Plug Power (NASDAQ:PLUG) news for Tuesday includes a deal with Walmart (NYSE:WMT) boosting its stock higher.
Here’s what investors in PLUG stock need to know about the Walmart deal.
- Plug Power is working with Walmart to provide it with fuel cell-powered vehicles for its eCommerce network.
- This started in August and there are plans for expansion of the deal in 2021.
- What this means is that PLUG is providing GenKey hydrogen and fuel cell solutions to Walmart at its logistics centers.
- That includes several types of electric vehicles in the company’s material handling fleet.
- Among these are “material handling trucks, tuggers, automated guided vehicles, airport ground support equipment, and commercial fleet vehicles.”
- This expansion makes sense as Plug Power has been working with Walmart since 2010.
- That includes providing it with 9,500 GenDrive fuel cell-powered vehicles that are used at 37 of the retailer’s distribution centers in North America.
Jeff Smith, senior director of Walmart’s supply chain, said this about the news pushing PLUG stock higher today.
“The challenges this year have increased demand on leading brands providing necessary goods and services to customers. At our distribution facilities across the country, our decision to be an early adopter of Plug Power’s hydrogen fuel cells has helped us manage and meet the increased demand for food and basic supplies. This is why we’re excited to expand Plug Power’s proven solutions into our eCommerce network in 2021.”
PLUG stock was up 12.8% as of Tuesday morning and is up 789.6% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
