Plug Power surges on green hydrogen supply deal with Amazon (NASDAQ:PLUG)

onurdongel/iStock via Getty Images Plug Power (NASDAQ:PLUG) +14.4% pre-market on Thursday after agreeing to supply liquid green hydrogen to Amazon (AMZN) starting in 2025 to help decarbonize the latter’s operations. As part of the deal, Plug (PLUG) grants Amazon a warrant to acquire up to 16M common shares, with an exercise price for the first 9M warrant shares of ~$22.98/share, and for the rest a price equal to 90% of Plug’s 30-day volume weighted average share price when the first 9M shares are vested. Amazon (AMZN) would vest the warrant in full if it spends $2.1B over the seven-year term of the warrant across Plug products, including electrolyzers, fuel cell solutions and green hydrogen. Plug (PLUG) said the Amazon deal, which will supply 10,950 tons/year of liquid green hydrogen beginning January 2025, is a “growth opportunity” that is expected to help it reach its $3B…

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