Plug Power (PLUG) - Get Plug Power Inc. Report shares jumped on Tuesday after the hydrogen fuel cell company said it exceeded its own 2020 financial guidance while also raising internal targets for 2021 and 2024.
The Latham, N.Y., company said that it had exceeded its 2020 gross-billings target and is raising 2021 estimates to $475 million from $450 million.
Plug Power is also increasing its 2024 billing target by more than 40% to $1.7 billion.
The company's chief executive, Andy Marsh, also expects the company to pursue more joint ventures, similar to some of the deals that have helped the stock advance by a factor of nearly 17 over the past 12 months, Bloomberg reported.
Plug Power shares at last check rose 13% to $74.35.
Marsh made the comments on a call with analysts on Tuesday.
Plug Power got a jolt earlier this month when South Korean conglomerate SK Group said it would invest $1.5 billion in the hydrogen fuel-cell maker.
The companies said they were forming a joint venture to provide hydrogen fuel-cell systems, fueling stations and electrolyzers in South Korea and elsewhere.
As part of the deal, SK Group will receive 51.4 million shares of Plug Power at $29.29 each.
Plug Power is a veteran in the hydrogen fuel-cell market. The company makes stationary fuel cells to run data centers as well as mobile ones for delivery vans.
It also makes fuel cells that run forklifts and other freight-handling gear used by the likes of Amazon (AMZN) - Get Amazon.com Inc. Report, Carrefour CRRFY, BMW BMWYY and Walmart (WMT) - Get Walmart Inc. Report.