Shares of Plug Power (NASDAQ:PLUG) jumped more than 60% early morning after the energy solutions provider announced its agreement with Amazon (NASDAQ: AMZN) in which the e-commerce company will utilize Plug Power fuel cells and hydrogen technology at select fulfillment center locations. Amazon will begin powering its industrial equipment using the GenKey technology to achieve faster charging times and reduced costs while supporting energy-efficiency in fulfillment operations. Revenues associated with the commercial agreements are expected to be around $70 million in 2017. “This agreement is a tremendous opportunity for Plug Power to further innovate and grow while helping to support the work Amazon does to pick, pack and ship customer orders,” Plug Power CEO Andy Marsh stated in the news release. “Our hydrogen fuel cell technology, comprehensive service network, and commitment to providing cost-savings for customers has enabled Plug Power to become a trusted partner to many in the industry and we are excited to begin working with Amazon.”
To view the full press release, visit: http://nnw.fm/ByT6t
About Plug Power Inc.
The architects of modern hydrogen and fuel cell technology, Plug Power is the innovator taking hydrogen fuel cell technology from concept to commercialization. Plug Power has revolutionized the industry with its simple GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. Plug Power’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer.
Plug Power’s hydrogen and fuel cell solutions for material handling applications replace lead acid batteries to power electric industrial vehicles, such as the lift trucks Amazon uses in its fulfillment centers. Material handling professionals experience a more productive workforce as trucks operate at maximum power for an entire shift, and they can eliminate costly battery changes that impact productivity and safety. The use of hydrogen fuel cells also reduces greenhouse gas emissions, improving a customer’s environmental footprint.
Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. Through ProGen, Plug Power extends its reach into the on-road electric vehicle market, increasing its served market for fuel cell products and hydrogen fueling stations. The ProGen fuel cell engine solution addresses a wide range of applications, including parcel delivery and service trucks, municipal and government fleets, taxis and port vehicles. ProGen engines are proven today, with more than 6,000 ProGen engines in service, supporting some of the most rugged operations in the world.
Plug Power is the partner that customers trust to take their businesses into the future. For more information about Plug Power, visit www.plugpower.com
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