Plug Power…Fuel Cells to Wal-Mart, Sort Of (PLUG, WMT)

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By Douglas A. McIntyre Published
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Plug Power Inc. (NASDAQ:PLUG) has announced that its wholly owned subsidiary Cellex Power Products, Inc. received a purchase order for its GenDrive(TM) fuel cell power units from Wal-Mart Stores, Inc. (NYSE:WMT).  The order is for use in lift trucks at one of the company’s distribution centers.  Plug Power said this was its largest single GenDrive order to date, although the financial terms were not disclosed.

The order follows a successful beta trial at two Wal-Mart distribution centers in Ohio in late 2006.  The new units will power pallet trucks used at Wal-Mart’s food distribution center in Washington Court House, Ohio, replacing the lead- acid batteries that are traditionally used in such applications.  The purchase of these fuel cell power units is equivalent to removing approximately 60 cars from the highway in southeastern Ohio in terms of CO2 and greenhouse gas emissions.

This is only at one distribution center, so it’s quite far away from being a company-wide event and still a ways off from being a major financial event for Pluf Power.  Plug Power generated about $4 Million in revenues last quarter.

Jon C. Ogg
October 22, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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