Plug Power Surges on Second French Fuel Cell Order in a Weekby
Will supply at least 150 forklift power systems to Carrefour
Follows sale to FM Logistics warehouse in France last week
Plug Power Inc. climbed the most in more than four months after winning its second major order to provide fuel cell power systems for forklifts in France.
Plug Power rose 7.3 percent to $1.9 at 9:49 a.m. in New York, after earlier rising as much as 10 percent, the most intraday since March 10. Before today, the shares had declined 16 percent this year.
Carrefour SA agreed to buy at least 150 of Plug Power’s GenDrive systems to power electric lift trucks at a new distribution center in Vendin-les-Bethune, the Latham, New York-based fuel cell supplier said in a statement Tuesday. The company last week announced a deal to provide systems to FM Logistics, its first significant sale in France.
Plug Power’s hydrogen-powered fuel cell systems displace the need for lead-acid batteries normally used in material-handling vehicles. The project will be completed this year and will be eligible for funding from the European Union’s hydrogen joint undertaking, according to the statement.