Plug Power stock (PLUG) is up 8% pre-market following a five-year deal to provide fuel cells with Central Grocers.
Central Grocers placed an order for 182 next-generation GenDrive fuel cell units for its electric lift truck fleet.
The deal secures a fuel cell contract for the GenDrive fleet.
“This is a success story for Plug Power, as nothing validates our solution better than a satisfied customer who orders more,” Andy Marsh, Plug Power CEO, said in a statement. “Central Grocers was an early adopter that has been reaping the benefits of GenDrive fuel cell solutions, and will now see additional benefits through our GenCare services.”
The new units will be in place by the third quarter of this year.
The new units replace the original fleet — which have clocked more than two million hours.
Central Grocers touts itself as the first grocery warehouse in which all goods are handled with hydrogen fuel cell-powered lift trucks.
Plug Power’s customers include Walmart, BMW, Kroger, Wegmans and Bridgestone.
PLUG has been up and down in recent months, though its push into the new markets, added revenue and recent stock offering all show longer-term viability.
PLUG stock is up 124% year to date.
