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Plug Power Climbs on Wal-Mart Fuel-Cell Forklift Order

Feb. 26 (Bloomberg) -- Plug Power Inc., the supplier of fuel cells for electric forklifts that’s doubled in market value this year, surged the most in two weeks after announcing an order from Wal-Mart Stores Inc.

Plug Power increased 13 percent to $4.41 at the close in New York, the biggest increase since Feb. 10, when the order was initially announced without identifying the customer. The shares were trading at 11.8 cents a year ago.

Wal-Mart, the world’s biggest retailer, will use more than 1,700 hydrogen fuel cell systems at six North American distribution centers, Latham, New York-based Plug said today in a statement. The deal also includes refueling equipment and a six-year service agreement.

Wal-Mart is already using 535 Plug systems at three sites in the U.S. and Canada. Plug announced an order from a “major North American retailer” on Feb. 10.

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

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