What happened
Investors are clearly anticipating that Plug Power (PLUG 1.73%) will deliver some enticing news at the company's Investor Day on Wednesday. In advance of that, Monday saw the hydrogen fuel cell developer's share price surge more than 13% higher, a far more powerful performance than the S&P 500 index's 0.9% increase.
So what
Plug Power hasn't taken all the wraps off the event just yet, but it did offer a few nuggets about what visiting investors can expect. One is a close-up look at the company's wares, since it's throwing open its upstate New York gigafactory to those visitors.
Of those products, company CEO Andy Marsh said on Monday that it will be evident how much Plug Power has managed to scale up its production. "This operational growth supports our near-term revenue goals of $1.4 billion in 2023 and our long-term target of achieving annual sales of $20 billion by 2030," he said.
That's quite a confident statement from the hydrogen fuel cell developer. Marsh's numbers indicate that the company might come close to doubling its 2022 revenue of just over $700 million. If his lofty goals are met, that 2030 top-line figure would be almost 30 times that of last year's annual take.
Now what
Investors and other interested parties will find plenty to chew on during Plug Power's Investor Day. In announcing the webcast of the event, the company said its management would provide details about its efforts in the applications and energy business unit. It also didn't hesitate to mention that its opening of the gigafactory to visitors is the first time it has done so since October 2022.
