10 Best Emerging Technology Stocks to Buy Now

5. Plug Power Inc. (NASDAQ:PLUG)

Focus Area: Hydrogen fuel cell technology

Potential Upside: 12%

Number of Hedge Fund Holders: 24

Plug Power Inc. (NASDAQ:PLUG) specializes in hydrogen fuel cell technology and green hydrogen solutions. The Company focuses on building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation to help customers meet business goals and decarbonize the economy, as well as provides material handling, e-mobility, power generation, and industrial applications.

Fuel cells are electrochemical devices that combine hydrogen and oxygen to produce electricity and heat without combustion. Hydrogen is the most abundant element in the universe, and hydrogen fuel cells produce only water and heat as by-products, making them an environmentally friendly alternative to fossil fuels. The company is the largest buyer of liquid hydrogen and has deployed more than 72,000 fuel cell systems for forklifts and more than 275 fuelling stations, as of December 2024.

In FY 2024, Plug Power Inc. (NASDAQ:PLUG) reported revenue of $629 million and as per its November 2024 investor presentation, it aims to reach over $3.5 billion in revenue by 2030 and to improve its gross margin to around 30% from a gross loss currently. It sees a total addressable in excess of $1.0 trillion in Stationary Power & Data Centers and over $55 billion in material handling vehicles space.