Plug Power (PLUG) Stock Gains on New Deal With Undisclosed Footwear Manufacturer

NEW YORK (TheStreet) -- Plug Power (PLUG) shares are up 4.46% to $2.69 in morning trading on Wednesday after the hydrogen fuel cell manufacturer today announced a master sales agreement with an undisclosed large footwear manufacturer in North America.

The company will deploy its alternative energy fuel cells at three of the footwear company's distribution centers with an eye towards expanding to more of its 30 distribution centers worldwide.

"Plug Power continues to grow our customer base with important partnerships and meaningful relationships. We've proven the value of our solutions to repeat customers like Walmart (WMT), Kroger (KR) and BMW, and we intend to do the same with this new GenKey customer," said Plug Power CEO Andy Marsh.

"Our hydrogen and fuel cell services enable customers to implement an efficient green power solution for their lift trucks that addresses a key issue for this new customer. We're confident they will see positive results in their environmental impact, as well as their bottom line," Marsh said.

Today's deal follows last week's announcement that the company 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 that 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.

If you liked this article you might like

Plug Power Just Suffered Some Serious Damage

Closing Bell: Active Oil Rig Activity Falls; U.S. Stocks Retreat From Records

Stocks Lower as GE Depresses Dow, Microsoft Dips

Plug Power Stock Surges on Expanded Walmart Deal