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Plug Power shares surge on Amazon deal
Shares of hydrogen fuel cell firm Plug Power Inc (NYSE:PLUG) shot up over 67% as it announced a supply agreement with online retail behemoth Amazon.com Inc (NASDAQ: AMZN).
The latter has acquired the right to buy up to 23% of the firm.
As part of the deal, Amazon will use Plug Power’s powerful fuel cells and technology in its fulfillment network, or in other words, its warehouses.
The world’s largest online retailer will equip forklifts with hydrogen fuel cells so they can lift more goods and charge faster.
Plug Power said revenue associated with the agreement is expected to be around $70 million.
It has also granted Amazon warrants to buy up to 55.3 million shares at an exercise price of $1.1893.
Plugs shares are up 67.05% to $2.17.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/176032/plug-power-shares-surge-on-amazon-deal-176032.html
