Wall Street darling Plug Power is having a good day. Alternative power producer Plug Power Inc (NASDAQ:PLUG) announced Tuesday, July 29th, that it has received an additional GenKey purchase order from Wal-Mart Stores, Inc. to add an seventh GenKey fuel cell site to the original six-site contract announced in February of this year. This additional site will be located in Sterling, Illinois, and comprises 286 GenDrive fuel cell units. The new GenKey site should be operational in the third quarter of 2014.
Plug Power Inc (NASDAQ:PLUG – Initial Wal-Mart contract
The initial GenKey order from Wal-Mart consisted of 1,783 GenDrive fuel cells to be used in the retailer’s forklift fleets at six loctions across North America. The site in Pottsville, Pennsylvania was brought on line during the second quarter of 2014. For the installation, Plug Power Inc (NASDAQ:PLUG) deployed jusat under 300 GenDrive fuel cell units in Walmart’s class-2 and class-3 electric lift trucks. Moreover, Plug Power built Walmart Pottsville’s outdoor and indoor GenFuel infrastructure in less than 13 weeks following the receipt of the initial order.
The GenDrive units at the Pottsville site have already put in over 100,000 hours of run-time, and the GenFuel infrastructure has delivered almost 10,000 kg of fuel. The other five GenKey sites are in planning or under construction.
Statement from Plug Power Inc (NASDAQ:PLUG)
“The original contract deployments are proceeding, and the timely completion of the first GenFuel build helps validate our turnkey capability,” Andy Marsh, CEO of Plug Power, said in a statement. “We are excited to help Walmart realize the positive impact of GenKey in so many locations in 2014.”
Plug Power Inc (NASDAQ:PLUG – More about GenKey
GenKey is Plug Power Inc (NASDAQ:PLUG)’s complete, environmentally friendly hydrogen fuel cell power solution. The GenKey system includes GenDrive fuel cell units, GenFuel infrastructure construction and hydrogen fuel supply and GenCare onsite maintenance service.
GenKey fuel cell power systems represent the latest and most efficient power production technologies. Plug Power Inc (NASDAQ:PLUG)’s revolutionary fuel cell technology enables companies to both significantly reduce reduce their carbon footprint and cut their operational costs.
Plug Power Inc (NASDAQ:PLUG) shares are trading up 30 cents at $5.82 apiece (5.4%) as of 11:26 AM ET today.