Plug Power (PLUG, $3.81) clinches a $172 million deal with Fortune 100 company
Hydrogen fuel cell systems company Plug Power announced a $172 million contract with a "Fortune 100" company.
Plug Power's stock price surged +14.78% on Monday on news of the deal with the unnamed material handling company. The project calls for hydrogen fuel cell deployments across the Fortune 100 company’s distribution network over a two-year period.
Plug Power said that the contract is for its GenDrive fuel cell power, GenFuel hydrogen fuel, storage and dispensing infrastructure, as well as GenCare aftermarket service and support. Plug Power indicated that the contract (along with other factors like growth in the European market and new sales channels' developments ) would be critical towards achieving its 2024 target of $1 billion in billings. .
Companies with warehouses and other facilities with 200 or more hydrogen-powered forklifts can save more than $1 million a year, according to Plug Power.
PLUG in +8.79% Uptrend, advancing for three consecutive days on July 16, 2024
Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where PLUG advanced for three days, in of 265 cases, the price rose further within the following month. The odds of a continued upward trend are .
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Notable companies
The most notable companies in this group are Bloom Energy Corp (NYSE:BE), Plug Power (NASDAQ:PLUG), FuelCell Energy (NASDAQ:FCEL), GrafTech International Ltd (NYSE:EAF).
Industry description
The industry produces a diverse range of electricity-powered equipment, appliances and components, catering to both households and industries. The products include power, distribution and specialty transformers; electric motors, generators and motor-generator sets; switchgear and switchboard apparatus; light bulbs, tubes, fittings and electric signs etc. Consumer income, construction spending, and industrial production are major drivers of demand for this industry’s products. Large companies tend to have economies of scale in production, marketing, and distribution, while smaller companies can potentially carve out their own market through niche or specialty offerings. The US electrical products manufacturing industry includes about 5,700 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $125 billion. (according to a study published in First Research). Emerson Electric Co., Hubbell Incorporated and Eaton Corporation plc are major electrical products makers in the U.S.
Market Cap
The average market capitalization across the Electrical Products Industry is 4.67B. The market cap for tickers in the group ranges from 750 to 181.26B. NISSF holds the highest valuation in this group at 181.26B. The lowest valued company is EDYYF at 750.
High and low price notable news
The average weekly price growth across all stocks in the Electrical Products Industry was -2%. For the same Industry, the average monthly price growth was 2%, and the average quarterly price growth was 3%. GELNF experienced the highest price growth at 33%, while VARTY experienced the biggest fall at -84%.
Volume
The average weekly volume growth across all stocks in the Electrical Products Industry was -21%. For the same stocks of the Industry, the average monthly volume growth was 7% and the average quarterly volume growth was 129%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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