Plug Power Inc (NASDAQ: PLUG) gained ground Tuesday as the company reported a new European deal with Asko and Toyota Material Handling.
Asko will use GenDrive fuel cells to power its industrial electric forklift fleet in Trondheim, Norway. The fleet will be deployed in the fourth quarter of 2017.
Plug, headquartered out of Latham, New York, said the agreement enables GenDrive fuel cell units to be incorporated into Asko’s Trondheim distribution center, with the possibility to convert the full 95-truck fleet to fuel cell power.
Green hydrogen will be produced on site via electrolysis technology provided by NEL ASA, which produces electricity from solar panels. The Trondheim facility is a pilot project, and forecasts expansion potential to additional opportunities, including Asko’s 13 regional warehouses.
Said CEO Andy Marsh, "Plug Power’s proven performance in Europe has attracted leading partners, like Toyota, NEL ASA and Asko, as we expand our European fuel cell presence into Norway.
"In Europe, the value proposition remains the same – industrial electric vehicle users constantly seek productivity enhancing solutions that positively impact the bottom line. Plug Power’s GenDrive solution does this."
The architect of modern hydrogen and fuel cell technology, Plug Power trumpets its status the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer.
Shares jacked up 13 cents, or 4.8%, in the final hour of trading to $2.86.
