The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines and GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors. It engages in building an end-to-end green hydrogen ecosystem, including liquid green hydrogen production, storage and handling, transportation, and dispensing infrastructure. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally.
Looking out further in time, Plug Power projects annual sales of $20 billion and 35% gross margin for 2030.Plug Power Inc. Ambitiously but not unrealistically, Plug Power is targeting annual sales of $5 billion and 30% gross margin for 2026. Plug Power’s gigafactory sets the company apart from the competition and should contribute to improvements in Plug Power’s revenue and margins. Located in Rochester, New York, the gigafactory features over 2 gigawatts of electrolyzers, 60,000 fuel cell stacks and 2.5 gigawatts of output capacity. Plug Power’s gigafactory, where the company produces green hydrogen on a massive scale, will be a central part of the company’s growth story. As the hydrogen economy accelerates, Plug Power will undoubtedly have opportunities to increase its sales and firm up its bottom line.
With the IRA providing a tailwind, Plug Power can reasonably expect to expand its sales and margins over the coming years. Plug Power Has High Sales and Margin Targets TAM in stationary power, a $30 TAM in material handling and a $10 trillion TAM in the hydrogen economy. Furthermore, the company envisions a $265 billion U.S. In particular, Plug Power sees a $300 billion target addressable market (TAM) in electric vehicles (EVs). Hydrogen could become a go-to energy source due to its “unmatched energy density.” In addition, hydrogen is value-added as it “outplays battery electricity when it comes to range, recharging times, and emissions.”Īmid this favorable backdrop, Plug Power expects to be able to address multiple upward-trending markets. As Luke Lango pointed out, Morgan Stanley (NYSE: MS) estimates that the hydrogen economy will create an $11 trillion market. PLUG stock doesn’t deserve to be under $10, especially considering how fast and far the hydrogen industry is expected to expand. Hydrogen Market’s Growth Will Boost PLUG Stock
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