Plug Power Stock Rises On New Green Hydrogen Commitment From Amazon

Hydrogen leader Plug Power Inc. (NASDAQ: PLUG) is moving forward with its goal to hit $3 billion in revenue in 2025. The hydrogen fuel cell maker announced on August 25th, it signed a hydrogen supply deal with Amazon (NASDAQ: AMZN) to provide liquid green hydrogen starting in 2025 to help decarbonize Amazon’s operations.According to the deal, Plug will supply the retailer with 10,950 tons of green hydrogen per year from Jan 1st, 2025. Plug is expected to provide enough green hydrogen to power 30,000 forklifts or 800 long-haul trucks for its client. Amazon is also granted a warrant by Plug to buy up to 16 million shares with an exercise price of $22.9841 for the first 9 million shares. The contract states that Amazon will spend $2.1 billion on Plug products over seven years in order for the warrants to fully vest. The products include but are not limited to electrolyzers, fuel…

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