Plug eyes 30% CAGR for Energy, Applications businesses in 2025-2030

Plug Power Inc (NASDAQ:PLUG), the US company creating an end-to-end green hydrogen ecosystem, will be targeting a compound annual growth rate (CAGR) of 30% for both its Energy and Applications businesses in the period 2025-2030.

The company unveiled this on Wednesday as it hosted its sixth annual Plug Symposium, where it also provided a financial outlook for 2025 after lowering its revenue guidance for 2024 on the previous day.

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Over the next five years, Plug expects revenue growth at its Energy business to be largely driven by its electrolyser and cryogenic offerings. At the Applications business, meanwhile, it plans to expand middle market opportunities in Material Handling.

For 2025, the company forecasts revenue in the range of USD 850 million (EUR 807m) to USD 950 million along with a gross margin of negative 20% to negative 5%. The targets for 2030 include a revenue of around USD 3.75 billion and a gross margin of more than 30%.

Also on Wednesday, Plug announced that Sanjay Shrestha, formerly the company’s Chief Strategy Officer and General Manager, Energy Solutions, has assumed the position of president while Andy Marsh is keeping the CEO role. As president of the company, Shrestha will be in charge of the strategic execution of Plug’s business priorities on the path to profitability.

(USD 1.0 = EUR 0.949)