Plug Power has set a target of a 30% compound annual growth rate (CAGR) for its Energy and Applications businesses from 2025 to 2030.
The company revealed this ambitious goal during its sixth annual Plug Symposium on Wednesday, alongside a revised financial outlook for 2025.
For the period between 2025 and 2030, Plug Power expects the growth of its Energy business to be driven by its electrolyser and cryogenic technologies, while the Applications division will focus on expanding middle-market opportunities in material handling.
Looking ahead to 2025, the company projects revenue between USD 850 million and USD 950 million, with a gross margin range of negative 20% to negative 5%. By 2030, Plug is targeting revenue of approximately USD 3.75 billion and a gross margin exceeding 30%.
Additionally, Plug Power announced the appointment of Sanjay Shrestha as president. Previously the company's Chief Strategy Officer and General Manager of Energy Solutions, Shrestha will oversee the execution of Plug's business strategies on its path to profitability, while CEO Andy Marsh retains his role.
