Plug Power corrects its forecast for 2022

Plug Power updates its forecast for the year 2022, including its initial revenue forecast.

Forecasts revised downwards

Plug Power estimates that its full-year 2022 revenue forecast could be 5 to 10 percent lower for the year. The timing and supply chain would impact revenues initially estimated at $900 to $925 million. In addition, there will be delays in project completion schedules until 2023.

As a result, Plug Power decided to play the transparency card. The company will communicate in more detail on its short and medium term orientations during the Plug Symposium. The event will take place from its Gigafactory in Rochester, New York.

A technology of the future

Plug Power is building a renewable hydrogen ecosystem, from production, storage to delivery. The company is helping to create the first commercially viable market for hydrogen fuel cell technology. The company plans to produce electrolyzers and fuel cells and several renewable hydrogen production plants.

The company deploys more than 50,000 fuel cell systems and over 165 fueling stations. It hopes to initiate a renewable hydrogen highway across North America and Europe. The company assures that the demand for fuel cells and electrolyzers remains stable.