Plug Power shares rise on fuel-cell deal
NEW YORK (AP) — Shares of Plug Power Inc. jolted higher Monday after the alternative energy company said it signed a deal with a retailer to provide fuel-cell systems used to power forklift trucks.
Plug Power said it will bring 1,500 hydrogen fuel-cell systems to six of the retailer's North American distribution centers during a two-year period. The first site will be operational by the second quarter of this year. Plug Power did not name the retailer or announce financial terms of the deal.
The fuel-cell systems eliminate the need to use rechargeable batteries to power the forklifts. Plug Power said that its systems can lower costs, increase productivity and reduce a company's carbon footprint.
The company, which is based in Latham, N.Y., already provides the same fuel-cell systems at other major companies, including retailer Wal-Mart Stores Inc. and automakers BMW and Mercedes-Benz.
Shares of Plug Power rose 53 cents, or 17.1 percent, to $3.63 in afternoon trading Monday. Its shares are nearly 10 times higher than they were a year ago.