Plug Power (NASDAQ:PLUG) climbed Wednesday after the company projected a sharp rise in revenue by 2027 to roughly $6 billion, according to a regulatory filing.
Plug Power, a global leader in comprehensive hydrogen solutions for the green hydrogen economy, is currently the preferred supplier of 550 MW electrolyzers to Fortescue, a global green energy and metals company, for Fortescue’s proposed Gibson Island Project.
Fortescue, which is committed to leading the world in stepping beyond fossil fuels by developing green electrons, green hydrogen and green technology at scale, and Plug have signed a Memorandum of Understanding (MOU) to evaluate the potential supply of a range of capital equipment including electrolyzers, liquefiers, tanker trailers and stationary storage tanks for green hydrogen production projects in North America, including Fortescue’s proposed Phoenix hydrogen plant (30 metric tons per day (MTPD) phase 1; 120 MTPD phase 2) . Both parties are also looking to collaborate on additional large projects on a global basis.
Under the terms of the MOU, Plug and Fortescue will also evaluate co-investment opportunities in green hydrogen production projects in North America. Plug and Fortescue have started the initial diligence process for Fortescue to take up to a 40% equity stake in Plug’s Texas hydrogen plant (45 MTPD) and for Plug to take up to a 25% equity stake in Fortescue’s proposed Phoenix hydrogen plant.
PLUG shares gathered 56 cents, or 7.8%, out of the gate Wednesday to $7.72.