The Globe and Mail reports in its Wednesday edition that Plug Power Inc. has raised its financial guidance and reiterated its enthusiasm for hydrogen fuel cells, days after a short-seller mocked the company for making "fool" cells. The Globe's Brent Jang writes that shares in Latham, N.Y.'s, Plug Power jumped on Tuesday, along with stocks of other companies in the hydrogen sector, including Ballard Power Systems. The rally in share prices came after Plug Power chief executive officer Andy Marsh forecast gross billings for the company at $475-million for this year, up from the previous guidance of $450-million and sharply higher compared with 2020 (all figures U.S.). He added that Plug Power envisages its revenue in 2024 could be $1.7-billion. Recent gains in the hydrogen industry reflect advances in technology, as concerted efforts are made to push the fuel closer to much wider use, and the Biden administration embraces green technology. New York-based Kerrisdale Capital Management believes Plug Power is in bubble territory, issuing a report on Jan. 20 titled "Pulling the PLUG on this Fool Cell Maker," arguing that "the hydrogen economy is a fantasy." Ballard shares rose 5.1 per cent to $47.37 (Canadian) in Toronto.
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