Plug Power Inc (NASDAQ:PLUG) shares took a beating during the company's annual business update call earlier this week, despite providing a positive outlook for the year.
"It's always disappointing when the stock's not going up," Plug Power CEO Andy Marsh said Friday, speaking directly to investors on "Benzinga Live."
Marsh reaffirmed his confidence in Plug's business model. He told Benzinga that Plug Power finished 2021 with $4.5 billion in the bank and he expects the hydrogen fuel cell company to almost double its revenue in 2022.
Plug Power set a 2022 revenue goal of $900 million to $925 million on Wednesday, which is above the consensus estimate of $888.15 million.
Marsh highlighted the analyst ratings on Plug's stock. Of the 16 analysts covering the stock, only one has a negative rating, according to the Plug Power CEO.
"The analysts think this stock's going up and quite honestly I'm working everyday for the shareholders to make sure it does," he said.
See Also: Here's How Much $1000 Invested In Plug Power 10 Years Ago Would Be Worth Today
What's To Know: Plug Power announced a joint venture with Renault Group in June.
Renault is the "second largest battery electric commercial vehicle market company in Europe," Marsh said, adding that he expects fuel cell powered vehicles to have their first impact in the commercial space.
The two companies have developed three vehicles together so far, and Plug owns half of each vehicle, he said.
"We're not a supplier, we're a partner — we own half the venture," Marsh said. "I think that really differentiates Plug."
Marsh told Benzinga the company is going to do "10 significant developed deployments this year with commercial customers." The company aims to grab 30% market share by 2030.
"Just like Tesla Inc (NASDAQ:TSLA) understood it was the charging stations and the vehicle, Plug understands it's the vehicle and it's the green hydrogen."
See the full interview here:
PLUG Price Action: Plug Power has traded as low as $18.47 and as high as $75.49 over a 52-week period.
The stock was down 1.34% at $21.31 late in Friday's session.
Photo: courtesy of Plug Power.
