Billionaires couldn’t keep their hands off of Plug Power (NASDAQ:PLUG) this year, with giant BlackRock’s Larry Fink piling in heavily, among other heavy hitters. Why? Partly because Plug Power is already providing its hydrogen-powered tech solutions to big-name retailers, but overall, because the green revolution is clearly happening and unfolding as we speak. It helps that Plug's full-year guidance implies year-on-year sales growth of around 35%, even if profit won’t come for a while.
Morgan Stanley's Stephen Byrd believes green hydrogen will become economically viable quicker than investors appreciate saying Plug Power's deal with Apex Clean Energy to develop a green hydrogen network using wind power offers a chance to tap into "very low cost" renewable power and helps accelerate the shift to clean energy. Plug has a goal for over 50% of its hydrogen supplies to be generated from renewable resources by 2024.
The company has also just announced a partnership with Universal Hydrogen to build a commercially-viable hydrogen fuel cell-based propulsion system designed to power commercial regional aircraft. The initiative will help bring Plug's proven hydrogen ProGen fuel cell technology to new markets.