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.