Plug Power, Inc. (NASDAQ:PLUG) is hosting its third annual Plug Symposium on Thursday, with about 5,000 attendees from around the world participating.
This year's theme is "Here Comes Green Hydrogen."
Here are the key highlights from the symposium:
Financial Targets: Plug Power established a long-term target of $3 billion in sales for 2025. The company also increased its sales guidance for 2022 from $825 million to $850 million, an estimated 65% growth from 2021.
Wednesday, anticipating a guidance revision, Morgan Stanley analyst Stephen Byrd increased his revenue estimates for Plug Power.
Applied Cryo Acquisition: Plug Power announced a definitive agreement to acquire Applied Cryo Technologies, a provider of technology, products and services for the transportation of liquefied hydrogen, oxygen, argon, nitrogen and other cryogenic gases.
The company expects the transaction to close during the fourth quarter.
"With ACT's cryogenic technologies, Plug Power will enhance its ability to deliver and store green hydrogen from our growing footprint of plants throughout the world," said Andy Marsh, CEO for Plug Power.
Australia Giga to Kickstart Through JV: Plug Power also signed a letter of intent with Fortescue Future Industries Pty Ltd for a 50-50 joint venture to build a gigafactory in Queensland, Australia.
As part of the agreement, the two companies intend to build a two-gigawatt factory to produce large-scale proton exchange membrane electrolyzers, with the ability to expand into fuel cell systems and other hydrogen-related refueling and storage infrastructure in the future.
Plug Power will supply the electrolyzer and fuel cell technology and FFI will contribute advanced manufacturing capabilities. FFI will be the primary customer of the products manufactured by the joint venture.
Under the agreement, FFI will also purchase 250 megawatts of Plug Power's electrolyzer solutions, used to create hydrogen and oxygen from water, for its Australian projects. Plug Power will supply these from its Gigafactory in Rochester, New York. Delivery is planned for the second half of 2022.
Related Link: Plug Power Forms JV With SK Group To Accelerate Hydrogen Energy Use In Asia: What You Need To Know
HYVIA Hydrogen Fuel Cell-Powered Van Prototype Showcased: Plug Power also said it will unveil the HYVIA hydrogen Renault SA (OTC:RNLSY) Master Van H2-TECH prototype at the symposium.
This is the first time the new hydrogen fuel cell powered van is being shown in North America, the company said.
"Powered by our hydrogen fuel cell technology, these spacious commercial vehicles produce no emissions and boast a range well over 300 miles. We're thrilled to be working with the Renault Group and HYVIA to transform industries throughout the world with the power and promise of green hydrogen," Marsh said.
The zero emission Renault Master Van is equipped with a 30kW fuel cell engine based on Plug Power's ProGen technology platform.
The new commercial vans are expected to be available in 2022.
Other Announcements: Plug Power confirmed plans for liquid hydrogen generation capacity of 500 tons per day by the end of 2025. This will include installing 13 green hydrogen plants by the end of 2025.
The company also announced electrolyzer sales target of over 100 megawatts by 2022, which will generate 50 tons per day of green hydrogen.
Ahead of the Plug Symposium, the company announced two partnerships Wednesday: a strategic tie-up with Airbus SE (OTC:EADSY) to decarbonize air travel and the airport ecosystem and a collaboration with Phillips 66 (NYSE:PSX) for the development of low-carbon hydrogen business opportunities.
PLUG Price Action: Plug Power shares were down 3.51% at $32.41 Thursday afternoon.
The stock posted seven straight sessions of gains in anticipation of the event.
Related Link: Plug Power To Build Hydrogen Production Facility In California: What You Need To Know