Why Plug Power Shares Are Surging

Plug Power Inc PLUG shares are trading higher Tuesday after the company announced an agreement with Walmart Inc WMT.

Under terms of the agreement, Plug Power will deliver up to 20 tons per day of liquid green hydrogen to power material handling lift trucks across Walmart distribution and fulfillment centers in the U.S.

Walmart has worked with Plug Power to adopt and expand hydrogen fuel cells throughout its facilities for more than 10 years. Tuesday's agreement is representative of Walmart's pursuit to incorporate alternative zero-carbon energy sources throughout its supply chain. The company aims to develop lift truck operations that are efficient, clean, quiet and most importantly, more sustainable.

Plug Power said it's targeting 70 tons per day (TPD) of green hydrogen production by the end of 2022 and remains on track for 500 TPD of production in North America by 2025 and 1,000 TPD on a global basis by 2028.

See Also: 23 Stocks Moving in Tuesday's Pre-Market Session

PLUG 52-Week Range: $17.51 - $46.50

According to data from Benzinga Pro, the stock was up 8.77% at $27.79 at time of publication.

Photo: courtesy of Plug Power.