The activity is going to be webcast for the first part for the presentations. Then the Q&A will turn off the webcast. Obviously, for the tour, which is probably the more interesting part of all this today, you'll be able to engage with all sorts of people at Plug about what's going on. I'm really thrilled that you all came to join us, and we have a pretty full agenda today. I think, Teal, tell me when I can start and go live. I can go live? Sounds good. Good morning, everyone. I'm Andy Marsh, I'm the CEO of Plug, and it is really a pleasure that you came to visit us at our Gigafactory here in Rochester, New York. I was gonna say, on a beautiful day, but not exactly.
It's raining outside for those who are on the webinar. This event is covered by our Safe Harbor statement, which, you know, has been filed, so if anybody wants to go through that. Kinda wanna start off by a lot of this talk is gonna be about today, but my section, I really wanna kinda talk a little more about tomorrow. I had two meetings over the past week that really resonated with me. One meeting, I was with our great partners from SK on Monday morning, and they came to my office, and we had about, I had about five or six of our partners there, and they were telling me about their journey over the past 10 days. They were in the Netherlands, where they saw our 5 MW Electrolyzer products.
They went down to France, to HYVIA, to test drive our vans on the road. They went and saw this facility, this great facility here, as well as our facility in Vista, which is just south of us in Albany. Before, they visited our facility in Houston. They went to, and this really struck me. They went to one of our first distribution centers with Walmart we converted. It's been running for 10 years with a Plug Hydrogen System. You know, when folks talk about, you know, this industry being new and technology risk, well, you know, we're moving packages and packages and packages for the last 3,650 days. I think it shows it works.
Really, what pleased me the most after they went through the litany of activities, and by the way, they were in Georgia and saw the plant, but probably what struck me the most is that, they said to me, "Andy, when we came and made the investment three years ago, Plug laid out a vision of what we wanted to accomplish." They see that that vision is tangible now, and that vision is even more than that. They understand that Plug is a company that's going to be one of the big, successful companies as we do this change in our energy infrastructure, and hydrogen becomes more than 20% of world's energy. Last week, I had a meeting. I was down in the White House, and I met with, a senior administration official who's deeply involved in the hydrogen economy.
He drilled me for 45 minutes, over and over again with questions about who's going to use these products? What's hydrogen? Probably a lot of the questions the analysts get here, and I drilled it to him right back about what Plug has been doing. At the end of the meeting, you know, I'm also a salesman. You don't become a CEO without being a bit of a salesman. I turned to him and said, "What I came to see you about was to tell you what I'd like to see Treasury to put in to help continue to grow this industry." I rattled off our request and needs. I turned to him and said. You know, I am a little cocky.
I turned to him and said, "You're gonna have lots of people walk in this room who are going to tell you what's needed for the fuel cell and hydrogen industry, and Plug's really the only company that's really done anything of scale." He turned to me and said, "Andy, I'm not gonna have lots of people coming in this room, 'cause I decided I wanted to talk to one company, and I wanted to talk to one person." Making me feel good. "I wanted to talk to Plug, 'cause you're doing real things, and you know what it takes to build out the hydrogen economy." I think, this is for my investors out there: Look, it's never been a linear journey with Plug.
There's no. If you're thinking about technology, you're thinking about the ability to develop products, if you're thinking about infrastructure capability, just look around me here. If you think about the commitment to customers and employees, there's really no other company to be involved with but Plug. I think most of you know, I usually don't say things like that. It's really touched me this week, and I think part of that probably has to do. I was in Georgia this week. I was at CERAWeek in the early March, probably with many of you. At CERAWeek, there were lots of, you know, traditional fossil fuel companies and traditional hydrogen companies talking about it takes four to five years to build a hydrogen plant. I'm walking Georgia with the head of S&P.
We're down there, I'm down there to thank them for everything they've done, and to kind of enjoy looking at this 15 ton per day liquid hydrogen plant with electrolyzers, where there's nothing like it in the world. We're gonna have another analyst stay down there in August, because we really wanna bring you to Georgia in August. I walked that plant, and people tell me, "You know, the experts told me it couldn't be done." I stepped back, and I'm talking to the CEO, a great guy, and he says to me, "What we're really proud of is this plant, is how we partnered with Plug. We've put 500,000 hours in constructing this plant. We've been around for 50 years.
It is the first time we ever had a deployment where we had no recordable injuries." When you talk to the old pros in this industry, or supposedly pros, they'll tell you that's one of the reasons this can't be done. Plug, because we partner and work with people, was able to do it. The important item is, Georgia will be putting out liquid at the end of the month, and I can't wait. Many of you know, I was in Finland a couple weeks ago. Why in the world Finland? You know, it's 5 million people. You know, what could be going on there? Well, Finland has a grid that's 87% renewable today. Finland has a goal of being carbon neutral by 2035. Finland is building a hydrogen pipeline from Northern Finland all the way down into Central Europe.
Finland has many high-end steel manufacturers. I think they're the largest stainless steel manufacturer, Outokumpu, I probably said that right, in Finland, that, you know, is developing products and needs hydrogen for their operation. That's why, you know, we bought land in three sites. One site, Kokkola, we're going to be working to generate green ammonia and green hydrogen to ship into Europe. Remember, we have good friends at the Port of Antwerp. We actually know how to move things, and we have partners who know how to move things. In Porvoo, very interesting, 250 megawatts, very close, within 50 km of Helsinki. Helsinki is a big target for HYVIA, you can start seeing how all our hydrogen ecosystems comes together.
Elsewhere, we're looking to produce green steel in Finland, it's real, and that's why we're there. At 2 GW, think about this: it'll represent 5% of European goals. That's who Plug is, and it's really what makes Plug special. Okay, our electrolyzers, and Bruno is gonna tell you more about this today. I looked at this picture and realized, geez, we're building products and shipping products on five continents. I never would've thought that. We're in Australia, we're in Asia, we're in Europe, we're in Africa, we're in North America, and I can promise you, we will be in South America soon. I heard one of the analysts tell me, or I was recently told, we just had a tour from a group from Chile in the facility.
I often get asked, "Where are these electrolyzers gonna be used for?" Well, you have Ardagh, which is a glass manufacturer, who I didn't know about who Ardagh was a year and a half ago, but they have 80 facilities that make beer bottles and bottles of that nature, which people want to be green. APEX, with green steel. We have Hydro Havrand, who's looking to do aluminum recycling using our electrolyzers. Of course, we had our announcement today with Avina for mobility. Not only are we building these products, and I think this is probably represents about three continents on this, but we have good customers we can scale with. It's really not the end. This is work we've done with McDermott on building out one-gigawatt plants.
In reality, these plants are a combination, you know, essentially 10 x, in many ways, the 100-megawatt plant we're developing with Uniper in Germany, which uses our electrolyzers and other products. When you think about it, you know, and I think you'll even get the feel when you're in the factory today, we really think in terms of building blocks. The plant in Georgia is gonna look a whole lot like the plant in Texas, which is gonna look a whole lot like the plant in Germany, which is gonna look a whole lot like the plant in Finland. When you take a step back, not only is opportunities like Uniper great for selling green hydrogen for industrial uses, it really helps us sell other products.
