Dallas, Texas 03/11/2014 (FINANCIALSTRENDS) – Plug Power Inc (NASDAQ:PLUG) stock catapulted by a huge 24 percent during trading on 10th March on the back of news that it had won a major order for supplying 1700 cells from retailing giant Wal-Mart of its clean energy hydrogen fuel cells. In the recent past these high technology clean energy batteries have been in great demand since they do not use electricity to recharge and also take negligible time to recharge. There by a host of businesses which rely on forklifts to conduct their business are migrating to these new technology cells in droves, thereby creating a huge demand funnel for the Latham based firm.
Commenting about the huge surge forward in the company’s prospects, in which its market valuation has gone up by a huge 5964 percent in the past one year, company’s long serving President, Chief Executive Officer, Director Andrew J Marsh has been quoted to have said that,
“We always knew we were going to be successful. In 2014 we will make money. Our units can dramatically improve the productivity of an organization. Wal-Mart seems to agree as they have purchased 1,700 fuel cells from the company over a four-week period. Before making this commitment, Plug had to prove its value to the retailing giant in 3 warehouses over a period of a couple of years.”
Wall Mart is only the latest convert to the legions of happy corporate customers who are dependent on Plug Power Inc (NASDAQ:PLUG) manufactured cells. Fed Ex is another major corporate house which has leveraged the advantages of the Hydrogen cells in tandem with its lithium batteries to extend the life of its portable vans from earlier 80 miles to an incredible 160 miles. The firm is also riding high on the latent demand for hydrogen powered power stations which it is extensively investing into lately.