Plug Power Signs Agreement With Praxair, Confirming Speculation

Plug Power Inc PLUG announced Tuesday that it had signed a long-term hydrogen distribution agreement with Praxair, Inc. PX.

The announcement comes after the stock spiked on October 30 amid speculation over a photo showing a Praxair truck on the Plug Power company blog.

According to the press release, "the agreement pairs Plug Power's GenFuel hydrogen fueling infrastructure solution with Praxair's liquid hydrogen supply capability helping customers realize productivity and environmental benefits."

"Our agreement with Praxair will enable us to offer the most reliable and economical hydrogen solution to our customers," said Andy Marsh, chief executive officer, Plug Power. "Plug Power's emergence in the fueling business will simplify the transition to hydrogen fuel cells for material-handling customers."

Plug Power traded at $5.29 in the premarket, up 3.12 percent.