Fuel Cell Stocks In Play As Plug Power Reports New Customer From Big Box Retailer

Shares of fuel cell stocks were in play Tuesday following news that Plug Power Inc (NASDAQ: PLUG) would supply a new big box retailer.

In a press release, Plug Power said it would deliver its GenKey hydrogen and fuel cell system to power the customer’s material handling fleet at its new distribution warehouse in Troy Township near Toledo, Ohio.

While the customer’s identity had not yet been disclosed, it has more than 100 distribution centers in North America and Plug Power was in discussions regarding future deployments across the customer’s network.

Plug Power said the the GenKey installation was fully deployed and it included 177 GenDrive units that would power a mix of class-2 and class-3 lift and reach trucks, a GenFuel hydrogen fuel supply and storage infrastructure with a GenCare maintenance contract.

"Plug Power has done a tremendous job at deploying our GenKey solution with a broad range of customers who are critical to our growth," said Andy Marsh, CEO at Plug Power. "This new big box retailer falls in line with customers like Walmart, Kroger and Ace Hardware. And, we intend to have a similar relationship in helping this customer realize the business improvements provided by a Plug Power solution."

Plug Power recently traded at $2.68, up 3.88 percent.

Ballard Power Systems Inc. (USA) (NASDAQ: BLDP) also moved higher and traded at $2.13, up 1.09 percent, while shares of FuelCell Energy Inc (NASDAQ: FCEL) fell 0.82 percent to $1.21.