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Amazon signs deal Plug Power to provide green hydrogen

By Shubhangi Mathur - Aug 25, 2022, 05:29 PM ET
Last Updated - Jun 11, 2024, 02:46 AM EDT
PLUG_machines
Plug gave Amazon a warrant to buy up to 16 million shares at an exercise price of $22.9841 for the first 9 million shares

Hydrogen fuel cell maker Plug Power Inc (NASDAQ: PLUG) shares soared 9% on Thursday after it signed a deal with Amazon Inc (NASDAQ: AMZN) to power some of its operations with green hydrogen

Hydrogen fuel cell maker Plug Power Inc (NASDAQ: PLUG) shares soared 9% on Thursday after it signed a deal with Amazon Inc (NASDAQ: AMZN) to power some of its operations with green hydrogen.

As per the deal, Plug will supply 10,950 tons of green hydrogen per year for Amazon’s transportation and building operations starting in 2025.

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Plug gave Amazon a warrant to buy up to 16 million shares at an exercise price of $22.9841 for the first 9 million shares.

The e-commerce giant expects Plug to provide enough green hydrogen to power 30,000 forklifts or 800 long-haul trucks.

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