Revenue Outlook: Plug Power anticipates its 2024 revenue to range between $825 million and $925 million. This forecast largely reflects the Company's expectation for revenue from our pipeline of orders in the electrolyzer, cryogenic, and material handling businesses in the second half of 2024.
Hydrogen Plant Joint Venture with Olin: Strong progress is being made on the new hydrogen plant, developed through a joint venture with Olin Corporation in Louisiana and is expected to commence commissioning in September 2024 and generate liquid hydrogen in Q4 2024. This collaboration aims to increase hydrogen production capacity and accelerate the adoption of clean energy solutions. Basic Engineer and Design Package (BEDP) Contracts: Plug Power has secured 7.5 gigawatts (GW) in global BEDP contracts, including a 3 GW contract with a significant customer in Australia for a green ammonia project that is moving forward with an Engineering, Procurement and Construction contractor. This partnership highlights Plug Power's ability to provide cutting-edge technology for sustainable energy projects today. Department of Energy (DOE) Loan Process: Plug Power is progressing with the DOE loan, which aims to support the expansion of its green hydrogen initiatives and infrastructure for up to six sites. Remediation of Material Weaknesses: The Company has successfully remediated previously identified material weaknesses in its internal controls, strengthening its financial reporting processes and ensuring greater accuracy and reliability in its financial statements. |