Plug, a provider of alternative energy technology, will provide its GenKey hydrogen fuel station and fuel cells to up to 30 additional Walmart stores in North America over the next three years. Plug operated at 22 Walmart sites at the end of 2016 and has deployed a new Walmart site every six weeks since 2014.
Ten sites are already under contract and expected to be finished before the end of the year. The 2017 commitment value is about $80 million.
Walmart has also been issued warrants for the purchase of up to 55.3 million common shares of Plug, with the first 5.8 million bought with the completion of this deal. The total value of the shares is about $600 million and Walmart is set to pay Plug in $50 million installments.
Walmart stock traded down 0.5%.
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