Plug Power, which has an office in Clifton Park, 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.
The company announced in June 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, we can accelerate the adoption of low carbon and zero carbon hydrogen on a global scale,” Marsh said in a news release.
United Hydrogen Group Inc. is headquartered in Canonsburg, Pa., and operates a plant in Tennessee that is capable of producing 6.4 tons of liquid hydrogen per day with plans to expand to 10 tons soon.
Giner ELX of Newton, Mass., developed one of the world’s largest electrolysis hydrogen generators and other technology that can be used for on-site refueling of hydrogen fuel cells, according to Plug Power.
Marsh and Plug Power rolled out a strategy last fall focused on supplying more hydrogen to customers that use the company’s fuel cells. Customers currently use about 27 tons of hydrogen per day, officials said. Following the acquisitions, Plug projects customers will use about 100 tons a day by 2024.
The acquisitions also prompted Plug to revise operating income projections. Instead of reaching $170 million in operating income by 2024, the company now expects to reach $210 million by that time, the company said.
