The deal will have Plug Power Inc providing Amazon.com, Inc. with its GenKey technology. This includes the use of fuel cells and hydrogen technology for powering machines. The deal will have this tech coming to some of AMZN’s fulfillment centers.
Plug Power Inc says that Amazon.com, Inc. will be using its GenKey technology to power forklifts and other machines in its fulfillment centers. It says that this will allow for faster charging, reduced costs and will support energy efficiency.
Plug Power Inc’s deal to provide Amazon.com, Inc. with its GenKey technology will bring $70 million of revenue to the company this year. The company says that it will also be working with AMZN on technology collaboration. It hopes that this will allow it to expand the uses of its ProGen fuel cell engine technology.
Plug Power Inc has also announced that it is letting Amazon.com, Inc buy a large sum of its common stock. It is granting the company the right to purchase up to 55,286,696 shares of PLUG stock. AMZN will be able to buy the stock for $1.1893 per share. This price is based on the stock’s volume weighted average closing price for the last 30 days of trading that ended on April 4.
PLUG stock was up 63% and AMZN stock was up 1% as of Wednesday morning. Plug stock is up 77% year-to-date and AMZN stock is up 21% year-to-date.