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On Thursday, Plug Power, Inc. (NASDAQ:PLUG) got a contract from Southwire, a North American manufacturer of wire and cable, to implement a clean hydrogen ecosystem at their new distribution site in Dallas-Fort Worth, Texas.
As part of the agreement, Plug will deliver over 50 hydrogen-powered forklifts with GenDrive fuel cells, along with a fueling station featuring four GenFuel dispensers.
Hydrogen will be sourced from its facilities in Georgia, Tennessee, or Louisiana. Plug will also provide on-site fuel cell service for five years and maintain the hydrogen infrastructure for a decade.
Plug's solution is projected to eliminate over 1 million pounds of CO2 emissions annually from Southwire’s direct operations.
This initiative marks Plug's expansion into the industrial supplier market, building on its strong foothold in e-commerce and retail.
Plug CEO Andy Marsh said, “The deployment of our hydrogen and fuel cell solutions at Southwire reflects our laser-focused commitment to our core markets and a return to the fundamentals that have driven our success.”
This month, the company reported fourth-quarter revenue of $191.5 million, missing analyst estimates of $263.2 million, and recorded $971.3 million in non-cash charges for asset impairments and bad debt provisions in the fourth quarter on strategic shifts and market demand pushouts.
Investors can gain exposure to the stock via Global X Hydrogen ETF (NASDAQ:HYDR) and ETF Series Solutions Defiance Next Gen H2 ETF (NYSE:HDRO).
Price Action: PLUG shares are up 2.53% at $1.702 at the last check Thursday.
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