Plug Power Hosts 2021 Plug Symposium
Plug Power Inc. (NASDAQ: PLUG) recently provided optimistic projections during its third annual Plug Symposium. The company aims for $3 billion in annual sales by 2025 and updated its 2022 guidance to $825-850 million, reflecting a remarkable growth of 65% over 2021. Key announcements include a definitive agreement to acquire Applied Cryo Technologies and a joint venture with Fortescue Future Industries to build a Gigafactory in Australia. The company also unveiled a new hydrogen fuel cell van prototype and plans for 500 tons per day of green hydrogen production by 2025.
- Long-term sales guidance set at $3 billion by 2025.
- Updated 2022 sales guidance indicates $825-850 million, a 65% increase from 2021.
- Acquisition of Applied Cryo Technologies enhances hydrogen transportation and storage capabilities.
- Joint venture with Fortescue Future Industries to establish a Gigafactory in Queensland, Australia.
- Launch of a hydrogen fuel cell-powered van prototype.
- Plans for 500 tons per day of liquid green hydrogen capacity by 2025.
- None.
Company provides long-term 2025 guidance of
LATHAM, N.Y., Oct. 14, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, is today holding its third annual Plug Symposium. Featuring more than two dozen global presenters, executives and thought leaders, this year’s event has attracted a record 5,000 attendees from around the world.
Built around the theme of “Here Comes Green Hydrogen”, Plug Power executives will showcase the company’s progress in building a green hydrogen ecosystem, and will unveil new partnerships and product offerings that will help its global customers achieve their business and sustainability goals.
Symposium highlights include:
- Establishing long-term 2025 guidance of
$3 billion in annual sales - Updating 2022 sales guidance to
$825 -850 million,65% growth over 2021 - Executing a definitive agreement to acquire Applied Cryo Technologies, a leading provider of technology, equipment and services for the transportation, storage and distribution of liquified hydrogen, oxygen, argon, nitrogen and other cryogenic gases
- Announcing partnership with Fortescue Future Industries for a 50-50 joint venture to build a Gigafactory in Queensland, Australia
- Unveiling HyVia hydrogen fuel cell-powered van prototype in North America, to be highlighted in remarks from Luca de Meo, CEO of Renault Group, Plug Power JV partner
- Confirming plan for 500 tons per day of liquid green hydrogen generation capacity by the end of 2025, which will include installing 13 green hydrogen plants by the end of 2025
- Projecting ambitious electrolyzer sales of over 100 megawatts (MW) by 2022, which will generate 50 tons per day of green hydrogen
“I’d like to thank our presenters and our thousands of guests who will be committing their time to attending the 2021 Plug Symposium,” said Andy Marsh, CEO of Plug Power. “The promise of green hydrogen is here today - driven by Plug Power’s innovation and the vision of our customers.”
About Plug Power
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell technology. As a result, the Company has deployed over 50,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers. Learn more at www.plugpower.com.
Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc.(“PLUG”), including but not limited to statements about PLUG’s expectations regarding its multi-year investment and growth, PLUG’s clean hydrogen technology and fuel cell solutions playing a critical role in achieving climate and decarbonization goals, deepening of relationships with key stakeholders, and acceleration of demand and adoption of hydrogen technology. You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.
Plug Power Media Contact
Caitlin Coffee
Allison + Partners
plugPR@allisonpr.com
FAQ
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