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Plug Power's fuel cells to power Wal-Mart fork trucks

Mon Oct 22, 2007 9:53am EDT

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(Reuters) - Plug Power Inc's (PLUG.O) shares leaped as much as 60 percent, after the fuel-cell maker said its unit received an order from Wal-Mart Stores (WMT.N) to provide fuel cells for use in fork trucks at one of the retailers distribution centers.

Plug Power said the GenDrive fuel cell to be provided by its unit, Cellex Power Products Inc, will power pallet trucks used at Wal-Mart's food distribution center in Washington Court House, Ohio.

The company said the order follows a successful trial at two Wal-Mart distribution centers in Ohio in late 2006.

Specific terms of the deal were not disclosed.

Shares of Plug Power, which have fallen about 24 percent so far this year, rose to a new year-high of $4.75, before falling back to trade up $1.36 at $4.33 in early morning trade on the Nasdaq.


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