Plug Power Rallies Over 60% On Agreement With Amazon

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, April 5, 2017

Shares of Plug Power Inc. (NASDAQ:PLUG) are skyrocketing today on news that the Company pegged an agreement with Amazon to utilize Plug Power fuel cells and hydrogen technology in its fulfillment network. At select fulfillment center locations, Amazon will begin powering its industrial equipment such as forklifts using the GenKey technology which will enable faster charging times, reduced costs, and support energy-efficiency in Amazon’s fulfillment operations. Revenues associated with the commercial agreements are expected to be around $70 million in 2017.

Additionally, Amazon and Plug Power will begin working together on technology collaboration, exploring the expansion of applications for Plug Power’s line of ProGen fuel cell engines.

This close partnership between Plug Power and the 800-pound gorilla retailer, Amazon has excited shareholders with shares of PLUG rallying over 60% on volume of over 86 Million shares, significantly higher than the 5.6 Million average volume for the stock. With today’s parabolic move higher, shares actually set a 52-week high earlier in the day when they hit $2.40 per share. At last check, shares were trading at $2.10 about mid-way through the trading day.

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