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.