Shares of Plug Power Inc. (NASDAQ: PLUG) surged in premarket trading Wednesday after the fuel cell maker revealed that it had received an order from Wal-Mart Stores Inc. (NYSE: WMT) for its hydrogen fuel cells to power electric lift truck fleets at six of the retailer’s North America distribution centers by the second quarter of 2014.
Walmart has ordered a total of 1,738 the company’s GenDrive fuel cell units, to be deployed over two years, along with construction of the needed infrastructure, the hydrogen fuel supply and six-year service contracts for each site.
Walmart said: “We are pleased with the performance of the hydrogen fuel cells that we have been operating and are excited to expand our program with Plug Power.” These fuel cells can contribute to an increase in productivity, as workers spend less time fueling forklift trucks, resulting in less downtime.
Plug Power CEO Andy Marsh said:
This agreement is a tripling of Walmart’s commitment to Plug Power’s fuel cells, and is encouraging because it comes from a company with so much experience using our product. This is a milestone for Plug Power and its ongoing business relationship with Walmart. … We have proven to be a trusted partner and are confident that GenKey will enhance Walmart’s material handling operations.
Shares of Plug Power were up about 13.6% to $4.43 in premarket trading Wednesday. The 52-week range is $0.12 to $4.90.
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