This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Walmart Expands Commitment To Plug Power Hydrogen Fuel Cells With GenKey Order For Seventh N. American Distribution Center

Stocks in this article: PLUG

LATHAM, N.Y., July 29, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG) today confirms the company has received a follow-on GenKey purchase order from Wal-Mart Stores, Inc. to add an additional, seventh, GenKey site to the original six-site contract it announced in February 2014. This additional site in Sterling, IL consists of 286 GenDrive fuel cell units and is planned to deploy in the third quarter of 2014.

GenKey is Plug Power's all-inclusive hydrogen fuel cell power solution, combining:

  • GenDrive fuel cell units
  • GenFuel infrastructure construction and hydrogen fuel supply
  • GenCare onsite maintenance service

In February 2014, Plug Power received a milestone GenKey order from Walmart to roll out 1,783 GenDrive fuel cells in the forklift fleets at six sites across North America. The first of these sites, in Pottsville, PA, was brought successfully on line during the second quarter of 2014. Plug Power deployed almost 300 GenDrive fuel cell units in Walmart's class-2 and class-3 electric lift trucks. Additionally, Plug Power built and commissioned Walmart Pottsville's outdoor and indoor GenFuel infrastructure in less than 13 weeks following the receipt of the initial order.

To date, the GenDrive units in Pottsville have accumulated over 100,000 hours of run-time, and the GenFuel infrastructure has dispensed more than 9,900 kg of fuel. Utilizing its proprietary dispensers, Plug Power ensures a perfect integration of the refueling system with the GenDrive products.

"The original contract deployments are proceeding, and the timely completion of the first GenFuel build helps validate our turnkey capability," said Andy Marsh, CEO at Plug Power. "We are excited to help Walmart realize the positive impact of GenKey in so many locations in 2014."

GenDrive fuel cell units are currently powering electric lift truck fleets at four Walmart distribution centers in North America – consisting of two sites in Canada and two sites in the USA. Walmart's second Plug Power GenKey site, located in Johnstown, New York, is in the final stages of GenDrive deployment, and is already supported by an on-site GenFuel hydrogen infrastructure. The add-on Sterling, Illinois GenKey site is currently in the planning stages and is expected to be deployed by the end of the third quarter.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs