Fuel cell technology developer Plug Power (PLUG) says that a “leading retailer” plans to install its turnkey hydrogen fuel cell system solutions. News of the deal sent Plug Power stock up more than 17% in Monday morning trading.
Plug Power shares surged after Plug Power said that the contract called for the roll out of its systems as at six North America retail distribution centers with the first Plug Power system forecast to go online during the second quarter of this year. The name of the retailer involved in the new contract was not disposed. However, Plug Power noted that additional details about the deal would be released later.
According to Plug Power, the two-year deal involves more than 1,500 GenDrive PEM fuel cell power units. Plug Power noted that the deal also covers “multi-year contracts for GenFuel hydrogen, GenFuel fueling infrastructure, and GenCare service.”
A number of companies have GenDrive systems already installed, including Procter & Gamble (PG), Walmart (WMT) and Kroger (KR). Plug Power says that in excess of 4,500 GenDrive units are currently deployed across North America.
The Plug Power news also rallied other fuel cell stocks. Ballard Power Systems (BLDP) surged more than 6%, while FuelCell Energy (FCEL) climbed about 2% on Monday morning.
PLUG stock has soared more than 600% over the past twelve months. PLUG stock closed at $3.10 a share on Friday.