Wal-Mart's fuel cell order lifts Plug Power shares
By Garima Goel
Feb 26 (Reuters) - Plug Power Inc said it would supply its hydrogen fuel cells to Wal-Mart Stores Inc, boosting an already strong order book and sending its shares up 19 percent.
The company did not disclose the value of the Wal-Mart order, but Cowen & Co analyst Robert Stone estimated it may be worth more than $50 million.
"We are sure that this is not the only order they will book this quarter," he said.
Orders have been pouring for New York-based Plug Power since French industrial gas manufacturer Air Liquide invested $6.5 million in the company last May.
Plug Power booked $32 million orders in the quarter ended Dec. 31 and had forecast higher orders for the first quarter.
Bookings jumped to $11 million between mid-May and October of 2013 from $1 million in the first five months.
The company's hydrogen batteries, used to power forklifts and other material-handling equipment, are in demand as they take lesser time to recharge than heavy lead-acid batteries.
Many of Plug Power's customers that include BMW and Procter & Gamble Co are also reordering. Continued...