$PLUG #2 This investment company just bought $15.75 million in Plug Power stock
Apr 13, 2017, 1:55pm EDT Updated Apr 13, 2017, 2:30pm EDT
INDUSTRIES & TAGS Technology
http://www.bizjournals.com/albany/news/2017/0...?ana=yahoo
Plug Power, the Latham, New York, fuel cell manufacturer, raised $15.75 million on Wednesday.
The latest investment comes after Plug signed a $600 million deal with Amazon (NASDAQ: AMZN), where the company will begin using Plug Power's fuel cells to power its industrial equipment, including forklifts, in 11 of Amazon's fulfillment centers this year. Plug Power said revenues from the commercial agreement with Amazon are expected to be about $70 million in 2017.
The multi-year contract also includes the opportunity for Amazon to buy up to 23 percent of Plug.
Plug Power (NASDAQ: PLUG) makes fuel cells, called GenDrive, used to power forklifts in warehouses and distribution centers. Fuel cells are seen as an alternative to lead-acid batteries.
The company also offers hydrogen fueling stations called GenFuel to attract more recurring revenue. The full system is called GenKey.
Today, Plug has more than 14,000 fuel cells powering industrial electric vehicles for some of the largest companies in the world, including Wal-Mart, Home Depot, Nike and Carrefour, Europe's largest big-box store.
It is one of the largest manufacturers in the Albany area, employing more than 400 engineers, researchers and technologists.
Fuel cells used to power forklifts in warehouses now make up about 80 percent of Plug's business.
Plug Power is looking to diversify by finding new applications for its technology beyond material handling, including electric delivery vehicles. The biggest potential for that lies in China, where its government plans to invest $100 billion into alternative technologies in the next few years.
Plug's stock was selling up at $2.34 on Thursday morning.
Chelsea Diana covers technology, money and restaurants.
Apr 13, 2017, 1:55pm EDT Updated Apr 13, 2017, 2:30pm EDT
INDUSTRIES & TAGS Technology
http://www.bizjournals.com/albany/news/2017/0...?ana=yahoo
Plug Power, the Latham, New York, fuel cell manufacturer, raised $15.75 million on Wednesday.
The latest investment comes after Plug signed a $600 million deal with Amazon (NASDAQ: AMZN), where the company will begin using Plug Power's fuel cells to power its industrial equipment, including forklifts, in 11 of Amazon's fulfillment centers this year. Plug Power said revenues from the commercial agreement with Amazon are expected to be about $70 million in 2017.
The multi-year contract also includes the opportunity for Amazon to buy up to 23 percent of Plug.
Plug Power (NASDAQ: PLUG) makes fuel cells, called GenDrive, used to power forklifts in warehouses and distribution centers. Fuel cells are seen as an alternative to lead-acid batteries.
The company also offers hydrogen fueling stations called GenFuel to attract more recurring revenue. The full system is called GenKey.
Today, Plug has more than 14,000 fuel cells powering industrial electric vehicles for some of the largest companies in the world, including Wal-Mart, Home Depot, Nike and Carrefour, Europe's largest big-box store.
It is one of the largest manufacturers in the Albany area, employing more than 400 engineers, researchers and technologists.
Fuel cells used to power forklifts in warehouses now make up about 80 percent of Plug's business.
Plug Power is looking to diversify by finding new applications for its technology beyond material handling, including electric delivery vehicles. The biggest potential for that lies in China, where its government plans to invest $100 billion into alternative technologies in the next few years.
Plug's stock was selling up at $2.34 on Thursday morning.
Chelsea Diana covers technology, money and restaurants.
