Plug Power (NASDAQ: PLUG) has unveiled its five-year plan to position the company to deliver $1 billion in sales by 2024, $170 million of operating income, and $200 million of adjusted EBITDA.
The plan will be presented today during the 2019 Plug Power Symposium in Latham, New York. Plug Power states the majority of the revenue growth is expected to come from material handling industry, the company's core market, with increasing contribution from on-road and stationary markets.
Plug Power expects to generate annual revenue of approximately $750 million and sell more than 25,000 units annually by 2024, up from about $235 to $245 million of expected revenue in 2019.
In other news, Plug Power and United Hydrogen a hydrogen fuel supplier have announced a new hydrogen supply agreement. Under the agreement, United Hydrogen will supplement Plug Power's hydrogen delivery operation with a supply of liquid hydrogen.
Plug Power's shares were trading up 2.57% at $2.79 in Wednesday’s pre-market session. The stock has a 52-week high of $2.87 and a 52-week low of 99 cents.
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