Southwire partners with Plug Power to implement a clean hydrogen ecosystem at its new Texas distribution site, enhancing sustainability.
Quiver AI Summary
Southwire, a prominent North American wire and cable manufacturer, has partnered with Plug Power Inc., a leader in hydrogen solutions, to establish a clean hydrogen ecosystem at its new distribution site in Dallas-Fort Worth, Texas. This collaboration represents Plug Power's entry into the industrial supplier market, having previously focused on e-commerce and retail sectors. Under the agreement, Plug will supply over 50 hydrogen-powered forklifts and a fueling station, while sourcing hydrogen from its facilities in Georgia, Tennessee, or Louisiana. The initiative aims to accelerate sustainability goals, with Southwire expecting to reduce over 1 million pounds of CO2 emissions annually from its operations. Both companies emphasize the importance of sustainability in their business strategies, highlighting the innovative potential of hydrogen solutions in various markets.
Potential Positives
- Southwire partners with Plug Power to implement a clean hydrogen ecosystem at its new distribution site, highlighting its commitment to sustainability and innovation.
- The initiative will significantly reduce carbon emissions, with an expected displacement of over 1 million pounds of CO2 annually.
- This partnership allows Plug Power to expand into the industrial supplier market, demonstrating the versatility of its hydrogen solutions across new sectors.
- The deployment of hydrogen-powered forklifts and fueling infrastructure aligns with increasing demands for sustainable practices in supply chain operations.
Potential Negatives
- The partnership with Plug Power may indicate Southwire's need to rely on external expertise for sustainability initiatives, which could raise concerns about its internal capabilities in this area.
- There may be potential operational risks linked to the reliance on Plug Power's hydrogen supply and maintenance services, which could affect Southwire’s operations if not managed properly.
- The press release contains forward-looking statements regarding Plug Power that may lead to skepticism about the viability and scalability of the hydrogen solutions being implemented, impacting stakeholder confidence.
FAQ
What is the partnership between Southwire and Plug Power about?
Southwire and Plug Power are collaborating to implement a clean hydrogen ecosystem at Southwire's new distribution site in Dallas-Fort Worth, Texas.
How many hydrogen-powered forklifts will Plug Power supply?
Plug Power will supply more than 50 hydrogen-powered forklifts equipped with GenDrive fuel cells.
What are the sustainability goals of Southwire?
Southwire aims to reduce greenhouse gas emissions, promote energy efficiency, and enhance the circular economy as part of its sustainability strategy.
How does Plug Power contribute to the hydrogen industry?
Plug Power leads in hydrogen production, providing electrolyzers, fuel cell systems, and fueling infrastructure to promote energy independence and decarbonization.
What impact will the partnership have on carbon emissions?
The partnership is expected to displace over 1 million pounds of CO2 annually from Southwire's direct operations.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PLUG Insider Trading Activity
$PLUG insiders have traded $PLUG stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $PLUG stock by insiders over the last 6 months:
- GEORGE C MCNAMEE sold 10,000 shares for an estimated $20,916
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$PLUG Hedge Fund Activity
We have seen 181 institutional investors add shares of $PLUG stock to their portfolio, and 238 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- NORGES BANK added 40,061,643 shares (+139.6%) to their portfolio in Q4 2024, for an estimated $85,331,299
- UBS GROUP AG added 12,562,348 shares (+418.3%) to their portfolio in Q4 2024, for an estimated $26,757,801
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 6,053,493 shares (+9897.0%) to their portfolio in Q4 2024, for an estimated $12,893,940
- CITADEL ADVISORS LLC added 5,218,822 shares (+336.7%) to their portfolio in Q4 2024, for an estimated $11,116,090
- POINT72 ASSET MANAGEMENT, L.P. added 4,868,671 shares (+inf%) to their portfolio in Q4 2024, for an estimated $10,370,269
- VANGUARD GROUP INC added 4,491,114 shares (+5.4%) to their portfolio in Q4 2024, for an estimated $9,566,072
- BLACKROCK, INC. added 3,566,933 shares (+4.7%) to their portfolio in Q4 2024, for an estimated $7,597,567
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Full Release
SLINGERLANDS, N.Y., March 13, 2025 (GLOBE NEWSWIRE) -- Southwire, a leading North American manufacturer of wire and cable, will tap Plug Power Inc. (NASDAQ: PLUG), a global leader in hydrogen solutions for the hydrogen economy, to implement a clean hydrogen ecosystem at its new distribution site in Dallas-Fort Worth, Texas.
This initiative marks Plug’s entry into the industrial supplier market, building on its established presence in the e-commerce and retail sectors. Through this partnership with Southwire, Plug is expanding its reach by demonstrating the versatility and appeal of its green hydrogen solutions in new markets.
Under the recently signed agreement, Plug will supply more than 50 hydrogen-powered forklifts, equipped with GenDrive fuel cells, and a fueling station featuring four GenFuel dispensers. Plug will also source hydrogen from one of its production facilities in Georgia, Tennessee or Louisiana. Additionally, Plug will provide on-site service for the fuel cells for an initial five-year period and maintain the hydrogen infrastructure for 10 years.
Aiming to accelerate carbon reduction goals from the supply chain, Southwire has embedded sustainability into the strategy and its business practices. The company's commitment to sustainability encompasses promoting energy and water efficiency, reducing greenhouse gas emissions, sourcing and redesigning with sustainable materials and enhancing circular economy. The Plug solution is expected to displace over 1 million pounds of CO2 per year from our direct operations.
"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," said Plug CEO, Andy Marsh. "Today, sustainability is a critical factor in the decision-making processes of many organizations. Our innovative hydrogen infrastructure provides a sustainable alternative at any scale."
“Our partnership with Plug Power is a testament to the commitment of our stakeholders, as well as our team members to ensure sustainability is part of our culture, embedded in our daily decision-making process,” said Se Oh, Southwire’s vice president of operations sustainability. “As we seek to discover what is possible, we’ll continue to leverage our partners such as Plug Power to help make Southwire generationally sustainable for the next 75 years and beyond.”
Plug revolutionized the material handling industry by establishing the first commercial market for fuel cells. Designed as direct replacements for traditional batteries, Plug’s fuel cells deliver reliable, consistent power while eliminating emissions. With the added benefit of clean hydrogen supply, Plug enables customers to keep their fleets running 24/7, maximizing productivity and operational efficiency.
About Southwire
Southwire Company, LLC is North America's leading wire and cable company. The $8.4B organization is made up of more than 9,000 team members across the globe who unite as ONE Southwire each and every day to serve each other, their customers and their communities. Southwire and its subsidiaries provide solutions including building wire and cable, metal-clad cable, utility products, portable and electronic cord products and OEM wire products. In addition, Southwire offers electrical products, engineered solutions and a variety of field support services. For more on Southwire, its products and solutions, its community involvement and its vision of sustainability, visit
www.southwire.com
.
About Plug Power
Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications and energy producers—advancing energy independence and decarbonization at scale.
With electrolyzers deployed across five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 70,000 fuel cell systems and 250 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, producing 39 tons per day.
With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP.
For more information, visit
www.plugpower.com
.
Plug Power Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. (“Plug”), including but not limited to statements about: Plug’s ability to effectively and economically implement a hydrogen infrastructure at specific customer distributions; Plug’s continued build-out of its hydrogen network and its ability to allow customers to seamlessly integrate hydrogen into their operations across multiple industries; customer demand for liquid hydrogen; the impact of policies in the U.S. on the demand for liquid hydrogen; the liquid hydrogen production out of Plug’s hydrogen plants bringing down the average cost of delivered hydrogen, positively impacting Plug’s fuel margins; and Plug’s ability to build out a vertically integrated hydrogen ecosystem, including its ability to develop multiple hydrogen production plants targeting commercial operation by year-end 2028. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug’s public filings with the Securities and Exchange Commission (the “SEC”), including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31, 2024, Plug’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and any subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and Plug undertakes no obligation to update such statements as a result of new information.
Media Contact:
Fatimah Nouilati
Email:
PlugPR@plugpower.com
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