Plug Power...Fuel Cells to Wal-Mart, Sort Of (PLUG, WMT)
Plug Power Inc. (NASDAQ:PLUG) has announced that its wholly owned subsidiary Cellex Power Products, Inc. received a purchase order for its GenDrive(TM) fuel cell power units from Wal-Mart Stores, Inc. (NYSE:WMT). The order is for use in lift trucks at one of the company’s distribution centers. Plug Power said this was its largest single GenDrive order to date, although the financial terms were not disclosed.
The order follows a successful beta trial at two Wal-Mart distribution centers in Ohio in late 2006. The new units will power pallet trucks used at Wal-Mart’s food distribution center in Washington Court House, Ohio, replacing the lead- acid batteries that are traditionally used in such applications. The purchase of these fuel cell power units is equivalent to removing approximately 60 cars from the highway in southeastern Ohio in terms of CO2 and greenhouse gas emissions.
This is only at one distribution center, so it’s quite far away from being a company-wide event and still a ways off from being a major financial event for Pluf Power. Plug Power generated about $4 Million in revenues last quarter.
Jon C. Ogg
October 22, 2007