Friday, April 01, 2022 11:00:18 AM
Here are the things I believe Plug is going to achieve in 2022.
A minimum 2022 revenue of $900-$925 million. The number is expected to be raised as new deals become clearer during the year. Expect $975 million in 2022 revenue.
Green Hydrogen production. The Camden Georgia plant recently began producing green hydrogen and will be making 15 tons per day by. The end of the year. 3 plants will be producing 70 TPD by the end of 2022. In addition to the Georgia plant, work is ongoing at the STAMP site in New York. The Graham, Texas site will start construction shortly. 500 TPD by 2025 and 1,000 TPD by 2028.
16 sites have been chosen for green hydrogen plants. The site locations will be announced when their construction commences.
Plug want sites where there is room to expand production, ie. Texas can expand from 45 TPD to 75 TPD. NY can expand from 45 TPD to 70 TPD.
There are 2 green hydrogen offtake agreements going through final contract wording. The agreements will be finalized by the end of Q1 2022. These offtake agreements are long-term aggreements for 200 tons per day of green hydrogen. The gross profit margin on green hydrogen will be at least 30%.
Plug wants to ship at least 155 MW of electrolyzers by the end of 2022. They have a goal of having a backlog of 1 GW of electrolyzers by the end of 2022. Mr. Marsh thinks the backlog could be 2-3 GW the way discussions are going and if the Build Back Better climate initiatives are passed the number could be double that or more. Plug is negotiating a possible additional 2.5 GW of business during January 2022 alone.
Plug will build a gigafactory in Australia in 2022 and start a gigafactory in South Korea this year.
Material handling will grow to $600 million in gross revenue by end of 2022.
Plug is negotiating with 3 new pedestal customers that they expect to sign in 2022. The first one by the end of Q1 2022 and the other 2 by the end of 2022. Two of the pedestal customers will be in Europe.
The Joule acquisition cost $30 million. Plug will save $20 million annually just for their internal use by owning their liquifying technology. The acquisition can bring in $250 million in new revenue each year beginning in 2023.
Plug/Hyvia will arrange 10 light commercial customers in 2022 and be ready to deliver 1,000 vehicles in 2023.
Plug is negotiating with a heavy duty truck company to jointly produce class 8 fuel cell electric vehicles for heavy transport and will either partner or purchase the company by the end of the first half of 2022.
The Orascam green ammonia plant will be built in 2022 and be up and running before COP 27 in November.
Plug has built a fueling station for smaller distribution sites and expects 80% penetration rate with existing customers including Amazon and Walmart.
Plug will deliver power systems to 3 strategic partners during the first half of 2022 and an additional 10 to 12 units by the end of 2022. These power systems will result in 2022 revenue of $50 million. By the end of 2022 they will have $300 million in backlog for power systems.
Material Handling service will be revenue neutral by the end of 2022. Plug is achieving this by phasing in their new, more efficient Gendrive systems. Plug Power delivered the GenSuite of products and service to 32 new Amazon distribution centers in 2021. These systems require much less service than the old units. Plug will continue installing the newer units throughout 2022.
Plug will announce a new agreement with a pipeline/salt cavern storage company for bulk gaseous hydrogen.
Plug is installing fuel cell equipment at pedestal customer sites to charge their electric last mile delivery vehicles.
Plug will be approved for the DoE loan to fund their ongoing infrastructure buildout. The loan will be at least $500 million.
Plug is working with at least 10 US states who are looking to secure one of the hydrogen hubs that are part of the $8.5 bi-partisan infrastructure plan approved last year. Plug is the leading US company in the electrolyzer and fuel cell business.
Recent PLUG News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:02:15 PM
- U.S. Index Futures Dip, Bank of England Holds Interest Rates at 5.25% • IH Market News • 05/09/2024 11:47:20 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 11:22:17 AM
- Plug Announces First Quarter 2024 Financial Results • GlobeNewswire Inc. • 05/09/2024 11:00:00 AM
- Shareholders that lost money on Plug Power Inc.(PLUG) should contact The Gross Law Firm about pending Class Action - PLUG • PR Newswire (US) • 05/07/2024 09:45:00 AM
- Plug Signs MOU with Allied Green Ammonia for 3GW of Electrolyzer Supply at World-Class Green Ammonia Production Facility • GlobeNewswire Inc. • 05/03/2024 11:00:00 AM
- The Gross Law Firm Notifies Plug Power Inc. Investors of a Class Action Lawsuit and Upcoming Deadline - PLUG • PR Newswire (US) • 05/03/2024 09:45:00 AM
- Plug Continues to Expand Cryogenic Sales with Multiple Customer Agreements and International Expansion • GlobeNewswire Inc. • 05/02/2024 11:00:00 AM
- Plug Secures First International PEM Electrolyzer Certification in Korea • GlobeNewswire Inc. • 05/01/2024 11:00:00 AM
- Plug to Announce 2024 First Quarter Results • GlobeNewswire Inc. • 04/30/2024 11:00:00 AM
- The Gross Law Firm Announces the Filing of a Securities Class Action on Behalf of Plug Power Inc.(PLUG) Shareholders • PR Newswire (US) • 04/26/2024 09:45:00 AM
- Plug Signs Additional BEDP Contracts for a Total of 4.5GW of Electrolyzers Across Europe and the United States • GlobeNewswire Inc. • 04/25/2024 11:00:00 AM
- Plug Continues to Make Substantial Advancement in Hydrogen Generation Buildout • GlobeNewswire Inc. • 04/23/2024 11:00:00 AM
- May 21, 2024 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against PLUG • PR Newswire (US) • 04/19/2024 10:20:00 AM
- May 21, 2024 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against PLUG • PR Newswire (US) • 04/16/2024 10:15:00 AM
- Shareholders that lost money on Plug Power Inc.(PLUG) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 04/12/2024 09:45:00 AM
- Plug Power Inc. Class Action: The Gross Law Firm Reminds Plug Power Inc. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 21, 2024 - PLUG • PR Newswire (US) • 04/09/2024 10:25:00 AM
- Shareholders of Plug Power Inc. Should Contact The Gross Law Firm Before May 21, 2024 to Discuss Your Rights - PLUG • PR Newswire (US) • 04/05/2024 09:45:00 AM
- Lost Money on Plug Power Inc.(PLUG)? Join Class Action Suit Seeking Recovery - Contact The Gross Law Firm • PR Newswire (US) • 04/02/2024 09:45:00 AM
- The Gross Law Firm Notifies Plug Power Inc. Investors of a Class Action Lawsuit and Upcoming Deadline • PR Newswire (US) • 03/29/2024 09:45:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/04/2024 01:00:20 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/01/2024 12:10:31 PM
- Plug Highlights Year of Strategic Growth and Advancements in Accelerating the Green Hydrogen Economy • GlobeNewswire Inc. • 03/01/2024 12:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/29/2024 09:02:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/23/2024 10:30:04 PM
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