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Plug Power (NASDAQ:PLUG) recently took the wheel in a whirlwind of announcements, the latest being an extended journey in its partnership with shipping titan, Uline.
Renewing their alliance, Plug will wield an 18,000-gallon hydrogen reservoir and install 17 hydrogen refueling stations at Uline’s novel epicenter in Kenosha, Wisconsin. These enhancements will fuel four distribution hubs anchoring the campus. Additionally, Uline will be gifted 250 more fuel-cell forklifts, each powered by on-site hydrogen.
CEO Andy Marsh hailed the union, saying, “The continued growth of our longstanding eight-year union with Uline underscores the profound impact of our hydrogen and fuel cell technology on logistical operations. Uline’s devotion to rapid turn-around times means efficiency and dependability are paramount, benefits Plug’s fuel cell solutions are adept at delivering.”
Accelerating PLUG Stock: Powering Ahead with Uline
Within a span of 10 months, Plug’s hydrogen infrastructure at Uline will be live. The inaugural distribution node at Uline’s emerging haven is forecasted to wrap up this year, with additional edifices slated for the forthcoming years. This promises a slew of opportunities for extended hydrogen service offerings from Plug.
Having initiated their partnership in 2015, Plug and Uline’s team-up has burgeoned to encompass 270 fuel-cell forklifts as of 2023. This escalation will elevate the tally to 520 forklifts, underpinned by 34 hydrogen refueling stations spanning 10 locations. Uline steers the wheel as a pivotal patron of the green hydrogen powerhouse.
In another strategic move, Plug announced signing a confidential pact with a “major U.S. automaker.” The agreement will see Plug furnish the manufacturer with a fleet of fuel-cell vehicles, two liquid hydrogen tanks, and over 10 hydrogen refueling stations fortifying their manufacturing grounds sprawled over six square miles. Installation work on the hydrogen infrastructure is set to kick off this year, gearing for operational readiness by the first quarter of 2025.
Looking ahead, Plug anticipates a significant event on their horizon. The company has confirmed its upcoming Q4 earnings report scheduled for Friday, March 1, before the market unfurls. Analysts foresee an 8% revenue dip to $203 million and a GAAP EPS shortfall of 41 cents.
As of the publication date, Eddie Pan didn’t have any stakes, direct or indirect, in the securities referenced in this article. The viewpoints expressed here are those of the author, in compliance with the guidelines of InvestorPlace.com.
