Plug Power Rises on Order for 182 Fuel Cell ForkliftsChristopher Martin
Plug Power Inc., a supplier of fuel cells for electric forklifts, rose after winning an order to supply 182 systems for Central Grocers Inc. in Illinois.
Plug climbed 2.2 percent to $3.72 at the close in New York.
The fuel-cell systems will run lift trucks at Central Grocers’ warehouse in Joliet, Illinois, and the order includes a five-year service contract, Latham, New York-based Plug Power said today in a statement.
The company hasn’t reported net income since its 1999 initial public offering, and said in December it needs to ship 3,000 units this year for earnings before interest, taxes, depreciation and amortization to reach break even.
Wal-Mart Stores Inc. agreed in February to buy more than 1,700 Plug systems for six North American distribution centers.
The shares have surged more than 1,300 percent in the past year.