Plug Power Expands In Europe With Carrefour As Customer

A leading operator in fuel cell technology, Plug Power Inc. (NASDAQ:PLUG) announced that Carrefour (PA:CARR) Group has become a new GenDrive fuel cell customer in Europe. The agreement is in sync with Plug Power’s strategy to increase its fuel cell solution in the continent. GenDrive fuel cells are a smart solution for material handling.

Details of the Agreement

Per the agreement, Carrefour Group 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.

GenDrive units will support Carrefour’s commitment to responsible retailing, including reducing energy consumption by 30% and greenhouse gas emissions by 40% by 2025.

How GenDrive Units Will Work?

GenDrive fuel cell is an excellent alternative to industrial lead-acid batteries in electric class-1, class-2 and class-3 material handling equipment and can provide continuous power to the truck at all times, even in freezer environments as low as -22°F.

GenDrive fuel cell solution replaces the lead-acid batteries in electric lift trucks and enables customers to increase their productivity. In addition, GenDrive fuel cells with lower maintenance costs and practically zero emission could lower operational costs.

Increasing Usage of GenDrive Units

Thanks to the benefits GenDrive unit offers compared to lead-acid batteries, the usage of these units is expanding. As of Mar 31, 2016, the company had 9,400 GenDrive units under service contracts and/or PPA as compared to nearly 5,400 GenDrive units under service contracts and/or PPA as of March 31, 2015.

In first-quarter 2016, the company deployed 834 GenDrive units compared to 265 in first-quarter 2015.

Zacks Rank

Plug Power currently has a Zacks Rank #4 (Sell). Some better-ranked stocks in the same industry are EnerSys (NYSE:ENS) , Franklin Electric Co. (NASDAQ:FELE) and Schneider Electric (PA:SCHN) SE (OTC:SBGSY) , all carrying a Zacks Rank #2 (Buy).

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