Plug Power
installed its first system at
Amazon.com
that will produce hydrogen fuel for forklift trucks at a fulfillment center in Aurora, Colo.
Plug said low-carbon hydrogen produced by the electrolyzer system will power more than 225 forklift trucks at the site.
“This project demonstrates Plug’s ability to execute across the full hydrogen value chain, and shows how we can design and implement end-to-end solutions for our customers,” Plug CEO Andy Marsh said in the news release.
Plug has already deployed more than 17,000 fuel cells to replace batteries in forklifts in more than 80 Amazon fulfillment centers in North America.
Plug stock was rising 0.4% to $4.81 in Wednesday trading, but it remains 61% in the red so far this year.
RBC Capital Markets analyst Chris Dendrinos wrote in a research note Wednesday that the project with Amazon “demonstrates how Plug can decentralize hydrogen production and eliminate some of the challenges, costs, and incremental emissions associated with a hub and spoke hydrogen distribution model.”
“Plug anticipates that a successful deployment at this site could lead to additional installations in 2024 for customers in the U.S. and Europe,” the analyst added. He rates Plug stock at Sector Perform with a $5 price target.
Write to Angela Palumbo at [email protected]
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