Plug Power shows strong financials; benefiting from multitrillion hydrogen economy

Plug Power Inc., a leading supplier of hydrogen solutions, expects a 60% year-on-year rise in Q1:2021 for its gross billing, reaching US$ 70 million. The expectation for its net revenue is to reach over US$ 67 million, up by around 60% during the same period. Plug Power also maintains a strong balance sheet with over US$ 5 billion of cash to finance its future growth initiatives.

The company also anticipates its Q2 gross billings to reach over US$ 105 million, registering a 50% year-on-year rise, which is expected to translate into over US$ 102 million of net revenue during the same period.

Plug Power maintains the previously announced view on annual gross billings targets of US$ 475 million in 2021, US$ 750 million in 2022 and US$ 1.7 billion in 2024. The company is working on completing its previously announced financial restatement and expects to file its Form 10-K within the next five days.

Andy Marsh, Plug Power’s President and Chief Executive Officer, said, “The fundamentals of our business remain robust with record first-quarter gross billings.”

“We continue to deliver state-of-the-art fuel cell and green hydrogen solutions to our customers and remain confident in the growth trajectory of the business,” he further added.

Plug Power continues to expand its business and leverage its leading position to gain a notable market share in the multitrillion growing global hydrogen economy. It has concluded several strategic partnerships recently.

It also agreed with Chart Industries to develop two 15 tonnes/day liquefaction plants by the end of 2022. It is also expecting to formalise its JV with Renault for on-road light commercial vehicles in Europe by the end of Q2. Meanwhile, Plug Power also expects to finalise its JV with South Korea SK for the Asian market and Acciona for hydrogen production in the Iberian Peninsula by the end of Q3 2021.

It recently agreed with BAE Systems to collaborate on supplying zero-emission powertrains to heavy-duty transit bus original equipment manufacturers in North America. Under the agreement, Plug Power will integrate its ProGen fuel cell engines into BAE Systems’ smart electric drive systems.

Plug Power is also finalising power purchase agreements with several partners, including Brookfield Renewables, APEX, NYPA etc. It also formed a strategic partnership with Westech Industrial Ltd. to accelerate hydrogen fuel cell adoption as an alternative energy source in Western Canada. Westech will be the authorised sales and service channel for the Western Canada region of Plug Power’s GenSure LP Fuel Cell suite of products, which provide zero-emission backup power. Plug Power has installed more than 4,800 GenSure LP fuel cells across the US and 36 other countries.