Shares of Plug Power Inc. (NASDAQ: PLUG) soared in today’s early trading, spiking nearly 19% to $0.72 at theopening bell, inching toward its 52-week high of $0.75. It is currentlytrading above its 50-day and 200-day moving averages. The penny stock gained 33.19% in the last three trading sessions.
Plug Power shares soared after the company, along with Coca-Cola Company (NYSE: KO), announced plans for a new fleet of GenDrive™ powered Caterpillar (NYSE: CAT) lift trucks at Coca-Cola’s bottling and distribution center in San Leandro, California.
Plug Power CEO Andy Marsh said that this is the second site in the Coca-Cola system to convert an existing truck fleet to GenDrive fuel cells. Marsh added that its evidenced throughthese repeat customers the real value of the GenDrive solution. He alsosaid that Hydrogen fuel cells are competing with the incumbent powersources and winning because they offer the most benefit for theorganization.
Latham, New York-based Plug Power is adevelopment-stage company. The company is engaged in the designing,development and manufacturing of fuel cell systems for industrialoff-road markets and stationary power markets globally.
For the third quarter of 2010, PlugPower reported a net loss of $9.3 million. The company reportedthird-quarter revenue of $5.8 million. During the third quarter of 2010, the company shipped 170 GenDrive™ systems to its growing portfolio ofcommercial customers in the North American material handling industry.
Plug Power ended the third quarter of 2010 with cash, cash equivalents and available-for-sale securities of $20.7 million.
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