Should companies be blogging news and corporate developments? Many companies do, even the likes of Google, and many times the blog posts contain breaking news that should have been flagged under Reg. FD or which should require 8-K SEC filings. The newest instance might not have been earth-shattering news by any stretch, but Plug Power Inc. (NASDAQ: PLUG) published the post, and the stock rose over 4% on a day with no official press releases or 8-K filings out of the company.
On top of the stock gain, Plug Power shares rose on a very dull market day. Stocks in general were even soft most of the day.
Plug Power’s blog post was published on its corporate blog about a fuel cell testing of its hydrogen fuel cell beta unit designed to power ground support equipment (GSE) vehicles used to haul luggage and cargo at airports.
Plug Power shares closed up over 4.6% at $4.74 on just over 21 million shares. As a reminder, Plug Power has been extremely volatile with a 52-week range of $0.26 to $11.72.
The post was titled “Fuel Cells Move One Step Closer to Powering Airport Ground Support Equipment” and the introduction of the post shown below.
Will there be no more missing luggage thanks to fuel cells?
We can’t promise that. But a recent demonstration of our newly engineered hydrogen fuel cell beta unit designed to power ground support equipment (GSE) vehicles used to haul luggage and cargo at airports around the world, means we are one step closer to providing a zero-emission power source for these vehicles.
This demo is a significant step in Plug Power’s strategy to expand into markets adjacent to material handling, where the company’s GenDrive fuel cells have overwhelmingly proved their value. Airport tuggers, belt loaders and auxiliary power units are all GSE. A $2.5 million grant from the U.S. Department of Energy has provided the funding for this development project. Use of hydrogen fuel cells will enable GSE operators to comply with tightening emissions standards that currently require capital increases and operational interruption in fleets powered by diesel.
This week, the Plug Power GSE fuel cell prototype was publicly demonstrated for the first time, in a Charlatte cargo tractor pulling 40,000 pounds of weight, spread evenly over four dollies.
The demo took place on the Plug Power premises in front of an audience that included Plug Power executives and representatives from the Department of Energy, FedEx Express (GSE operator and project partner), and Charlatte America (GSE manufacturer).