Plug Power Secures Hydrogen Contract with Southwire for Clean Energy Transition in Dallas-Fort Worth
Key Ideas
  • Plug Power will supply over 50 hydrogen-powered forklifts and a fueling station with GenDrive fuel cells to Southwire's new distribution site in Dallas-Fort Worth, Texas.
  • Hydrogen for the project will be sourced from Plug's facilities in Georgia, Tennessee, or Louisiana, leading to a significant reduction of over 1 million pounds of CO2 emissions annually.
  • The initiative signifies Plug's move into the industrial supplier market, marking a strategic expansion beyond its existing presence in e-commerce and retail sectors.
  • Despite missing revenue estimates in the fourth quarter, Plug Power's partnership with Southwire demonstrates a strong commitment to sustainable solutions and growth in the clean energy sector.
Plug Power, Inc., a leading company in hydrogen fuel cell technology, has secured a contract with Southwire, a North American manufacturer, to establish a clean hydrogen ecosystem at Southwire's new distribution site in Dallas-Fort Worth, Texas. The agreement entails the delivery of over 50 hydrogen-powered forklifts equipped with GenDrive fuel cells and a fueling station featuring four GenFuel dispensers. Hydrogen for the operation will be sourced from Plug's facilities in Georgia, Tennessee, or Louisiana, with a focus on reducing CO2 emissions by over 1 million pounds annually. Plug will provide on-site fuel cell service for five years and maintain the hydrogen infrastructure for ten years. This development marks Plug's expansion into the industrial supplier market, complementing its strong presence in e-commerce and retail sectors. Plug CEO Andy Marsh emphasized the company's dedication to core markets and sustainable success through the deployment of hydrogen and fuel cell solutions at Southwire. Despite reporting lower-than-expected revenue in the fourth quarter, Plug's collaboration with Southwire reaffirms its commitment to clean energy solutions and growth in the renewable energy sector. Investors interested in Plug Power can access the stock through Global X Hydrogen ETF (HYDR) and ETF Series Solutions Defiance Next Gen H2 ETF (HDRO). As of the latest check, Plug Power shares were up 2.53% at $1.702. The partnership between Plug Power and Southwire highlights the importance of hydrogen technology in reducing carbon emissions and advancing sustainable practices in industrial operations.
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