NEW YORK (TheStreet) -- Shares of Plug Power (PLUG) soared 12.86% to $3.95 in morning trading Thursday after the fuel cell systems manufacturer announced a multi-year, $20 million contract with an unnamed "major North American telecommunications provider."
The contract is for Plug Power's ReliOn fuel cell power and GenFuel hydrogen services. Under the terms of the contract, Plug Power expects to support up to 500 new sites.
"At Plug Power, we fully understand the critical nature of communications during power outages," said Plug Power CEO Andy Marsh. "ReliOn hydrogen fuel cell power, coupled with GenFuel hydrogen services, ensures customers' systems remain up, even when the grid goes down."
Separately, TheStreet Ratings team rates PLUG POWER INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: