Plug Power To Power Southwire's Texas Facility With Hydrogen Forklifts, Cutting 1M+ Pounds Of CO2 Annually
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 13 2025
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Source: Benzinga
Plug Power's New Contract: Plug Power, Inc. has secured a contract with Southwire to implement a clean hydrogen ecosystem at their Dallas-Fort Worth distribution site, which includes supplying over 50 hydrogen-powered forklifts and a fueling station, aiming to reduce CO2 emissions by over 1 million pounds annually.
Financial Performance and Market Position: Despite the new contract, Plug Power reported disappointing fourth-quarter revenue of $191.5 million, falling short of analyst expectations, and faced significant non-cash charges, indicating challenges in market demand while expanding into the industrial supplier market.
Analyst Views on PLUG
Wall Street analysts forecast PLUG stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for PLUG is 2.46 USD with a low forecast of 0.75 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
4 Buy
8 Hold
3 Sell
Hold
Current: 2.590
Low
0.75
Averages
2.46
High
7.00
Current: 2.590
Low
0.75
Averages
2.46
High
7.00
About PLUG
Plug Power Inc. is engaged in offering end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals. The Company develops commercially viable hydrogen and fuel cell product solutions. It provides electrolyzers that allow customers, such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations, to generate hydrogen on-site. It focuses on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites and environmental benefits; stationary power systems that supports critical operations, such as data centers, microgrids and generation facilities, in either a backup power or continuous power role and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers; and production of hydrogen.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
