Fuel Cell Stock News Bites: Plug Power (NASDAQ: $PLUG) Brings Hydrogen Fuel Cells to Leading UK Supermarket Retailer Asda

LATHAM, N.Y. - August 3, 2020 (Investorideas.com Newswire) Fuel Cell Stock News Bites - Plug Power Inc. (NASDAQ: PLUG), a leading provider of zero emission hydrogen engines and fueling solutions enabling e-mobility, is providing UK-based supermarket Asda with hydrogen fuel cell solutions to power the lift truck fleet within the retail giant's extensive supply chain network.

Asda's partnership with Plug Power includes a purchase order agreement for Plug Power's full-service GenKey solution, beginning at the UK facility in Skelmersdale. The turnkey solution includes fuel cells, hydrogen fueling equipment, hydrogen and service. This new customer continues Plug Power's growth in Europe and represents the first deployment at scale of hydrogen fuel cell technology for material handling within the United Kingdom. The effort reduces Asda's reliance on traditional lead acid batteries for power in their material handling fleet and is part of a broader initiative designed to make the company's operations more environmentally-friendly.

 

"Each new opportunity to expand the adoption of hydrogen fuel cells is an important step to building the hydrogen economy," said Andy Marsh, CEO of Plug Power. "We're especially excited to be partnering with an organization like Asda, which has such a proud heritage and sterling reputation. Their focus on making their organization more environmentally-friendly makes Asda an ideal partner, and we're optimistic that this deployment is just the start of a long and fruitful relationship."

Founded in 1949, Asda currently ranks as the UK's third-largest supermarket retailer with a market share of over 15 percent, and annual revenues of more than £20 billion. Asda is a wholly-owned subsidiary of the multinational retailer Walmart Inc., which itself is a longtime Plug Power customer and a global leader in fuel cell adoption and commercialization in the supply chain and logistics market. Like its parent company, Asda maintains sole control over the entirety of its logistics network, which includes more than 30 distribution centers staffed by more than 12,000 employees across the UK. Part of Walmart, Asda is committed to meeting its target to remove 1 billion tonnes of emissions globally as part of Project Gigaton with 179 Asda suppliers having already signed up to this commitment, saving a significant 29 Million Metric Tonnes of emissions."

Asda is dedicated to being the world's Most Trusted Retailer, and sustainability is a big part of that," said Darren Pettener, General Manager of the Asda Skelmersdale Distribution Center. "We've seen firsthand what a difference hydrogen fuel cell adoption has made for our parent company. There are good reasons why Walmart, which has been a leader in supply chain innovation for decades, has chosen to build the largest fleet of hydrogen fuel cell-powered electric vehicles in the world. We're eager to realize the proven environmental and productivity benefits of fuel cell adoption in our operations at Asda

."Plug Power's GenKey solution brings multiple benefits to Asda's supply chain network. Fuel cell powered logistics equipment enables distribution centers to achieve substantial productivity gains and higher material velocity by eliminating the downtime required for battery charging and changing. In addition, the fuel cell solution frees up valuable floor space by removing the need for multiple batteries per truck, and replacing bulky battery charging and changing stations with a compact hydrogen fuel dispenser. The full-service GenKey package allows customers to quickly capture all of these benefits, providing full integration and deployment of the Plug Power's fuel cell engines, hydrogen fuel solutions, and support.

Read the company's full news and disclaimer here:

https://www.ir.plugpower.com/Press-Releases/Press-Release-Details/2020/Plug-Power-Brings-Hydrogen-Fuel-Cells-to-Leading-UK-Supermarket-Retailer-Asda/default.aspx

Research more fuel cell stocks - Fuel Cell Stocks Directory at Investorideas.com

https://www.investorideas.com/FCCN/Stock_List.asp

About Investorideas.com - News that Inspires Big Investing Ideas Investorideas.com is a recognized news source publishing third party news, research and original financial content. Learn about investing in stocks and sector trends with our news alerts, articles, podcasts and videos, looking at cannabis, crypto, AI and IoT, mining, sports biotech, water, renewable energy and more. Investor Idea's original branded content includes the following podcasts and columns : Crypto Corner , Play by Play sports and stock news column, Investor Ideas Potcasts Cannabis News and Stocks on the Move podcast and column, Cleantech and Climate Change, Exploring Mining the AI Eye.

Stock Bites is a branded product of Investorideas.com

 

https://www.investorideas.com/news/2020/fuel-cell/08032StockBites-PLUG.asp