This year, you know, we're gonna ship about 15 MW worth of stationary products. It's bad when CEOs fall in love with their products, and I try not to. This is one of the coolest products I've ever been around, and it's meant for a variety of applications. Jose is gonna tell you a little bit about EV charging for vehicles, but also, we've been looking at data centers where these products can be used and deployed. We have friends here who are gonna present later about the wonderful work we're doing with Energy Vault and the project we're doing, which will use eight megawatts of these products, which will be working. I mean, these guys are like us. They're not sitting around thinking about, you know, four or five years ago.
They're gonna be up and running with P&G in the second quarter of next year. Just a unique accomplishment, that's kinda how Plug is. When I think about our mobility applications, and I was looking at this one, I thought to myself: I bet nobody knows that we're building a hydrogen fueling network in South Korea with SK. It's kinda one of those under-the-radar top items, which we're also providing ProGens for over 1,000, 1,500 buses over the next 2 years, that'll be on the road in South Korea using Plug Power technology, but also using MEAs and stacks, which are made in this facility in Rochester, New York. With HYVIA, and Jose was in Spain and Madrid and Barcelona, with 100 customers over the last month, doing test drives and getting orders.
We're really happy with the progress of that JV. You may have seen in the previous picture, on the site, they have a Plug electrolyzer to provide the green hydrogen to fill those vans. Probably another great opportunity for Plug to build some fueling stations, which are customer-focused. You know, we really do believe this industry is a industrial industry for industrial applications, decarbonize. On the vehicle side, we feel strongly it's an industry that's associated with commercial vehicles, not passenger vehicles, in the next 10 years, and that's really been our focus. I need to highlight our great manufacturing capability. Our manufacturing capability, I think, and I know, is unmatched.
You're gonna see 155,000 sq. ft. here today for a facility that I think we put a 2.5 GW nameplate on. I met with Dave, our EVP of Operations today, and I said, "Dave, we can do a lot more out of this facility." Dave said, "Yeah, we can." I think when you walk through this facility, you're gonna be convinced, you know, we can do a lot more out of this facility. What Dave has done and his team have done here is beyond my wildest imagination. When you have a chance in October to see our factory in Vista, you're gonna feel the same way. If you go down to Texas, in Houston, we have operations, about 200,000 sq. ft., which is dedicated to cryogenics.
When you really look at the whole value stream, Plug is everywhere. In my mind, this is the year. I mean, this is the inflection point. We'll do between $1.2 billion to $4.4 billion revenue. That's a 70% increase. Gross margins will become positive. You know, we have a broad span of products and activities. One, I see some folks who... There aren't many folks who were standing here with me 10 years ago, 'cause this was not nearly as exciting 10 years ago. I would talk about we need to develop Europe. Well, this year, 25% of our revenue will come from Europe.
You know, sometimes folks will say to me, "Yeah, you're the material handling company." Well, 60% this year will come from other applications, and I'm sure that number will probably be closer to 75% next year. Look, policy's important. You know, I was at the Nanotech Center on Monday, and Senator Schumer was there, and there's a great tailwind for policy. You know, the work the Senator did here to assist in getting the CHIPS Act passed, we use a lot of chips in our products, too, and more and more. To be able to get the infrastructure bill passed in a bipartisan way for the hydrogen hubs, as well as the IRA, which, I think everybody knows around the world, it puts America to be the leader, unmatched globally.
Not only America, but I can tell you, we believe Plug is unmatched globally, and as you can tell, I go to a lot of places. Finally, I want to end on a slide which is a little bit aspirational, but if you would've told me in 2019 I'd be the CEO of a company with this great manufacturing capability, building hydrogen plants around the world with this huge global footprint on five continents, I wouldn't have told you that that's where we're heading, that that dream was too big. I think maybe this dream's a little bit too small. By 2030, you know, we're really aspiring to have over 2,000 tons of hydrogen capacity globally. Our HYVIA team is looking to have 100,000 vans on the road.
Now, we'll have, by that time, at least 1 gigawatt, I think you guys are gonna tell me more of our stationary products deployed. We're gonna be able to ship 5 GW of electrolyzers per year, I believe this factory itself could produce that amount. Jose and his team will sell and position, Dave and his team will be manufacturing over its life, 500,000 fuel cells for forklift trucks and a manufacturing capacity of 10 gigawatts of fuel cells and electrolyzers. I actually believe the dream is probably a little bit small. There's no company that has done what Plug has done, we're not afraid. This is the time for the hydrogen economy, this is the time for first movers, I think it should be undeniable that Plug is the first mover.
Today, my team, but probably more important, this building's gonna show you that we are unmatched in the industry. I'm gonna turn it over to my great partner, who's really built out this application business for us, who's quite honestly, one of the, if not the best, then one of the best sales folks I've ever worked with. He's the guy who closed Amazon. He's the guy that closed HYVIA. He's the guy who, you know, continues to close these deals, you know, three new pedestal customers when I didn't expect it this year. He's the guy who's really made it happen for us on the sales side on applications. It's my pleasure to introduce my friend, Jose Crespo.
Good morning, everyone, thank you for coming to the event today. As Andy said, my name is Jose Crespo. I've been working with Plug for the last 10 years. It's been fun to go from $50 million in revenue to $1.4 billion in revenue this year, and we continue to have fun. Today, I'm gonna give you, I think, an exciting update on the type of things that we're doing in the applications business. Our applications business this year is gonna grow at a 45%-50% year-over-year growth rate. This is gonna be because we bring value to our customers, and also because our customers are embarked right now in a decarbonization project, as well as an electrification project that is driving the need for fuel cell applications.
If I start with the material handling business, the value proposition is still there, and it's accelerating. It's accelerating not only because we bring productivity to our customers, but also because our customers, as I said before, they're moving to electrification. In many of the facilities like this, in many of the distribution centers, they need a lot of electricity to move a lot of their applications to electrification. When they move their forklifts to fuel cells, they free up a lot of this electricity, which allows them to move more of the other applications to electricity or electrification, and this helps them to achieve their decarbonization goals.
This is a big, big competitive advantage as you compare it to lithium ion, because when you put a lithium ion battery instead of a lead acid battery, you actually need more power to charge it up, which goes against what they're trying to do in their distribution centers. Right now we're seeing an acceleration in the adoption of the technology because of this general global trend for decarbonization and electrification. We also introduced this year our mid-size market solution. This is a infrastructure solution for around 50 kilograms a day, for a site that uses 50 kilograms a day. There's a big market for 25-50, 60 forklifts out there.
We introduced it about two, three months ago, and we already have more than 30 opportunities in the funnel, and we are looking to achieve a 15 units per quarter run rate in 2024. This is gonna add a lot of business and a lot of value into the material handling market. Now, what are the results of that? Andy has already talked a little bit about that. The results of that this year is that in June, we have already signed three pedestal customers, two of them in Europe. This supports what Andy was talking about before. The European market is also accelerating, two of the pedestal markets, customers are in Europe. One of them is STEF.
