Plug Power Rises on Mercedes-Benz Fuel-Cell Order

July 18 (Bloomberg) -- Plug Power Inc., a maker of fuel cells for electric vehicles used in factories and warehouses, reached its highest level in a month after Mercedes-Benz purchased 72 forklift systems to use in a Tuscaloosa, Alabama, plant.

Plug Power increased 1.7 percent to $1.17 at the close in New York, its highest price since June 14.

Mercedes-Benz, a unit of Germany’s Daimler AG, will use the company’s GenDrive fuel cells to replace lead-acid batteries in a portion of its electric forklift fleet, Latham, New York-based Plug said today in a statement.

Plug said its hydrogen fuel cells may be refilled in less time than it takes to recharge a battery-powered electric vehicle.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net