Plug Power (PLUG) Soars on Multi-Site GenKey Deal with Amazon (AMZN)

 

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Shares of Plug Power Inc. (Nasdaq:PLUG) climbed more than 80% to touch a new 52-week high in pre-market trade Wednesday after the company said that Amazon.com, Inc. (Nasdaq:AMZN) will use its fuel cells and hydrogen technology to power the e-commerce giant’s industrial equipment at certain fulfillment center locations.

According to the alternative energy solutions provider, about $70 million in revenues are expected from the multi-site GenKey deal and the two companies also will work together on potential applications for Plug Power’s ProGen fuel cell engines.

Plug Power added that it gave Amazon warrants to purchase up to 55,286,696 of its shares at $1.1893 each.

PLUG stock closed at $1.30, down 1.52% (or -$0.02) with a total volume of 2.37M shares traded on Tuesday.

Plug Power, which engages in the design, development, commercialization, and manufacture of hydrogen fuel cell systems primarily for the material handling and stationary power market, has 191.19M shares outstanding. At close on Tuesday, the company had a market capitalization of $248.54M and PLUG stock one-year range was between $0.83 and $2.28 per share

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