Plug Power Surges After Additional Order From Wal-Mart

Jul 29, 2014 4:37 pm ET

(Updates with closing share price in second paragraph.)

July 29 (Bloomberg) -- Plug Power Inc., a supplier of fuel cells for electric forklifts, rose the most in a week after Wal- Mart Stores Inc. agreed to use its units at a seventh site.

Plug Power gained 4.5 percent to close at $5.77 in New York. Earlier it climbed as much as 10 percent, the most intraday since July 22. Shares have almost quadrupled this year.

The 286 fuel cells are expected to be delivered to a Wal- Mart distribution center in Sterling, Illinois, in the third quarter, Latham, New York-based Plug Power said today in a statement. Terms weren’t disclosed.

Wal-Mart agreed in February to purchase 1,783 fuel cells to be spread among six sites in North America. At the time, the world’s largest retailer had deployed 535 Plug Power systems at three sites in the U.S. and Canada.