Wal-Mart announces Plug Power Inc. deal
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.