What's Going On With Plug Power Stock?

Plug Power Inc PLUG shares are trading higher. The company on Wednesday disclosed new information in a regulatory filing ahead of its annual symposium. Reports also indicate the government is getting ready to announce $7 billion in grants for hydrogen projects.

At Plug Power's fifth annual Plug Symposium, which kicked off Wednesday at 8:30 a.m., the company highlighted strong gross margin expansion through 2030 and said it has made the investments to capture the planned hydrogen push through the end of the decade.  

According to a Reuters report citing three sources familiar with the matter, the Biden administration is set to award $7 billion in federal grants to multiple recipients on Friday. The grants are part of a longer term goal to produce 50 million metric tons of clean hydrogen fuel by 2050.

Plug also provided a long-term revenue outlook at the symposium, including expectations for $1.2 billion in revenue this year, $6 billion in revenue in 2027 and $20 billion in revenue by 2030. Gross margins are expected to be approximately 32% in 2027 and 35% in 2030.

Plug also noted that it signed a memorandum of understanding (MOU) with Fortescue on Wednesday to evaluate the potential supply of a range of equipment for green hydrogen production projects across North America.

"The proposed 550 MW electrolyzer deal reinforces Plug's established leadership position in deploying electrolyzer solutions at a global scale," said Andy Marsh, CEO of Plug Power.

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PLUG Price Action: Plug shares closed Tuesday up 11.7% and were up another 10.6% at $7.91 Wednesday morning, per Benzinga Pro.

Photo: courtesy of Plug Power.