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Here's Why Plug Power (PLUG) Stock is Skyrocketing Today
On Wednesday, shares of hydrogen fuel cell maker Plug Power (PLUG - Free Report) are skyrocketing, up around 73% in afternoon trading after the company announced a supply agreement with e-commerce giant Amazon (AMZN - Free Report) , a deal that could be worth up to $600 million.
As part of the deal, Amazon will use Plug Power’s fuel cells and hydrogen technology in its fulfillment network, and at certain locations, the tech company will begin powering industrial equipment like forklifts using Plug Power’s GenKey technology. The deal will bring $70 million in revenues to Plug Power this year.
In addition, Latham, New York-based Plug Power granted Amazon the right to purchase up to 55.3 million common shares at a price of $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.
The deal has the potential to help boost the fuel cell sector as a whole as well, as it represents the potential for growth in the industry. Fuel cell makers were once heavily favored by Wall Street when the technology was expected to be widely adopted—especially in electric vehicles—but the sector gradually lost support among many investors.
However, Plug Power’s arrangement with Amazon helped bolster shares of other fuel cell technology companies today. Ballard Power Systems (BLDP - Free Report) is up over 3%, FuelCell Energy (FCEL - Free Report) has gained over 7%, and Capstone Turbine Corp. has climbed about 2.6%.
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