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LONDON, UK / ACCESSWIRE / November 2, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Plug Power Inc. (NASDAQ: PLUG), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=PLUG. The Company, which is the leading architect of modern hydrogen and fuel cell technology, announced on October 31, 2017, that it has signed an agreement with Toyota Material Handling Norway ("Toyota Material") to provide hydrogen fuel cells to Asko, a leading wholesaler in Norway. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Asko intends to use GenDrive fuel cells to power its industrial electric forklift fleet in Trondheim, Norway. As per the agreement, the fleet will be deployed in Q4 2017.

Pilot Project with Trondheim facility

ASKO is Norway's largest wholesaler. It manages the complete flow of goods from producer to final customer, with around 600 lorries on the road on a daily basis. The Company undertakes 17,000 weekly deliveries to grocery stores, retail outlets, and institutions and has more than 17,000 customers and 3,300 employees. Moreover, Asko is committed to environmental sustainability. It aims for a 20% reduction in energy consumption and 100% renewable fuel by 2020.

  • As per the agreement, GenDrive fuel cells would be incorporated into Asko's Trondheim distribution center. This covers the possibility of converting the full 95-truck fleet to fuel cell power.

  • The green hydrogen required for the fuel cells would be produced on site through the electrolysis technology provided by NEL ASA, which produces electricity from solar panels.

  • A pilot project would be run at the Trondheim facility. Beyond that, the project has the potential to expand to additional opportunities, including Asko's 13 regional warehouses.

About Plug Power's GenKey Solution

Plug Power is focused on offering solutions that provide economic benefits along with a focus on the renewable future, as the world is rapidly progressing towards electrification of mobility. In this rapidly changing world, Plug Power has taken hydrogen and fuel cell technology from concept to commercialization, revolutionizing the material handling industry with its full-service GenKey solution, which has been specifically designed to enhance productivity, lower operating costs, and reduce carbon footprints in a reliable, cost-effective way. Through its proven hydrogen and fuel cell products, the Company aims to replace lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers.

Deal Increases Plug Power's Fuel Cell Presence In Europe

Andy Marsh, CEO at Plug Power, stated that Plug Power's proven performance in Europe has attracted leading partners such as Toyota Material, NEL ASA, and Asko. He believes these new partnerships would help the Company extend its European fuel cell presence into Norway.

In his view, industrial electric vehicle users in Europe constantly look for productivity enhancing solutions which boost the bottom-line. And Power's GenDrive solution completely fulfills this value proposition.

Plug Power, Asko, and Toyota Material to Present at Zero Emission Conference

The Company also announced that it would be presenting the GenDrive class-3 hydrogen fuel cell solution along with Asko and Toyota at the Zero Emission conference scheduled in Oslo from October 31 to November 01, 2017.

The Zero Emission Conference is amongst the largest and longest running climate solutions conferences in Europe. It receives participation from over 1,200 participants from businesses, academia, media, politics, NGOs, government as well as the civil society at large. Plug Power extended an invitation to all interested parties to find out more about the hydrogen fuel cell solution at Toyota Material Handling Norway's booth number 27.

Last Close Stock Review

Plug Power's share price finished yesterday's trading session at $2.82, sliding 1.05%. A total volume of 3.76 million shares have exchanged hands. The Company's stock price soared 25.33% in the last three months, 31.78% in the past six months, and 84.31% in the previous twelve months. Additionally, the stock skyrocketed 135.00% since the start of the year. The stock currently has a market cap of $627.59 million.

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