You've seen the announcement today, is a freezer company where fuel cells have even more value than in a normal temperature, building. The other one is ASDA. We already have one site with ASDA, but we are looking to improve or increment the number of sites with them by five in the next six months or so, and then another five in the 12 months. We have closed another deal here in North America with Tyson Foods. This is a very interesting deal because we usually used to take about, you know, two years to close a pedestal customer. They will wanna do a first site, they will wanna test the first site, and it will take a little bit of time to get that done.
With Tyson, we did a one-month trial. After that, they came back and said, "We wanna do eight sites in 2023." That tells you how the material handling market is accelerating right now. Not only that, we are working really hard to get another two pedestal customers before the end of the year. I feel that's pretty exciting in material handling and the growth in the market still there. Now, I'm gonna talk a little bit more about other mobility activities, Andy has touched on that a little bit today. I'm gonna start with the yard tractor, just because it's kind of a natural extension to material handling.
You already have hydrogen on site, you already have 200 forklifts running, and then you have a yard tractor moving containers around the yard of the location. Adding a yard tractor is a pretty simple task, and we already presented to you in the prior symposium, our first pilot of the yard tractor. We're gonna be doing a pilot with Walmart in the next month or so. Each one of these sites, Walmart or Amazon site, has two to five of these tractors, and you already have hydrogen in there. It's a very simple task to have an addition to the material handling business. That's gonna be a nice icing on the cake for that business. HYVIA.
We continue working with HYVIA, with the objective to have 100,000 vans on the road by 2030. As Andy said, I was in Spain introducing the van in Barcelona, Madrid, and Zaragoza. We have more than 100 customers. All of them drove the van. The van is ready to go on the road, and we had several, I think it was more than five, requests for pilots right there when we were doing this presentation, and it was by companies like Pepsi, for example. They were there, and many other local companies, but Pepsi in Southern Europe, the head of all their fleet was there, and they said, "Hey, we're looking for this.
We've been trying to figure out how we're gonna be electrifying our distribution, and this is the solution. I'll talk a little bit more about why a fuel cell solution is better than a battery EV in a minute. Andy also talked about the activities that we have with Geely in Korea, with our Joint Venture with SK Plug Hyverse, in which we're trying to introduce fuel cell buses in the market, with a great opportunity there as well. Now, I'm gonna move up to another exciting new application that we're working on in the applications business, is the high-power stationary solution. Grid constraints, and I'll talk a little bit more about that in a minute, as well as regulation, are driving the need for a generator with zero emissions, and that's exactly what we have done.
We did it because, I'm gonna talk about the applications, because one of our largest customers came to us and said, "We are electrifying our distribution network. We're electrifying our last mile, and we're seeing that we cannot get electricity to all the sites. There are grid constraints, especially in sites where there's high density of population." They said, "Can you do something for us? We already have the battery vans. We can't go any other way. Can you bring a generator to us that we can deploy in a very fast way, and that we can provide additional power to sites?" That's the green EV charging application. I'll talk a little bit more about it in a minute.
We have also prime power, grid support, microgrids, or even the prime power solutions that we're working with Hyverse in Korea, where we're looking to do 200 MW of actual prime power. Later on, we'll talk about the announcement that we did with Energy Vault. We have our friends from Energy Vault here today to talk to you about it, so you'll get it directly from them, and the big opportunity that these type of applications bring to us. What I call enhanced backup power. The big market here is the data centers, and I call it enhanced backup power because today, our data center customers have a backup power solution that is diesel-based, and they can use it, for anything but backup, because they cannot turn this on and off whenever they want.
They only turn it on and off when there's an outage. When you have a zero emissions backup power solution, now you may have 10, 15, 20, 30 MW on site. Now you can turn it on and off whenever you want, if the conditions are appropriate, like, for example, for peak shavings. This solution, I call it enhanced backup power, because it's gonna allow our customers to actually save money or even make money, in some cases, out of this asset that before they had parked, and they couldn't do anything about it. Another driver for data centers to move to this is regulation. In many jurisdictions, data centers are not allowed anymore to put diesel generators, but they have to have backup because that's the nature of data centers. This solution also helps them with that regulation issue, okay?
Let me talk a little bit about the size of the market. What are we talking about here? For backup power, we're talking about a $30 billion market. For prime power, you put all those other applications that I talk about together, microgrid, prime power, and so forth, if we were to convert everything, we would be more than $1 trillion opportunity, right? In the green EV charging, I put $1 billion because my view is that at some point, companies are gonna start moving to fuel cell vehicles. We are in a transition period for this type of application, so for that transition period, we're bringing the power to charge batteries. If you really think about it, that's not very efficient.
Eventually, we'll move to that, and in that meantime, we have a $1 billion opportunity that we can capture and that we are capturing. Why all of this? You really think about it, adding electrification for vehicles to our grid is gonna be the biggest disruptor since we introduced the air conditioner. I live in Manhattan, and even today, I get many times in the summer, texts saying, "Do not turn on your air conditioning because we have a grid constraint," right? It's happening today just for ACs. Imagine if we add that layer of electric vehicles to this, right? We're gonna see a lot of constraints all over the network.
Another data point here is McKinsey has calculated that we will need 230 terawatt-hours to be able to convert all the vehicles that we're looking to convert, add it to the network. Just for reference, that's equivalent to 21 million new homes. In a normal year, we add 1.3 million homes to the network. To the 1.3 that we add, to all the electrification that we're doing, we're gonna add now 230 terawatts. That's gonna make, in some areas, not everywhere, but in some areas, grid constraints will start appearing everywhere, and you're gonna have to bring the electron in a different way to the customers, and the way to bring the electron is hydrogen.
Even today, as I said, one of our largest customers came to us and said, "Hey, can you put something together for us that brings me 1-1.5 MW to a site where I cannot get that electricity, and can you do it really quick? Can you install this in six months or so?" We created this solution that you're seeing here. Here, you see a rendering, but the solution is already up and running in our facilities in Vista. Dave has also already set up the manufacturing chain to be able to build more than 100 MW per year. In 2024, we already have a very, very healthy funnel potential for these type of applications. This is basically, you know, what we see in the market.
I was in ACT about three weeks, four weeks ago, we had one customer come to us that is trying to do a battery swap solution for a rideshare company. They gave them a site right outside of San Francisco Airport. They said, "Hey, why don't we do the pilot here?" They went to the utility company outside of San Francisco Airport, they told them that they will talk to them, they will talk to them about power in that site in 2030. I can get them one megawatt in six months in that site. This is what we are doing in this market, okay? I think that's exciting, and it opens a big, big market for us. I wanna point out also that this is not just about selling the one-megawatt system. The one-megawatt system has to run.
