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Lots of deals
#1
October 31, 2017 Plug Power Inc. (NASDAQTongueLUG), a leader in providing energy solutions that change the way the world moves, announced a new agreement with Toyota Material Handling Norway (Toyota) to provide hydrogen fuel cells to Asko, a leading Norwegian grocery wholesaler.  Asko will use GenDrive fuel cells to power its industrial electric forklift fleet in Trondheim, Norway.  The fleet will be deployed in the fourth quarter of 2017. The agreement enables GenDrive fuel cell units to be incorporated into Asko’s Trondheim distribution center, with the possibility to convert the full 95-truck fleet to fuel cell power. Green hydrogen will be produced on site via electrolysis technology provided by NEL ASA, which produces electricity from solar panels.  The Trondheim facility is a pilot project, and forecasts expansion potential to additional opportunities, including Asko’s 13 regional warehouses.

Plug Power Inc. - Plug Power Announces New European Deal with Asko and Toyota Material Handling

July 21, 2017 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQTongueLUG), a leader in providing energy solutions that change the way the world moves, announces a new collaborative agreement with Walmart to facilitate further expansion of its ongoing relationship with Wal-Mart Stores, Inc. (NYSE:WMT).  The new agreement includes revised deal terms with Walmart that allow Plug Power to access project financing at a lower cost of capital and no restricted cash, making Plug Power’s future distribution transactions with Walmart cash flow positive up front.  Plug Power expects to provide its GenKey hydrogen fueling station and fuel cell energy solutions to up to 30 additional Walmart sites in North America over the next three years, with ten sites already under contract and scheduled to be finished by the end of 2017. The value of these 2017 commitments is expected to be around $80 million. On average, Plug Power has deployed a new Walmart site every 6 weeks since 2014, resulting in a deployed fleet of 5500 Plug Power fuel cells at 22 of Walmart’s U.S. distribution centers as of the end of 2016.

Plug Power Inc. - Plug Power Announces Expanded Collaboration With Walmart

April 05, 2017 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQTongueLUG), a leader in providing energy solutions that change the way the world moves, announced that it has reached an agreement with Amazon to utilize Plug Power fuel cells and hydrogen technology in its fulfillment network. At select fulfillment center locations, Amazon will begin powering its industrial equipment such as forklifts using the GenKey technology which will enable faster charging times, reduced costs, and support energy-efficiency in Amazon's fulfillment operations.  Revenues associated with the commercial agreements are expected to be around $70 million in 2017."This agreement is a tremendous opportunity for Plug Power to further innovate and grow while helping to support the work Amazon does to pick, pack and ship customer orders," said Andy Marsh, CEO of Plug Power. "Our hydrogen fuel cell technology, comprehensive service network, and commitment to providing cost-savings for customers has enabled Plug Power to become a trusted partner to many in the industry and we are excited to begin working with Amazon."

Plug Power Inc. - Plug Power and Amazon Sign Agreement for Multi-Site GenKey Deployments

Nov. 17, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQTongueLUG), a leader in providing energy solutions that change the way the world moves, has signed a cooperative memorandum of understanding (MOU) with Zhangjiagang Furui Special Equipment Co., LTD (Furui), along with a leading Chinese industrial vehicle manufacturer, also identified as one of the "big three" Chinese automakers, to develop new fuel cell applications and fueling solutions to be utilized in the large and expanding industrial electric vehicle market in China.Under the terms of the agreement, the three companies will collaborate to build electric vehicles equipped with Plug Power designed hybrid fuel cell engine systems and hydrogen fueling station solutions. Plug Power and its partners will form a fuel cell vehicle development project team and utilize their substantial financial and research and development resources for a large scale demonstration project.

Plug Power Inc. - Plug Power Signs Cooperative Agreement for Fuel Cell Electric Vehicle Development in China

July 26, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQTongueLUG), a leader in providing energy solutions that change the way the world moves, today announced that Newark Farmers Market has placed an order for 96 next-generation GenDrive fuel cell units to operate its electric industrial truck fleet in Newark, New Jersey. Newark Farmers Market has utilized GenDrive systems as the sole power source for its electric industrial truck fleet since 2011, and have reinvested in the benefits of Plug Power's GenDrive fuel cells by adopting the next generation product.

