NEW YORK (TheStreet) -- Plug Power Inc. (PLUG) was jumping at the market open on Tuesday after announcing plans to develop hydrogen fuel-cell range extenders for 20 FedEx (FDX) delivery trucks, which should allow the vehicles to cover twice as much ground.
Plug Power was jumping 15% to $3.19. Shares have surged 106% over the past 12 months.
The U.S. Department of Energy will fund the $3 million project, which includes Plug Power, FedEx Express and Smith Electric Vehicles as partners. Lithium-ion batteries and Plug Power's own 10-kilowatt hydrogen fuel cells will power the new hybrid trucks. Plug Power's GenDrive Series 1000 products provide the basis for the fuel cell solution.