When you run one of these systems, when you run 1 megawatt-hour, 1 hour, you're gonna be consuming 65 kg an hour. If you run it continuously, for certain applications, we're doing it continuously. We have a customer right now that we're gonna be implementing a data center that runs actually on hydrogen 24/7. You're gonna need 1.5 tons a day per megawatt. If you run it for EV charging, about 10 hours a day, you're gonna need 650 kilograms a day. The customer that I was talking about before is talking about deploying, in the next couple of years, 100 EV charging stations. That means 65 tons with 1 customer, with one application. I always say this, "Sanjay, you're not producing enough hydrogen for me. I need more." If this takes off, this is gonna be...
when it takes off, not if, it's gonna be a big one. To talk about another application that is exciting and that we announced in the last couple of days, is a microgrid application. You'll see, you know, the exciting things that they're gonna be talking about. We have the CEO of Energy Vault, Rob, and then we have the Chief Product and Commercial Officer for Energy Vault, and they're gonna be talking to you about this. Thank you.
Great, Jose, thank you, and Andy, thank you for the invitation to be here. Just introduce Marco Terruzzin is our Chief Product and Commercial Officer at Energy Vault. I'm Robert Piconi, I'm the Chairman and the CEO, and wow, just how inspirational, Andy, from hearing you talk through. I know all of you know Andy much longer than I have. You've probably been listening to him for at least 10 years, I imagine, and those on the webcast. It really is inspiring to hear about your vision. We learned a little bit last night from Jose at dinner, by the way, about a lot of things that we share culturally, both, I think, as an individual and as a company.
you know, one thing about us that's very similar is we never limited our thinking, just like you never did for the vision you outlined. I think that 2030, I'm sure you're gonna do better even than that. We also, as a company, always focused on our customers and solving their problems, just as you did. Jose shared last night at dinner about when you first joined the company here, the investors asked you to tell them what the future was gonna look like, and you spent the next 90 days just talking to customers, and understanding what that should look like. That's definitely influenced how we've always thought about our company. The third thing I'd say, and you mentioned this about us and our collaboration, is, we're doers.
We don't just talk about things, but we actually go do them. I think that if you look at what we first announced here together in our first partnership around doing this microgrid, which is the largest green hydrogen storage project that's been announced in the United States, and will be the first one to deploy in Q2 next year with our partners there, Pacific Gas and Electric. I think this is a culmination and a demonstration, and a beginning of a very new and evolving market here that can uniquely be served by green hydrogen and a lot of the solutions that we're working on here together.
It just was an amazing collaboration where Pacific Gas and Electric used three RFPs to try to solve two things, primarily a carbon-free system and something that would be economical to solve their problem of needing a backup, for any emergency or power shutdowns. The wildfires there, I think people are aware of what happened in Northern California there with the wildfires, and how just important this solution was. We were able to architect and bring together, with the support also of Plug, a carbon-free and economical solution that did not involve fossil fuel. That was a real exciting achievement for us. This was recently approved by the California Public Utilities Commission just last month, and now we're focused on execution now on the project.
Marco, you spent a lot of time here in closing this solution, if you wanna comment on it as well?
First of all, thank you for allowing us to be here today. You know, we have been hearing about the importance of vision, the importance to bring to the market on a real-time opportunities and technologies that are available. I think that this application and project is a testimony that there are a lot of opportunity for green hydrogen to be deployed now, at a cost that is economically attractive and within a time frame that is absolutely feasible. PG&E was for the third time, as Rob was mentioning, going to the market with this solicitation. In the end, we, thinking about the possibility to use a fuel cell from Plug Power, we integrated a system that ultimately is economically attractive, and it was approved by the California Public Utilities Commission.
That was a very important milestone, not the integration of the system and thinking about it work together, but having the validation by the, one of the most relevant and influential Public Utilities Commission here in the United States, that this is a solution that is economically attractive and technologically feasible. That has triggered a lot of interest from other investor-owned utilities and industrial customer.
Yeah. I'll also mention that, as we looked at solving this problem and listening to Pacific Gas and Electric in a multi-day storage application, there is no other technology available today besides hydrogen to solve this problem. You know, we're in the long duration business as well. We have a long duration gravity project. For multi-day storage, this was the most economical way to solve it. Again, credit to Plug for being ahead of the game, not just on the infrastructure, but the strategy they're executing now to produce green hydrogen.
This resulted in a lot of discussions, one of the things we're announcing today is we've signed an MOU together, to collaborate, and to collaborate, around the Plug portfolio of solutions and products as we look at the market for microgrids and the power and the utility market, where we have a lot of knowledge, the front of the meter, market. We have a lot of integration experience in our company. We're a young company, but have probably one of the most experienced teams in the industry in the integration of energy storage.
We also have developed a very unique energy management platform that's now being adopted by many of the largest utilities and independent power players in the world, that brings a lot of capabilities in using AI and other type of data-driven technologies to optimize the economic dispatching and the financial returns for customers. We're gonna be licensing that to Plug for application for their customers as well, as a part of this agreement and deepening our collaboration. Very excited to announce that, and if you think about what that could mean, is we see quite a large market just for this microgrid and multi-day storage opportunity, that's quite large and very exciting for us.
If we think about doing six to 10 of these projects a year over the next five to 10 years, you can get an idea about the size and scale. Again, that's not just infrastructure, but we're also gonna need green hydrogen to deploy those. I'm gonna have Marco talk a little bit about that energy management system and that software platform, because that's a key part of the collaboration that we're beginning and deepening together with Plug.
Yeah, I think that is exciting today being here because there is a lot of synergies between the vision converted into reality by Plug Power on the hydrogen economy, and the matching skills that we are bringing to the table for this partnership. The in front of the meter, knowledge of the market, the ability to monetize and provide the right interpretation of the stacking of revenues to making solution economically attractive. The ability to use an energy management software that helps customer to make this asset economically attractive, increasing the financial and environmental value of this asset.
The ability to have an approach that is related to solution for customer, not trying to push just a product, because the company is producing a certain product, but thinking how a company can use this technology package in a way that is technically attractive, and from the practical point of view, the use case is ultimately useful to them. This is the way that we constantly are thinking about the market. Again, you were mentioning about the vision and making a vision a reality. Our vision is that a customer ultimately need something that solve their problem, and they interact on a daily basis through software for the dispatching this asset in a way that it makes sense for their ultimately, the use case.
We are leading with the software for application that have impact on asset that are at utility scale. Hundreds of millions of dollars of investment. Behind the software that covers a multiple solution, we have duration, energy storage solution with a duration between two to four hours, and this is the so-called B-V ault class of product that we are proposing to the market. We have our proprietary technology around gravity for application between four to 12 hours. We have, and we are here for this reason, the multi-days, multiple days application for a storage that ultimately has to be economically attractive. From my point of view, a few years ago, when we were talking about hydrogen, I always been thinking about a solution 10 years from now, but that is not the case anymore.
The solution are available now, and at PG&E and this microgrid that has been approved by the PUC is an example.
I think this is the experience that we want to bring together and be working with Jose and his team on building out that far right portion there of the business around microgrids and multi-day storage. Having the investments that Andy and the team are making in hydrogen with Sanjay is going to give us that comfort to move forward in now, a very, very aggressive way. Finally, Marco manages the commercial side of the business. What we'll leave you with, and this is a lot of these opportunities, in particular, in those two boxes of shortlisted and award, have to do with a lot of the opportunities that we're working on here in this microgrid area and this front-of-the-meter, multi-day duration and backup storage opportunity.
We aspire as a company, I think, Andy, for what you've built over the last 10-15 years, in particular, in growth. We did $146 million in our first year last year and have 2-3x of that guided here for this year. Hopefully, we'll be able to keep you in sight in our growth platform and working with you and Jose and Sanjay and the team. We'll leave it there. I'm going to turn it back now, I think, Jose, to you. Andy, thank you again for having us here. Thank you.
I turn it around.
Thank you. Thank you. I'll turn this back to.
That's okay.
With that slide.
Well, thank you. I think this is a great opportunity. I just wanted to highlight one thing. I don't want it to get lost in the discussion. If you look at the last line in there, it says, "Equivalent to 100 Calistoga-type systems over five years." Calistoga was 8 MW. That's 800 MW. Over the next five years, that's an opportunity of 160 megawatts per year, and then the consumption of hydrogen associated to it. Wanted to, you know, make sure that you got the context of this. With that, I'm going to leave it to Sanjay to explain to you how he's going to build all the hydrogen that I'm going to need.
Again, good morning, everybody, thank you so much for coming to Rochester, our Gigafactory here. Also those of you listening on the website, thank you so much for being a part of our event here today as well. Jose, Rob, I think you guys just made my job a lot easier. I think all the plans that we're going to build all the way till 2025, I think are essentially sold out now. I get this question from many of you often: Who's going to buy the hydrogen? Where is the offtake, right? Look, couple of things, right? Number one, even the plan that we're about to build in Port of Antwerp, right? That has 8x more demand, even before we've broken ground.
The plant that we're building in Texas, I just wanted to kind of touch on this point since Jose actually ended with all the application, all the opportunity, all the demand that is likely going to materialize for this green hydrogen. Again, the plant in Texas, essentially sold out. The plant here in New York, we have multiple customers that are actually looking to take multiple capacity of the output that we're going to have in that plant. I think when you all talk about who the offtake is, we're really trying to balance that in terms of what the third party, you know, sales is going to be, as well as what our internal demand from our application and business is going to be as well. Our focus has always been, what is it that we're trying to do in our energy business? Make hydrogen easy.
Economical and ubiquitous. Really leverage the flywheel effect of that cost from a total cost of ownership perspective with our green hydrogen energy business, as well our application business, where the cost of both side keeps going down, demand keeps going up, and Dave can keep building more and more manufacturing capacity, more and more opportunity, further driving the cost of everything that we bring to the table down, right? That's really what we're trying to do. Here on this slide, I just wanna touch on a couple of things, right? You know, in terms of the value prop that we've brought to the table, we are fully vertically integrated as a company. You know, when you look at actually our electrolyzer business, we can provide you with 1-megawatt electrolyzer to get things started.
We can go all the way to gigawatt scale, my friend Bruno is gonna talk a lot about all the customer activity we got going on. I just wanna leave you with a couple of thoughts here. We just announced with Avina, our 5-megawatt turnkey product. We have multiple, I mean multiple, large-scale, 100-megawatt-plus opportunity that we're working on right now, which we also talked about during our earnings call not too long ago, we are moving ahead. We're looking forward to bringing them home, there's a lot of those activities going on. Combine that with our liquefier business, right? We have a roadmap where not only that it's the most energy-efficient product, how do you go above 30 tons per day of liquefaction? How do you keep driving the CapEx down?
How do you really focus on making it easy for our customer, and also make it easy from a cost perspective for our own green hydrogen generation network as well. Layer on top of that our trailers, which can all be really serve as like almost like a virtual green hydrogen pipeline, if you would, moving hydrogen across the country. Add on top of that, our mobile refueler, and I hope some of you caught that announcement from this morning. This makes adoption of hydrogen for the mobility market easy. We've already sold this to three transit companies, and by the way, demand is bigger than what we can actually produce this year. That's how big that opportunity is, because it makes adoption of hydrogen easy for many players that are looking to really embrace some of the mobility application. Our storage solution on top of that.
Put all that together, it gives our customer a way to build that turnkey green hydrogen plant if they wanna make a CapEx decision. If they just want to buy green hydrogen from us or get that backup of the green hydrogen from us, we can absolutely do that as well, starting with the first plant that is going to be producing liquid hydrogen here by the end of this month. Let me make a couple of points here on this, right? I really would like everybody, those who are here in the audience, to take a look at the picture on the left-hand side of July of 2022. That was a flat land. There's nothing there for the liquid plant. Look at it right now, the plant is built.
We're doing final tweaking, and we're planning to produce liquid before the end of the quarter. That is less than 12 months, guys, in terms of what we've been able to accomplish here for a first-of-a-kind plant, that where the customer can go and really look at how the 40-megawatt electrolyzer and a 15-ton liquefier and a 90,000-gallon tanks, as well as the loading dock work. How do they really train their operators? How do they debug the system? What else can they do from a system optimization perspective? We've had many customers go through this in the traditional oil and gas industry, the new players in the hydrogen market, and it has become a phenomenal sales tool for us as well, so that they can actually see something that's real, that hasn't been done before.
Not only that it hasn't been done before, we just set the new world record in terms of how quickly can you actually build these plants here, right? It's less than 12 months, guys, versus the industry average of about 48 months. The learnings we've had here is absolutely going to help us when we go down the path of thinking about building the network here. Many of you have seen this slide before, 2023, then 2025. What this Georgia is giving us, it's allowed us to really do the optimization of our cost, plant architecture in New York, allowing us to drive the CapEx down, okay? It actually allowed us to do a lump sum turnkey contract for our plant in Texas, which was not possible until we did this.
Again, driving the cost down, increasing the bankability of this project and this, you know, green hydrogen generation plant, and we're gonna keep leveraging that as we go forward on our path to getting to that 500 tons per day of green hydrogen generation by the end of 2025. This is something I think some of you know, but sometimes I feel like maybe we don't talk enough about it. Let me just put this in a context for a little bit for you all, right? If you're running a 15 tons per day liquid hydrogen plant, you know, the amount of the hydrogen trailers that you need to just support the amount of the production and the capacity is about seven. That's seven liquid hydrogen tanker is what you need. We have 40 of them right now.
Not only just that, we have also 40 drivers. Some of them are team drivers that can actually go nonstop as 1 person is sleeping, another person is driving. We also have 14, the largest amount of high-pressure tube trailers in the industry. This is almost your virtual hydrogen pipeline. Why does this matter? Why am I bringing this up right now? It's because our mission is never run customer out of hydrogen, period. We are a customer-obsessed company. We want to make sure that no matter what happens, whether there's a force majeure in one plant, force majeure in plant number two, if there is three plant under force majeure, we want to make sure that we can move hydrogen from West Coast to the East Coast and keep customers' mission-critical operation going.