Plug Power Inc. - Newark Farmers Market Maintains Commitment to Fuel Cells With New Order of GenDrive Units for Forklift Fleet

July 19, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQTongueLUG), a leader in providing energy solutions that change the way the world moves, announces The Carrefour Group as a new GenDrive fuel cell customer in Europe. The retailer will purchase more than 150 GenDrive units, to be deployed in STILL-brand class-2 and class-3 electric lift trucks at Carrefour's brand new distribution center located in Vendin-lès-Béthune, France. Headquartered just outside Paris, The Carrefour Group is the leading retailer in Europe and the second-largest retailer in the world, employing more than 380,000 people. With more than 12,300 stores in 30 countries, it generated total revenues of €104.4 billion in 2015. Securing Carrefour as a GenDrive customer is a significant milestone for Plug Power in building its business in Europe, and provides critical validation for hydrogen and fuel cells throughout the continent.The agreement is part of a significant roll out of Plug Power's GenDrive fuel cell solution in European countries, where many firms are seeking new technologies that can deliver higher productivity and better environmental sustainability. This supports Carrefour's commitments to responsible retailing, including reducing energy consumption by 30 percent and greenhouse gas emissions by 40 percent by 2025.

Plug Power Inc. - Plug Power Secures Carrefour Group as Retail GenDrive Fuel Cell Customer in France

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#2

Some more perspectives and info on their development:

Fortunately, the company had entered into a European joint venture ("Hypulsion") with French industrial gasses giant Air Liquide back in 2011. When Air Liquide discovered its US technology partner was in danger of going out of business, management decided to save PLUG to the benefit of both companies by investing $6.5 million into the company. That move over time turned out to be one of the greatest win-win deals I have ever witnessed.

Reflections On Plug Power: Past, Present And Future - Plug Power, Inc. (NASDAQ:PLUG) | Seeking Alpha

While the Street clearly likes great vision and even greater projections, as soon as management is putting up concrete guidance the company has to at least live up to the expectations created by itself. Unfortunately, that has not happened so far. For example:

Reflections On Plug Power: Past, Present And Future - Plug Power, Inc. (NASDAQ:PLUG) | Seeking Alpha

Finally, Plug Power has managed to favorably revise transaction terms with its largest customer, Wal-Mart (NYSE:WMT), after the ongoing cash drain in conjunction with the requirement to provide operating leases to the retail giant caused severe financial turmoil at the company which culminated in repeated debt covenant breaches and the need to conduct a toxic equity financing late last year.

Plug Power's Revised Wal-Mart Agreement Should Put Liquidity Issues To Rest - Plug Power, Inc. (NASDAQ:PLUG) | Seeking Alpha

Plug Power expects to provide its GenKey hydrogen (H2) fuelling station and fuel cell energy solutions to up to 30 additional Walmart sites in North America over the next three years, with 10 sites already under contract and scheduled to be finished by the end of 2017. The value of these 2017 commitments is expected to be around $80m. On average, Plug Power has deployed a new Walmart site every six weeks since 2014, resulting in a deployed fleet of 5500 Plug Power fuel cells at 22 of Walmart’s US distribution centres as of the end of 2016.

Plug Power expands collaboration with Walmart | News | gasworld

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#3
Plug Power Inc. announced it will supply 161 GenDrive fuel cells to Kroger’s Co.’s food distribution center in Compton, Calif. The order includes four class-1 units for sit-down counterbalanced trucks, 42 class-2 units for reach trucks and 115 class-3 units for pallet trucks. With this partnership, Kroger will power its fleet of electric lift trucks with GenDrive fuel cells. Because GenDrive is fueled with hydrogen, the only byproducts created through the electrochemical energy-conversion process are heat and water.

