Plug Wins Contract to Supply Fuel Cell Systems to Retailer

Feb 10, 2014 4:36 pm ET

(Updates with closing share price in last paragraph.)

Feb. 10 (Bloomberg) -- Plug Power Inc., the Latham, New York-based maker of fuel-cell systems for warehouse forklifts, won a contract to supply power units, fuel and services at six North American distribution centers for a retailer.

Plug will supply more than 1,500 fuel cells, hydrogen fueling systems and maintenance services over two years and plans to begin operating at the first site during the second quarter, the company said today in a statement. Plug didn’t identify the retailer or disclose terms of the deal.

Plug rose 15 percent to $3.55 at the close in New York. The shares have more than quadrupled since the company said Dec. 4 that cost reductions and increasing orders may generate an annual profit for the first time this year.

--Editors: Tina Davis, Amanda Jordan