EXCLUSIVE: Plug Power CEO on stock price, competitive advantages, ‘green hydrogen’ strategy – Plug Power (PLUG)
Power socket inc. (NASDAQ:PLUG) shares took a beating on the company’s annual business update call earlier this week, despite a positive outlook for the year.
“It’s always disappointing when the price doesn’t go up,” said Plug Power CEO Andy Marais said on Friday, speaking directly to investors on “Benzinga Live”.
Marsh reaffirmed his confidence in Plug’s business model. He told Benzinga that Plug Power ended 2021 with $4.5 billion in the bank and he expects the hydrogen fuel cell company to nearly double its revenue in 2022.
Plug Power on Wednesday set a revenue target of $900 million to $925 million for 2022, which is above the consensus estimate of $888.15 million.
Marsh highlighted analyst ratings on Plug’s stock. Of the 16 analysts covering the stock, only one has a negative rating, according to Plug Power’s CEO.
“Analysts think this stock is going up and quite honestly, I work every day for shareholders to make sure that’s the case,” he said.
See also: Here’s how much $1,000 invested in powering the outlet 10 years ago would be worth today
What there is to know : Plug Power announced a joint venture with the Renault group in June.
Renault is the “second largest company in the battery electric utility vehicle market in Europe,” Marsh said, adding that he expects fuel cell vehicles to make their first impact in the commercial space.
The two companies have developed three vehicles together so far, and Plug owns half of each vehicle, he said.
“We’re not a supplier, we’re a partner — we own half the business,” Marsh said. “I think that really sets Plug apart.”
Marsh told Benzinga that the company will complete “10 significant developed deployments this year with commercial customers.” The company aims to capture 30% market share by 2030.
“Just like Tesla Inc. (NASDAQ:TSLA) understood it was the charging stations and the vehicle, Plug understands it’s the vehicle and it’s green hydrogen.”
See the full interview here:
PLUG Price Action: Plug Power traded as low as $18.47 and as high as $75.49 over a 52 week period.
The stock was down 1.34% at $21.31 late in Friday’s trading.
Photo: Courtesy of Plug Power.