Kroger Distribution Center Turns to Hydrogen Fuel-Cell Technology - Top News - Hydrogen – Fuel Cell Technology, Infrastructure - Top News - Green Fleet Magazine

Lowe’s Companies Inc. reported that it’s begun using hydrogen-powered lift trucks at the company’s recently opened regional distribution center in Rome, Ga. Lowe’s, the world’s second-largest home improvement retailer, said it’s begun using the 157 lift trucks with hydrogen fueling systems after piloting the technology at regional distribution centers in California and Connecticut. “We anticipate the new [hydrogen fuel cell] technology will provide a payback of 2 1 / 2 years. The fuel cells free up valuable space that would otherwise be dedicated to a room needed to store and charge batteries, which reduces the building’s electrical consumption,” Lowe’s said. Lowes says it takes about three minutes to replenish a lift truck with hydrogen gas from one of six dispensing stations at the distribution center compared to the 10 to 15 minutes typically required to change a battery. Unlike batteries that lose their charge over the course of a shift and degrade the performance of a lift truck, the fuel cell’s power stays constant until the fuel is depleted. Fuel cells also are safer to maintain, require less routine maintenance and offer the potential to reduce greenhouse gas emissions, Lowe’s said. Hydrogen is a clean-energy fuel whose only byproducts are heat and water.

Lowe’s using hydrogen-powered lift trucks at Georgia distribution center | FuelCellsWorks

"We sell industrial productivity," said Marsh, citing the 4,000 Plug Power units on forklifts that are now deployed in 42 warehouse and distribution centers. The largest customers include Wal-Mart with 500 units and BMW with 300 units, as well as Coca-Cola, FedEx, and Lowe's. "When I joined, there were a lot of technology experiments and not enough market focus," said the CEO, adding, "Very few companies could give a reason for why they were using fuel cells." "But it turns out that fuel cells in a forklift truck made the [customer's] operation run easier. It eliminated the battery room. We sell that value proposition." Marsh said that the firm is focused on forklifts, of which there are 6 million worldwide. (Batteries are still used in the forklifts for surges.)
This is an example of distributed generation that actually takes the customer off the electrical grid, powering the materials handling operation with hydrogen. While Bloom and FuelCell Energy's equipment runs on natural gas and requires a reformer, Plug Power's PEM fuels cells run on "five nines" hydrogen and work most productively with a hydrogen infrastructure at the customer site. Note that industrial giant and JV partner Air Liquide is an investor in Plug Power.
Plug Power offers product sales, as well as turnkey hydrogen operations and service. "What I'm selling is value," said the CEO, citing a payback of less than a year for an older distribution center. He also noted that Plug Power customer Wal-Mart no longer builds its facilities with a battery room and has purchased a turnkey solution for hydrogen and service. The CEO also notes that most customers have bought service packages and that 30 percent are complete turnkey deals. Marsh notes that customers improve their rate of "pallets moved per person per hour" by about 6 percent with fuel cells.

Will Plug Power Be the First Profitable Fuel Cell Company? | Greentech Media

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#4
In May 2010, I wondered aloud whether or not fuel cell forklifts and palette trucks used in large warehouse settings, would in fact be the first commercial production hydrogen vehicles on the market. Now, there is more evidence that this is so. In Houston, Texas Sysco Inc. opened their new 585,000-square-foot food distribution facility. They will be using numerous Plug Power Inc. Gendrive fuel cell forklifts and palette trucks.

Sysco Warehouse Opens with Fuel Cell Forklifts, Palette Trucks | Hydrogen Cars Now

The agreement calls for Plug Power (NASDAQTongueLUG) to provide its GenKey hydrogen fuel station and fuel cells to up to 30 additional Wal-Marts (NYSE:WMT) in North America over the next three years. Ten sites are already under contract and set to be finished this year - the 2017 commitment value should be around $80M. Alongside, Wal-Mart has been issued warrants for the purchase of up to 55.3M common shares of Plug. The first set of 5.8M vested on the inking this deal. Additional warrants will vest in installments tied to successive $50M payment thresholds, up to $600M in total.

Plug Power up 14% on new Wal-Mart deal - Plug Power, Inc. (NASDAQTongueLUG) | Seeking Alpha

Plug Power (PLUG -7%) plunges as much as 13% after Tech Opportunities decides to exercise in full its warrants to buy ~10.5M shares at $1.50 each. PLUG also discloses that it issued to Tech Opps warrants to buy as many as 5.25M shares at a $2.69 exercise price. Despite today's drubbing, PLUG has doubled YTD and gained 20% this week alone.

Plug Power -7% as Tech Opportunities to exercise warrants for 10.5M shares - Plug Power, Inc. (NASDAQTongueLUG) | Seeking Alpha

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#5
Nice article on Seeking Alpha admin!
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