Plug Power (ASX:PLUG), a prominent hydrogen fuel cell company, saw its shares rise by 11.5% to $7.98 in pre-market trading.

This surge comes after the company’s projection of its expected revenue generation: a significant $6 billion in 2027, climbing to a staggering $20 billion by 2030.

The company also forecasts revenue of approximately $1.2 billion for 2023.

In separate news, Plug Power has been chosen as the preferred supplier of 550 megawatt electrolyzers by mining company Fortescue (ASX:FMG) for its proposed Gibson Island project located in Queensland, Australia.

The final investment decision for this project is anticipated by December, says the company.

Additionally, initial due diligence processes have been initiated by the two companies for Fortescue to acquire up to a 40% equity stake in Plug’s Texas hydrogen plant and for Plug to acquire up to a 25% equity stake in Fortescue’s proposed Phoenix hydrogen plant.

To date, Plug’s stock has fallen 42.1% YTD.

Plug Power is a significant hydrogen fuel cell company instrumental in the clean energy industry.