FuelCell Up On Fedex Rumor

Shares of Plug Power PLUG shot higher Thursday afternoon following a rumor that FedEx FDX may buy fuel cells from the company.

This rumor stretches all the way back to January. In a press release issued on January 7, Plug Power said that, “it will develop hydrogen fuel cell range extenders for 20 FedEx Express electric delivery trucks, allowing FedEx Express to nearly double the amount of territory the vehicles can cover with one charge.”

Because the vehicles in question can only travel about 80 miles per charge with the current technology, an extended battery that doubles the capacity could generate massive sales.

Related Link: FuelCell Moving Higher On Power Plant Deal

Shares of Plug Power were last trading up 3.31 percent at $4.68.

Other fuel cell companies are catching some action off the move. Fuel Cell FCEL was last up 0.84 percent and Ballard Power Systems BLDP gained 0.99 percent.