Wal-Mart an­nounces Plug Power Inc. deal

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - — Rob­bie Neiswanger

Wal-Mart Stores Inc. will in­vest in Plug Power Inc., a New York-based com­pany that pro­duces hy­dro­gen­pow­ered fork­lifts and ware­house ve­hi­cles.

As part of the deal, which was an­nounced Fri­day, Wal-Mart will buy more ma­chines for use in its ware­houses over the next three years. Plug Power said 10 Wal-Mart dis­tri­bu­tion cen­ters will be equipped this year in an agree­ment val­ued at $80 mil­lion. Plug Power said it ex­pects to equip 30 Wal-Mart sites in North Amer­ica over the next three years.

Wal-Mart al­ready has 5,500 of the com­pany’s ve­hi­cles in 22 ware­houses.

Wal-Mart also will re­ceive war­rants to pur­chase as much as 55.3 mil­lion shares of Plug Power’s stock as part of the agree­ment.

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