Hydrogen fuel cell company Plug Power (NASDAQ: PLUG) gained in trading on Wednesday as the company stated in an update that it was aiming for an ambitious revenue target of $6 billion by 2027 and $20 billion by 2030, with a $1.2 billion target for 2023.
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In addition, the company also announced that it was a preferred supplier for a 550 MW electrolyzer supply contract for Fortescue Metals’ Gibson Island project in Australia. Plug Power was selected by Arcadia eFuels to provide a 280 MW proton exchange membrane electrolyzer system for the production of sustainable aviation fuel.
In addition, the firm is expected to be a strong contender for the Federal Government’s grant of $7 billion when it comes to regional hydrogen projects.
What is the PLUG Stock Price Forecast for 2023?
Analysts are cautiously optimistic about Plug Power, with a Moderate Buy consensus rating based on 14 Buys and six Holds. The average PLUG price target of $17.94 implies an upside potential of 133.3% at current levels.
