Dallas, Texas 02/11/2014 (FINANCIALSTRENDS) – The $298 million market capped alternate energy solutions provider Plug Power Inc (NASDAQ:PLUG) saw its share price jump up by a huge 14.5 percent during trading on 10th February. This jump which adds to the close to 582 percent appreciation posted by the firm in the past quarter, has been caused by the firm disclosed that it had struck a deal with retailing firm. As per the terms of the agreement, Plug Power Inc (NASDAQ:PLUG) will be the sole supplier of fuel cells to the retailer. The fuel cells are extensively used in the running of powerful forklifts.
Plug Power Inc (NASDAQ:PLUG) has disclosed that it would be bringing in around 1500 hydrogen powered fuel cells units and will place them in previously identified six widely distributed retailers who are spread across U.S over the next 18 to 24 months. While the name of the retailer with who it has struck this deal and the financial terms surrounding it are yet to be disclosed publically, Plug Power Inc (NASDAQ:PLUG) has indicated that the first such retail outlet would be operational in the April to June time frame this year.
Plug Power Inc (NASDAQ:PLUG) has been positioning its fuel-cell systems as a viable and cheaper alternative to rechargeable batteries which are extensively used in forklifts across warehouses and retailing units in U.S today. Reduced carbon footprint, better time efficiencies and increased employee productivity are some of the added advantages of using the fuel cell systems being manufactured and sold by Plug Power. It is important to note here that at this stage, Plug Power Inc (NASDAQ:PLUG) has tie ups with retailers and auto manufacturers like Wal-Mart Stores Inc. and automakers BMW and Mercedes-Benz for supplying its fuel cells. The stock is trading 2858 percent above its 52 week low price point.