Plug Power Reveals New Collaboration With Walmart

Plug Power Inc. (PLUG) Friday announced a new collaborative agreement with Walmart for further expansion of its ongoing relationship with Wal-Mart Stores, Inc. (WMT). The deal is worth $90 million. As per the new agreement Plug Power would have access to project financing at a lower cost of capital and no restricted cash.

Plug Power said it expects to provide its GenKey hydrogen fueling station and fuel cell energy solutions to up to 30 additional Walmart sites in North America over the next three years. There are currently ten sites already under contract and scheduled to be finished by the end of 2017.
Plug Power has deployed on average a new Walmart site every 6 weeks since 2014.

Andy Marsh, CEO of Plug Power said, "We see a growing market opportunity for our power and fueling station technologies within the material handling segment, as well as new mobility applications worldwide, positioning us for long-term success and shareholder value creation."

As part of the agreement, Plug Power has granted Walmart warrants to acquire up to 55,286,696 of Plug Power's common shares. Additional warrants will vest in installments tied to successive $50 million payment thresholds, up to a total of $600 million in the aggregate, made by Walmart in connection with qualified purchases of goods and services from Plug Power.

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