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Plug Power's new China deal shows expansion beyond material handling

Published 11/17/2016, 12:32 PM
Plug Power's new China deal shows expansion beyond material handling
PLUG
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  • Plug Power (PLUG +4.7%) pushes higher on news it has agreed to a collaboration with Zhangjiagang Furui Special Equipment and a leading Chinese industrial vehicle manufacturer to build electric vehicles equipped with Plug-designed hybrid fuel cell engine systems and hydrogen fueling station solutions.
  • The three companies say they want to deliver two industrial delivery truck prototypes by March 2017, and ~500 vehicles and a fueling station in the Shanxi province within another year.
  • FBR Capital reiterates its Outperform rating and $2.50 price target on the shares, calling the latest news "another step in lateral expansion beyond fuel cell solutions for the material handling market that PLUG dominates, and the MOU formalizes PLUG's entry into what we believe is becoming the largest fuel cell market globally."


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