Plug Power Inc (NASDAQ:PLUG) has announced that it stuck a European fuel cell deal with Asko and Toyota Material Handling Norway.
The company which is a leading energy solutions provider announced that it secured an agreement in partnership with Toyota Material Handling Norway, which is a division of Toyota Motor Corp (ADR) (NYSE:TM). They will work together to provide hydrogen fuel cells to Asko. The latter is the leading wholesale provider of groceries in Norway. The Norwegian wholesaler will use the GenDrive fuel cells to power its fleet of industrial forklifts in its facility located in Trondheim, Norway.
The new deal involving the three companies will facilitate the incorporation of the GenDrive fuel cells into the forklifts in the Trondheim distribution center. The partnership has also ignited speculation that Asko might also convert its entire fleet of 95 trucks to fuel cell technology. The Norwegian firm will also be able to produce green hydrogen right from its distribution facility using electrolysis technology that will be provided by NEL ASA. The latter produces electricity through solar panels. It thus makes sense for the company to scale up the fuel cell use to its entire fleet since it will have the onsite hydrogen production technology.
“Plug Power’s proven performance in Europe has attracted leading partners, like Toyota, NEL ASA and Asko, as we expand our European fuel cell presence into Norway,” stated Plug Power CEO, Andy Marsh.
Marsh also pointed out that the value proposition remains the same in Europe where vehicle users are constantly seeking solutions that will boost productivity with the end goal of positively impacting the bottom-line. He also added that the GenDrive from Plug Power is an ideal solution.
The shift towards fuel cell technology is a huge step forward for Asko especially considering the world is currently getting more serious about renewable energy. More companies are looking for sustainable energy solutions to replace fossil fuels in line with the objective of reducing global warming and sustaining the environment.
Plug Power stock closed the latest trading session on Thursday at $2.89 after a 2.48 percent gain from the previous close.