Plug Power (NASDAQ:PLUG) news for Monday concerning a $172 million order has PLUG stock lighting up.
According to a Plug Power news release, the order comes from a Fortune 100 company. The release doesn’t reveal the name of this company. However, it does go over the details of the order that was made by it.
This order is for Plug Power’s “GenDrive fuel cell power, GenFuel hydrogen fuel, storage and dispensing infrastructure, and GenCare aftermarket service and support.” The company says that more companies are turning to its products and services to increase productivity, lower operating costs and reduce greenhouse gases.
Andy Marsh, the CEO of Plug Power, has this to say about the $172 million deal.
“The material handling industry remains our core growth market in the near-term. This sizable contract signifies continual market validation to customer’s rapidly moving material handling business thus far. We commend this customer for its leadership in hydrogen and fuel cell adoption throughout the logistics business. Coupling this growth with already unfolding market expansion in stationary power and on-road electric vehicles well positions Plug Power to achieve our $1B gross billing goal for 2024.”
The Plug Power news release also notes that the global total available market for material handling currently has a value of $30 billion.
PLUG stock was up 16.72% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.