By doing this, by implementing the strategy, we've been able to do that, because we have a lot more trailers and the tankers on the road, that we're able to really make sure that the customer's tanks are filled and their mission-critical application keeps going. Now, what does this look like beyond 2025 in terms of our green hydrogen generation network? Andy talked about how we can get to more than 2,000 tons of production, and he said maybe number could be bigger than that, right? You know, I just would like all of you to just take a look at some of that initial comment here. What are we really trying to do? We're focusing on geographic diversity of delivery, which means not just the virtual pipeline, but the actual pipeline, and diversity of application.
Why does that matter? What we're really trying to do here is make sure we are building a kiloton green hydrogen generation facility, where you can actually get behind the meter, absolutely lowest possible cost of hybrid wind and a solar plant. Make sure that you have secured all the water it needs for that particular location. Make sure that location actually have pipeline access to it, where you can use that right of way. There is a demand coming from not just the mobility market, but also from the industrial market, which is so focused on decarbonization, whether it's ammonia industry, whether it's refining industry. That's when you will also see us not only just build a much larger scale plant that is gonna be much more efficient from a design optimization, capital perspective, but also will help you think through optimized capital solution.
Today, we're building these plants on our balance sheet, but when you go down this path, you will actually be able to not only just do back leverage, not only go down the path of project finance, given the way these plans and the deals are going to get structured, if we wanted to, we might even be able to get construction loan to actually build these plants, and that's where we're taking it. That's how we want to create capital formation in this green hydrogen industry and keep moving the industry forward. It's not just about the U.S., and my buddy Paul told me, "Gee, Sanjay, when we get on this, you know, event next year, we should actually be talking not just about North America, but also about Europe." Here we have it, guys, right?
We are looking at 500 tons of generation capacity by the end of 2028 in Europe. That number is substantially larger, just based on what Andy talked about with our activity in Finland, everything that we're trying to do. We're just replicating our know-how in North America and shout out to the team in Europe. They've done an amazing job of sourcing land, sourcing locations where the price of electricity and the renewable electricity is absolutely right. We are just trying to make sure that this is not just a U.S. phenomenon, it's an energy business, it's a global phenomenon, and we want to be the leader in this green hydrogen energy business on a global level, not just on a national level. Now, finally, these are just bringing it all back to today as well for a second.
What are we really focused on this year? We are focused on executing on our substantial electrolyzer backlog, as well as really build our book of business. There is a tremendous amount of activity across our product line, across different end markets. We have a lot of activity going on in our cryogenic business, and the mission is very simple here, guys, and it's pretty clear. What does this all mean? We wanna drive revenue, but more importantly, we wanna drive margin expansion and really deliver that as we go to the end of this year, as we go into 2024. Product sales, help share gross margin, our internal production of green hydrogen absolutely have a transformational effect in terms of what step change you can see in that fuel margin business, which we have talked about with you guys before.
This is one question I've received from many of you, and I just wanted to kinda answer that before that question comes up. What is the attach rate now that Plug is such a vertically integrated company? What does it mean for a customer in terms of what they can really buy from us within our broader green hydrogen product portfolio, and what does that mean? I just would like you all to think about it from this perspective. If somebody's building a 15 tons per day liquid hydrogen plant, now they can buy 40 MW of electrolyzer from us. They will also buy 15 tons of liquefier from us, and by the way, the revenue opportunity now just doubled, okay. Just with that. They also will buy about seven liquid tankers from us to deliver that hydrogen.
They will also likely buy at least 2 90,000 gallon on-site storage tank from us. That added another 20% of incremental revenue opportunity with that. Just with one customer, this enterprise sales opportunity, the portfolio of product that we bring to the table just increases that addressable sales opportunity with every single customer that is looking to do what we're doing in Georgia and in many other locations. With that, without further ado, let me introduce my buddy, Bruno, who's gonna talk about all the great electrolyzer activity we got going on.
Thank you, Sanjay. Thank you, everybody. Nice to be here. I think the last time I was here in this context was back in 2013. At that time, I was working for Air Liquide. Andy had invited me over, asking me, you know, "Hey, why don't you come up and explain a little bit from your end, from your perspective, how is this material ending thing working?" Today, I'll be talking about electrolyzer a little bit more in depth. I'm super happy to be here. You have no idea of how much work has been taking place here, and what my colleagues have accomplished here is just second to none.
We'll dig in a little bit deeper into the electrolysis story at Plug, which is fairly new, by the way, and we'll cover three main things, right? Speed, capacity, and capability. You know, to start with, you know, I talked about speed. About what? It's been less than 36 months that Plug Power has committed itself to work into the electrolysis business, developing its own product and commercializing it. Today, you will see in this facility the stack, which is the core of the technology and the main ticket item by far. What has been accomplished there is, again, fantastic, but you will see it. In order to sell and access the market, we need to wrap it, right?
In less than two years, with the acquisition of Frames out of the Netherlands, we managed to put together a product portfolio that covers the whole landscape of scale of opportunities that we're facing today. Cause we will talk about there's two main dimensions that you need to take into consideration with respect to green hydrogen, is obviously the scale of the opportunities, so having a right product portfolio to match that, but also the different market and application that entails different need, different case use. Here, in less than two years, we were able to cover the whole range of possibilities. This is quite unique.
Starting from the small and medium scale, that it was really, really close to what we're doing in the material handling, when we're providing the hydrogen supply to our own infrastructure, call it a refueling station. These two packages, the 1 and the 5 megawatt that both Andy and Sanjay alluded to, are kind of turnkey systems, right? When you get to the bigger scale, and this is what we're gonna be talking about a bit later, you need to have a much more collaborative arrangement. You have a building brick, which is represented here by this 10-megawatt brick. This is a conversation that you start with your partner, that they're doing, just like we're doing, trying to build, develop their project. Not as fast as us, but they're doing great.
And you need to accompany them, working with them in defining the overall basis of design of the plant, and then, you know, participating to the decisions on how to configure, how to best match their ability. That was done in less than two years, and we're commercializing those technologies. Now, you know, it's good to have renderings, and I think we needed some pictures. Here you see those products being deployed in real industrial use today. I think Andy mentioned, we are, or by the end of this year, we will have units running pretty much all over the globe. That's quite a feat, you know. Again, please appreciate, you know, 24, 36 months ago, that was nothing yet, right? It's happening. It's out there.
Here you have in Egypt, you got 2 x 5- megawatt delivering green hydrogen to be used to produce green ammonia. In the middle, that's a first, worldwide first, a fully offshore system. You're going to say it's 1 megawatt, fully agree. Offshore is further down the road, but we talked about how do you get green electrons to the users? How do you basically manage this grid bottleneck that we're going to be faced with the heavy electrification of different case use? You know, hydrogen is there and is an enabler. It's a step change for higher renewable deployments. You can put basically windmills and solar panels where there is wind and where there is sun, and the way to connect yourself back to the market is through a carrier. Often, that involves hydrogen.
