(Plug Power) Shares of Plug Power rose almost 9% on Tuesday in premarket after agreeing to supply Walmart with green hydrogen fuel.
Plug Power will have an option to deliver up to 20 tons a day of liquid green hydrogen. The fuel will power Walmart’s material handling across its distribution and fulfillment centers in the US.
The hydrogen fuel is expected to fuel up to 9,500 lift trucks at Walmart, reinforcing the retailer’s goal to become carbon neutral by 2040.
Plug Power says the contract is one of its first for green hydrogen supply, which validates the company’s investment in the space.
Andy Marsh, Plug’s CEO, says the hydrogen-powered solutions will enhance productivity in Walmart’s operations.
The latest deal now cements Walmart’s relations with Plug, which has been in place for more than a decade. Walmart started with a 50-fleet pilot for hydrogen-powered solutions from Plug in 2012.
PLUG: NASDAQ is up +8.92% on premarket, WMT: NYSE is up +0.013% on premarket.
