Plug Power Exceeds 2020 Guidance and Raises Targets for 2021 and 2024
January 26 2021 - 7:00AM
Plug Power Inc. (NASDAQ:PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, exits 2020 with
a global leadership position in green hydrogen solutions for the
$10T+ hydrogen economy. Plug Power has exceeded its 2020 gross
billings target and is raising 2021 estimates to $475M, up from
$450M. Additionally, the Company is increasing the 2024 gross
billings target by more than 40% to $1.7B.
Plug Power will host a business update
conference call today, January 26, to discuss the updated guidance
and its key areas of focus in 2021.
Join the call:
Date: January 26, 2021
Time: 8:30 am ET
Toll-free: 877-405-1239
Direct webcast:
https://event.webcasts.com/starthere.jsp?ei=1417059&tp_key=03b1210eda
The webcast can also be accessed directly from
the Plug Power homepage (www.plugpower.com). A playback of the call
will be available online for a period of time following the
call.
About Plug Power
Plug Power is building the hydrogen economy as
the leading provider of comprehensive hydrogen fuel cell (HFC)
turnkey solutions. The Company’s innovative technology powers
electric motors with hydrogen fuel cells amid an ongoing paradigm
shift in the power, energy, and transportation industries to
address climate change and energy security, while providing
efficiency gains and meeting sustainability goals.
Plug Power created the first commercially viable
market for hydrogen fuel cell (HFC) technology. As a result, the
Company has deployed over 40,000 fuel cell systems for e-mobility,
more than anyone else in the world, and has become the largest
buyer of liquid hydrogen, having built and operated a hydrogen
highway across North America. Plug Power delivers a significant
value proposition to end-customers, including meaningful
environmental benefits, efficiency gains, fast fueling, and lower
operational costs. Plug Power’s vertically integrated GenKey
solution ties together all critical elements to power, fuel, and
provide service to customers such as Amazon, BMW, The Southern
Company, Carrefour, and Walmart. The Company is now leveraging its
know-how, modular product architecture and foundational customers
to rapidly expand into other key markets including zero-emission
on-road vehicles, robotics, and data centers.
Plug Power Safe Harbor
Statement
This communication contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve significant risks and uncertainties
about Plug Power Inc. ("PLUG"), including but not limited to
statements about PLUG's expectations regarding its 2020 and future
gross billings guidance; expectations regarding future financial
and other targets, including action plans in place to achieve such
targets; statements regarding PLUG’s outlook, growth, strategies
and drivers for growth; statements regarding PLUG’s total
addressable market and market opportunity and penetration;
expectations regarding the anticipated and growth of the hydrogen
economy and PLUG’s presence in the hydrogen economy; PLUG’s
expectations regarding the green hydrogen pipeline and the amount
of green hydrogen generation per day; and PLUG’s expectations
regarding expansion in the core market of material handling and
projected material handling demand in the future. You are cautioned
that such statements should not be read as a guarantee of future
performance or results, and will not necessarily be accurate
indications of the times that, or by which, such performance or
results will have been achieved. Such statements are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these
statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of PLUG in general, see PLUG’s public
filings with the Securities and Exchange Commission, including the
"Risk Factors" section of PLUG's Annual Report on Form 10-K for the
year ended December 31, 2019 and Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2020, June 30, 2020 and September 30,
2020. You should consider these factors in evaluating the
forward-looking statements included in this presentation and not
place undue reliance on such statements. The forward-looking
statements are made as of the date hereof, and PLUG undertakes no
obligation to update such statements as a result of new
information.
For reference in this communication, gross
billings is based on the invoice value of equipment deployed and
services rendered. Invoice value of equipment is measured on a
relative basis using cash value within contracts with customers and
it is attributed to the period in which the equipment is deployed.
To that amount, the Company adds the invoice value for services
rendered in the period. These services include fuel provided,
extended warranty contracts serviced, power provided under Power
Purchase agreements, etc. The Company’s objective in presenting
gross billings is to present to investors an operating metric that
conveys commercial growth over time. Management also uses this
operating metric as a measurement of commercial growth, as well as
establishing performance targets, annual budgets and makes
operating decisions based in part on gross billings. The
significant estimates and assumptions underlying the metric include
the allocation of revenue, excluding the provision for warrants,
based on relative stand alone selling prices used in our GAAP
revenue numbers.
Media Contact Ian MartoranaThe Bulleit
Group(415) 237-3681plugpower@bulleitgroup.com
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