Offshore, being there and playing already on this is quite a feat, is quite important. On the right-hand side, sorry, your right-hand side, you have that 10-megawatt building brick that I talked about being fabricated. You got about 10 pieces of them. This is in Dubai. We talked about speed and how Plug just went through things in typical fashion. Again, I worked in this industry for about 20 years, and it's only been, what, 18 months that I joined Plug, 'cause can't beat them, join them, basically. Here I am, talking and representing Plug and very being super happy in doing so.
We talked about markets, and I wear my industrial hat here, and I will not cover too fast, those two and three on the bottom end, 'cause I think you had very interesting pieces earlier on today. Just to say that if you put yourself and your objective is to sell electrolyzers, which is basically what I'm doing every day, you're looking at where can I go ahead? Taking Plug out of the equation, where can I really think that I'm going to be able to sell my technology and be able to do so in a volume that I will get the scaling that is required? Because Dave has built this facility. It starts by industrial. I've been selling hydrogen for most of my career, and this was to industrial customers. There is a market.
It's about 100 million metric tons per year of gray hydrogen out there. This is going anywhere but green in the future. This is the place to start, so this is happening now. It's taking a little bit more time because you're talking about industrial stakeholders. You're often talking about oil and gas guys, that they wanna do things properly. They got their gated process, and they don't build plants in 12 months. That's okay, no problem. It will go green. Whether people like it or not, it is going green. You know, cash is king, I get that. Land is queen. There's no policymakers today that like to cut ribbons where there's the word CO2 involved, and that's a reality. Try to get your permitting done on fossil-based stories today.
It's a lot more complicated than it used to be, and it's getting more and more traction. Industry will go green, and that's a 100 million metric ton target right there. On that front, were quite successful, because now everybody's like, "Yeah, I wanna go green. I need to test it. I'm an industrial. I've been using hydrogen for years. Is this technology working?" That 5-megawatt package we came up with really addresses a very interesting need here, because they want to pilot, somewhat techno demonstrate, that green hydrogen is ready to play and be their main source of hydrogen going forward. We are having a lot of success there, like I said, with customers ranging from different applications that were brought up earlier by Andy and by Sanjay. There's the go big or go home market.
That's what my colleague, David, always calls it. You know, that's the green chemical and fuels market. Green ammonia, methanol, sustainable aviation fuels. This is gonna take a little bit longer, right? This is where there's a huge opportunity out there. They use hydrogen as a feedstock in their process, and it's out there, and it's gonna happen, right? It's gonna take a little bit longer, and that's why it's important to demonstrate what you're doing in the industrial scale first, right? There, we already have pretty significant customers that are going to pilot this technology to be used in their day-to-day applications, such as Infinium or Fertiglobe.
The last two, this is where it gets super interesting, 'cause as Sanjay mentioned in the end and concluded, you know, people don't get that enterprise sale, right? Or call it the model, like, that ecosystem model. This is unique because in the sense that when you look at this market and this opportunity for electrolysis from outside, you wouldn't pick mobility or power or energy as the main focus. 'Cause they need a little bit more talk. They need players such as Marco and Rob here today, that will put together and somewhat define how many building bricks that you need to come up with an integrated solution, right?
It takes a little bit longer, it takes more dialogue, and it's gonna happen no matter what, because it serves a purpose. Here, Plug is really particular in the sense that it's creating demand. It's creating demand through its own applications. Unlike others, that somewhat just for an ELX sales perspective, this would be the weaker markets or the less prioritized one. For Plug, they're the most certain one in the sense that we don't need too many people around the table to FID on those. Demand is coming. We're creating that own demand. Again, we talked about speed, and this visit is about capacity, but then capabilities as well. It's again, it's not just the stack. It's pretty important, don't get me wrong, and this is what I'm covering in my presentation. You'll get to see the rest.
What's really important as well is to look at what goes beyond and what needs to be developed in order to have this manufacturing facility to run. My colleague, Brendan, has been doing a tremendous job to ensure that this facility can run at the rate it is running today, which is a first worldwide, by the way. Also setting up the stage for the future to make sure that we do have what it takes in order to follow that beautiful hockey stick that's coming our way. On that front, you know, I think we're covered in terms of the stack. On the system, unlike other stakeholders, we've decided to leverage a different approach, an approach where we have it dissociated. You won't see the actual electrolyzers being manufactured here.
What you see is the core, the heart, about 50% of the value, right, inside the thing. When you look at the product portfolio that we mentioned, we do have a worldwide fabrication network that can be enabled in function of where we are selling. Andy mentioned we were selling electrolyzers on five continents. We do have partners that work with us to wrap that stack and deliver the products that we show across the globe, taking the local regulation, the local reality into consideration, and being able to really also add value to our offer. In conclusion, right, what makes Plug unique, right? It's pretty important, and we're dedicated, right? I used to work for companies in the past.
I was dedicated to hydrogen, my boss, he was talking to me maybe twice or three times a week, right? Him, he was, like, partly dedicated, his boss's boss. When I was younger, when I was here in 2013, there was boss, boss. At the end, the guy was maybe not really thinking about green hydrogen. Here, we're 27, you know, 24/7. Sorry, 27. What is that? I'm trying to get some hours off, yeah. 24/7, we're thinking about it. What's important as my friend Jose Luis presented very well, is that we're creating our own demand. You've got those two business units, you know, call it the energy, call it the application world, that are building this hydrogen economy from both ends, right?
We do have the ability to join together, and that brings a little bit of certainty, and that should comfort anybody about why we're taking those steps faster than anybody else. We're seeing things ahead, because we are working at it from both respective ends. On the system, I'm back to electrolysis. I'm talking of the overall, but it's important, right? It's that business model that really differentiates and brings a lot of certainty and ensures that what we're building is gonna get used and is gonna help scaling the technology and get those costs down that this industry requires. Again, I'd like to finish about, you know, the execution capacity and the flexibility. Talked about those two systems and stack manufacturing schemes and the greatness of our supply chain.
I really look forward to your feedback and exchanging with you after the visit. Really thank you for taking the time, and I let you with the most interesting presentation. Not necessarily, but at least the most interesting presenter, for sure. My friend, Paul, the floor is yours. Thank you.
You'd think after nine years of doing these events with Andy, he'd realize not to put me last, but I'll see if I can keep it interesting here to the wind down. Where are we here? I get to share about our financial plans. As I always like to start and say, you know, given how big these markets are, you know, the foundation that Plug has established, the penetration that we've already made, and the differentiated position that Plug has and can leverage going forward, reaching our objectives really seem very obtainable. It's really through this scaling that's gonna drive the continued improvement in profitability and evolve us to that commercial enterprise that's routinely generating positive operating income and positive cash flows.
