Why Plug Power Shares Are Rising Today

Plug Power, Inc. PLUG shares are trading higher in the premarket session on Friday.

The company expanded its pact with Uline, a distributor of shipping, industrial, and packaging materials to businesses throughout North America.

The expanded partnership aims to deploy Plug’s hydrogen infrastructure and fuel cell solutions at Uline’s new campus in Kenosha, Wisconsin.

The development includes the integration of on-site hydrogen infrastructure with the installation of a 18,000-gallon hydrogen storage tank and 17 hydrogen dispensers to service four distribution centers within the campus.

The partnership also includes the addition of 250 fuel cell forklifts that will operate on hydrogen generated on-site through Plug’s state-of-the-art infrastructure.

The partnership between the parties commenced in 2015 at Uline’s distribution center near its 200-acre corporate campus in Pleasant Prairie, Wisconsin. 

Over the past eight years, Uline has integrated Plug’s fuel cell solutions into its operations, utilizing 270 fuel cell forklifts across its six facilities. With this enhanced collaboration, Uline will now deploy a total of 520 fuel cells and 34 dispensers across ten facilities, solidifying its position as one of Plug’s largest customers.

Recently, the company finalized a contract to provide hydrogen infrastructure and fuel cell solutions to a prominent U.S. automaker to support material handling operations.

The sprawling manufacturing campus spans over 6 square miles and is solely devoted to electric vehicles and batteries, making it one of the largest auto manufacturing campuses in U.S. history, Plug Power said in a press release.

Price Action: PLUG, which closed lower by 8.08% at $3.13 on Thursday, is trading higher by 6.99% to $3.34 premarket on the last check Friday.