Plug Power shares climbed today after the company revealed that Wal-Mart Canada has placed an order for more of its GenDrive units. Wal-Mart was already using Plug Power’s hydrogen fuel cell forklift systems in some of its distribution centers. This latest order expands the big box retailer’s fleet of Plug Power units to more than 230.
Shares of Plug Power climbed as much as 4.85% to $2.81 per share during regular trading hours today after the announcement was made this morning.
Plug Power expands relationship with Wal-Mart
In a press release this morning, Plug Power announced that under the terms of the expanded contract with Wal-Mart Canada, it will provide another 124 GenDrive fuel cells for its facility in Balzac, Alberta, Canada. Plug Power will also install its GenFuel infrastructure at the Balzac warehouse.
The company said its GenFuel system will support two buildings at the facility: the High Velocity Distribution Center, which is a new addition to the site, and the current Perishable Distribution Center. Plug Power added that the installation of its GenFuel system at the Alberta facility will be the first in Canada.
Wal-Mart a big supporter
In the U.S., Wal-Mart already has a fleet of over 1,800 of Plug Power’s GenDrive units. The relationship between the companies dates back to 2007. The latest order of GenDrive and GenFuel units is an expansion of a contract the two companies have had since 2010.
By the end of this quarter, Wal-Mart will be running Plug Power’s hydrogen fuel cell forklifts and infrastructure in eight distribution centers in the U.S.
PLUG keeps adding customers
Today’s increase in Plug Power’s share price is pretty standard, as the stock climbs pretty much anytime the company announces that it received an order. Last week the company revealed that a “large footwear manufacturer” had placed an order with it.
Plug Power also recently announced that it had sold some units to Uline and to an unnamed big box retailer.
