Plug Power Soars 15% Following News Of $20 Million Contract

Shares of Plug Power Inc. PLUG soared approximately 15 percent in the pre-market following the company’s announcement of a new $20 million contract.

According to the press release, “Plug Power will provide ReliOn integrated backup power fuel cell solutions for use in the customer's wireless network, which supports internal communication needs and provides a public communications network for customers.

Through this contract, Plug Power anticipates supporting as many as 500 new sites utilizing the Plug Power ReliOn integrated solution, which includes fuel cell systems and bulk refillable hydrogen storage, DC plant rectifiers and distribution, battery technology and space for radio equipment, in an environmentally-hardened outdoor cabinet.”

"At Plug Power, we fully understand the critical nature of communications during power outages," said Andy Marsh, CEO of Plug Power. "ReliOn hydrogen fuel cell power, coupled with GenFuel hydrogen services, ensures customers' systems remain up, even when the grid goes down."

Year-to-Date the company’s shares are up 125 percent. In the pre-market, the stock traded at $4.06, up 16 percent from Wednesday’s close.