When you look at, you know, to support our growth, we have built a strong, differentiated platform that will enable us to meet our targets, including a broad foundation of technologies that enabled early adoption, deep relationships with multiple industry leaders across many sectors, new investments that are expanding our geographic and industry footprints, and a strong cost discipline that continues to drive down the total cost of ownership. We have a broad pipeline and a backlog that supports our near-term growth prospects. I like to use the phrase, "Success breeds success." We're seeing that with our as we scale up our new offerings and expand our material handling established business. The breadth of investments over the last couple of years are truly creating an inflection point as we scale up these new platforms.
For Plug, the compounding opportunity is evolving. It's really about execution to take advantage of these sales opportunities. As the team sharing today, the markets and near-term opportunities are substantial, and the market tailwinds are helping us propel our growth to, on a global level. We're seeing common themes on our platforms to grow and scale, from growing our customers and partners, to continuing to innovate, to leveraging flexible business models, to expanding our capabilities, and of course, driving costs down while enhancing product performance. As you look at our forecast, you see particularly growth dominated by products and fuel sales growth. These two components will increasingly be the majority of what we sell going forward. We spend a great deal of time as a management team refining our strategies to scale and drive cost downs. We're focused on speed, learning fast, and reacting quickly.
We have clear visibility on these strategies and clarity on how to execute. In these core tenets is what's gonna enable us to achieve our targets. A key reason in our confidence that we can further reduce costs has been our experience. When you look at what we've done in material handling, as an example, between design enhancements, supply chain leverage, overhead leverage, every time we've doubled the installed base, we have seen a 25% cost reduction. We absolutely expect these trends to continue as we continue to scale these new platforms. To date, fuel sales has largely been a pass-through business. The focus going forward is on leveraging our new hydrogen platform.
In addition, our scale and growth, we will see continued leverage on spend in this CapEx supply chain, a scale that benefits our internal use, as well as the products that we offer our customers. That's a unique competitive advantage. Since our focus from the start has been on green, we are well positioned to take advantage of the regulatory incentives like the PTC credit here in the U.S. Operating income and operating cash flows stem from gross margin and OpEx leverage. As we grow the business and drive costs down, this will translate into a positive trajectory for operating margins and cash flows. Our growth forecast suggests we should achieve positive equilibrium on operating cash flows in the next 12 months, if not sooner. This will be a substantial milestone for Plug.
I heard an analyst recently describe Plug as a really big startup. I think it's a true description when you look at the number of new platforms we're launching and driving scale quickly in parallel. I tell our team routinely, it's difficult to optimize without scale. Fortunately, we have the substantial pipeline to realize our potential quickly and the clear focus to optimize commensurately. We've got strong visibility into 2023. For our revenue target in 2023, it represents substantial growth in new markets like on-site generation, stationary power, on-road, green hydrogen, as well as growth in our established material handling business. This represents expanding our current customers and adding a number of new customers. As Andy mentioned, it also represents expanding our international footprint and reach.
As we've shared previously, our focus for 2023 is very specific and prioritized: scaling electrolyzers and stationary solutions, building out our green hydrogen network, expanding our existing material handling business, developing cost-efficient debt capital solutions to fund our ongoing investment plans, and collaborating with regulators to leverage policy like the IRA here in the U.S. For the first half, we believe we're on track with our efforts. ELX stack production hitting here in May, over 100 stacks per month. deploying our first stationary products, commissioning our first green hydrogen plant, leveraging our material handling pipeline to drive growth, and building on our cryogenic pipeline. If you look at our near-term objectives, we still have six and a half months to go this year.
We collaborate with the leadership teams here in Plug often and usually daily, to stay laser-focused on the things we believe we need to do to realize our growth targets for the second half of this year and position Plug for 2024 and beyond. Scaling up these new endeavors is hard, from finalizing new designs and collaborating with customers, partnering with vendors and fabricators to ramp up capabilities, scaling our manufacturing and optimizing as we scale, and rapidly reiterating as we focus on learning and adapting quickly. I can share with you, our collective pace is accelerating with each milestone we cross, more than any company I've ever worked for. I think it's because of the entrepreneurial culture in Plug, our customer-first focus, and our passion to collaborate and accelerate success. We're well positioned to deliver on our second half objectives.
We recently shared some additional insight on our 2023 targets. The biggest variable in the near term is scaling our on-site hydrogen generation platform and our liquid hydrogen cryogenic products. Scaling these new platforms is super exciting, especially in light of how big these markets are and the commercial traction that we're seeing. In the near term, we have more than ample pipeline, we believe, and we believe we've scaled the right capabilities to bring these opportunities to fruition, but it's hard doing things no one's ever done before. Having said that, when you look at factors like Plug building a hydrogen plant faster than ever anyone's ever done, building our first 1- megawatt stack last year, and now we're up to 100 stacks of capability per month, these kind of accomplishments give us a lot of confidence that we're on the right track.
Sales growth and migrating towards positive operating margin cash flow trends in the near to midterm what's gonna allow us to access cheaper cost of capital. Our base product business is actually not significantly CapEx intensive. The new hydrogen platform, however, is more capital intensive. Fortunately, long-lived infrastructure investments are very attractive to project financing partners, and we have significant interest to participate, which will yield lower cost of capital solutions as we. To finance these initiatives. We are poised with around $6 billion in assets and a substantial cash position to fund our continued growth, and we have little, very little debt leverage. That we're turning on the first green hydrogen plant and proving out that lucrative portfolio, it also opens up efficient leverage opportunities.
We're developing a range of capital solutions. We'll continue to look for the best solution for Plug and our stakeholders. I wanna thank you guys for your time today. I look forward to sharing more about our story as we continue on.
For those in the room, you're going to have a wonderful opportunity, and Dave is going to come up and tell you about the plant tour and be able to see this wonderful Gigafactory. You know, maybe, Dave, we are going to have to make it a Tera factory soon, when I walk around and see everything we are doing. For those on the webcast, I want to thank you so much for joining us today. I hope the investors heard what we have done here over the last few years. We have built world-class manufacturing facilities. We are building green hydrogen plants faster than anyone else. We are building products for utility applications, which we could have never imagined a few years ago. Look, our old business, like material handling, keeps on bringing order in, after order in, after order in. This is a special company.
I have an all-employee meeting every week. One thing I remind the employees every week: we're not playing this game to come in second place. You know, it sounds probably a little outrageous, but we're looking to dominate the hydrogen industry. We're going to be the company that people will talk about in 2035, like people talk about Amazon and Google today. This is the company that's going to change the world. It's because we're willing to do the things which are tough and be able to aggressively develop this market with customers. Let me tell you, I'm on the final note out there, investors, that relationship with customers, you should never doubt. You know, today, we've probably talked about 25 or 30 customers.
We built this business working with customers, and we'll continue to build this business working with customers, not talking in back rooms to ourselves, but talking to the world out there. Thank you everyone who joined us on the webcast, my buddy, Dave, you're up here to tell folks more about what the numbers on their badges mean. Dave. By the way, when you look at this man.