Plug Power (PLUG) China Deal Shows Expansion Beyond Material Handling - FBR
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FBR Capital analyst Carter Driscoll reiterated an Outperform rating and $2.50 price target on Plug Power (NASDAQ: PLUG) after the company announced a memorandum of understanding (MOU) with Zhangjiagang Furui Special Equipment Co. (Furui) and an unnamed Chinese industrial vehicle OEM (but considered one of the three largest) to develop new fuel cell applications and hydrogen fueling solutions targeting the commercial and industrial electric vehicle (EV) market in China.
The analyst notes the three companies will collaborate to build commercial fuel cell EVs and hydrogen fueling station solutions. By March 2017, the collaborators want to deliver two industrial delivery truck prototypes and, within one year following that, approximately 500 vehicles and a fueling station in the Shanxi province.
" This is another step in lateral expansion beyond fuel cell solutions for the material handling market that PLUG dominates, and the MOU formalizes PLUG's entry into what we believe is becoming the largest fuel cell market globally," Driscoll said.
Shares of Plug Power closed at $1.48 yesterday.
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