NEW YORK (TheStreet) -- Plug Power (PLUG) shares are up 3.33% to $2.67 in morning trading on Tuesday after the hydrogen fuel cell manufacturer announced that it has gained an undisclosed big box retailer as a client, reaching an agreement for its fuel cell system to power the material handling fleet at the company's new distribution center in Ohio.
Latham, NY-based Plug Power said that its new client also has over 100 distribution centers across the country and that it is currently in negotiations for future deployments of its GenKey hydrogen and fuel cell system across its network.
"Plug Power has done a tremendous job at deploying our GenKey solution with a broad range of customers who are critical to our growth," said CEO Andy Marsh. "This new big box retailer falls in line with customers like Walmart, Kroger and Ace Hardware. And, we intend to have a similar relationship in helping this customer realize the business improvements provided by a Plug Power solution."
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. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself."