NEW YORK (TheStreet) -- Plug Power (PLUG) is soaring after announcing a multi-site GenKey purchase order from Wal-Mart (WMT). Fellow alternative fuel cell makers FuelCell (FCEL) and Ballard Power Systems (BLDP) are being pulled higher, too.
By midmorning, shares of Plug Power have gained 14.4% to $4.46. FuelCell is up 6.6% to $1.79, while Ballard Power Systems has added 11.4% to $3.27.
Plug Power's deal will see it rolling out hydrogen fuell cell solutions to power electric lift truck fleets at six of Wal-Mart's North American distribution centers. The first site will be deployed by the second quarter ending June of 2014.
A total 1,738 GenDrive fuel cell units will be deployed over two years with a six-year GenCare service contract for each site.
"We are pleased with the performance of the hydrogen fuel cells that we have been operating and are excited to expand our program with Plug Power," said Jeff Smith, senior director for Wal-Mart Logistics.
"This agreement is a tripling of Wal-Mart's commitment to Plug Power's fuel cells, and is encouraging because it comes from a company with so much experience using our product," said Andy Marsh, CEO at Plug Power.
Wal-Mart currently has 535 GenDrive fuel cell units in operation at certain refrigerated distribution centers.
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TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D-. The team has this to say about their recommendation: