Fiserv earnings missed by $0.61, revenue fell short of estimates
SLINGERLANDS, N.Y. - Plug Power Inc. (NASDAQ:PLUG) has deployed its hydrogen fuel cell systems and infrastructure at Floor & Decor’s Frederickson, Washington distribution center, according to a company press release issued Thursday.
The implementation equips the specialty flooring retailer’s facility with a complete hydrogen ecosystem powering 77 pieces of material handling equipment. The installation includes a 10,000-gallon liquid hydrogen storage tank, vaporizers, compressors and a dispensing system.
Plug Power states the technology will help Floor & Decor reduce carbon emissions by more than 400 metric tons annually at the distribution center. The system produces water vapor as a byproduct, which the company captures and reuses for facility operations such as floor scrubbers. Current dispenser data indicates the system generates approximately 80 gallons of water daily for recapture.
"Our end-to-end hydrogen solutions help support Floor & Decor’s dedication to operational efficiency," said Andy Marsh, CEO of Plug Power, in the statement.
The hydrogen system offers off-grid capabilities that can enhance energy resilience during power outages, according to the release. The modular infrastructure is designed to scale as operations grow.
This marks Floor & Decor’s first implementation of a zero-emission material handling fleet at any of its facilities. Plug Power has previously deployed over 72,000 fuel cell systems and 275 fueling stations across various industries.
The company currently operates hydrogen production plants in Georgia, Tennessee and Louisiana with a combined capacity of 40 tons per day. For investors seeking deeper insights into Plug Power’s financial health and growth prospects, InvestingPro offers a comprehensive analysis with 14 additional exclusive ProTips and detailed metrics in its Pro Research Report.
In other recent news, Plug Power Inc. has completed the first phase of hydrogen delivery for a German energy storage project, contributing 44.5 metric tons of hydrogen to the H2CAST initiative. This project, led by Gasunie and STORAG ETZEL, focuses on repurposing salt caverns for hydrogen storage. Additionally, Plug Power has announced a $371 million warrant inducement agreement with an investor, allowing for the exercise of existing warrants and the issuance of new ones. The transaction is anticipated to close soon, pending customary conditions.
In analyst updates, TD Cowen has increased its price target for Plug Power from $3.00 to $4.50, while maintaining a Buy rating. This decision followed meetings between TD Cowen analyst Jeffrey Osborne and Plug Power’s CFO and investor relations representative. Furthermore, Plug Power is actively engaging with investors through a series of non-deal roadshows in Montreal, Toronto, Paris, and Boston. These meetings are part of the company’s strategy to enhance investor relations and communication.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.