Plug Power Inc (NASDAQ:PLUG) reported a new deal with Toyota Material Handling Norway to offer hydrogen fuel cells to Asko, a major Norwegian grocery wholesaler. Asko will utilize GenDrive fuel cells to fuel its industrial electric forklift fleet in Trondheim, Norway.
The details
Plug Power reported that the fleet will be deployed in Q4 2017. The deal allows GenDrive fuel cell units to be deployed into Asko’s Trondheim distribution center, with the probability to convert the full 95-truck fleet to support cell power. Green hydrogen will be manufactured on site via electrolysis technology offered by NEL ASA, which creates electricity from solar panels. The Trondheim center is a pilot project, and projects expansion potential to additional prospects.
Andy Marsh, the CEO of Plug Power, expressed that the company’s proven performance in Europe has fetched leading partners, like NEL ASA, Asko and Toyota, as they expand its European fuel cell businesses into Norway. In Europe, the value proposition continues to be the same as industrial electric vehicle users continuously seek productivity enhancing offerings that positively support the bottom line. Plug Power’s GenDrive offering does this.
The world is fast moving toward the mobility electrification, and Plug Power is focused on offerings that deliver true economic benefits together with an inclination towards a renewable future. Asko is dedicated to environmental sustainability, with objectives of 20% energy consumption decline and 100% renewable fuel by 2020.
Plug Power, Toyota and Asko are showcasing the GenDrive class III hydrogen fuel cell offering at the Zero Emission conference planned in Oslo. The Zero Emission Conference marks as one of the longest and largest running climate solutions events in Europe, drawing nearly 1,200 participants from media, politics, businesses, academia, civil society, NGOs and government at large.
In the last trading session, the stock price of Plug Power jumped more than 4% to close the session at $2.85.
