and logistics of food products, with a complete green hydrogen ecosystem across two distribution centers, before potentially expanding further into their network of over 100 sites. 

One of the distribution centers is close to Paris, France, and the other is close to Madrid, Spain.

"We are seeing tremendous interest in hydrogen solutions in Europe. This partnership, and others coming later this year, validate Plug's strategy to expand in the European market," said Plug CEO Andy Marsh.

Plug Power also agreed to deliver containerized proton exchange membrane (PEM) electrolyzer systems to Avina Clean Hydrogen Inc for a green hydrogen production facility in California.

Plug's electrolyzers will support the first hydrogen production facility for heavy-duty trucks in Southern California.

Price Action: PLUG shares are trading higher by 2.12% at $11.14 on the last check Wednesday.