Shares of Plug Power Inc PLUG are advancing strongly Tuesday after the hydrogen fuel cell energy company issued an upbeat business update.
What Happened: Ahead of a business update conference call, Plug Power said it has exited 2020 with a leadership position in green hydrogen solutions. Gross billings for the year exceeded the guidance of $325 million to $330 million, the company said. Gross billings refer to the amount invoiced to customers.
Looking ahead, the company raised its 2021 gross billings estimate from $450 million to $475 million. The company also hiked its 2024 gross billings estimate by over 40% to $1.7 billion.
Related Link: Plug Power CEO Nets $35.4M In Planned Sale Of Hydrogen Fuel Cell Company's Stock
Why It's Important: Green energy stocks have been on a tear as the market discounts the enormous potential for these companies. Investors continue to pile into these stocks despite the heady valuations.
Plug Power's update should provide additional confidence in the company's fundamentals and support the stock in the near term.
Plug Power shares, which hit a multi-year high of $73.90 on Jan. 13, has pulled back from the level.
PLUG Price Action: After retreating 1.72% the previous session, the stock was trading up 12.9% to $74.26 at Tuesday's publication time.
(Photo: Plug Power)
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