Plug Power acquires two companies, boosts revenue projections

Plug Power has acquired United Hydrogen Group and Giner ELX, prompting the Latham fuel cell maker to increase 2024 revenue projections from $1 billion to $1.2 billion.

Plug (Nasdaq: PLUG) announced Tuesday that it completed the acquisition of the Pennsylvania and Massachusetts companies.

The moves are part of chief executive Andy Marsh’s strategy to position the upstate New York company to generate at least half of the hydrogen its customers use from renewable energy sources by 2024.

“As a team,…

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