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Plug Power Shares Soar On Deal With FedEx

Plug Power Inc. soared more than 40% on Wednesday following the announcement of a partnership with FedEx Corp. The stock was recently up 20% at $4.61 a share. Plug said Tuesday it will develop hydrogen fuel cell range extenders for 20 FedEx Express electric delivery trucks, allowing the company to nearly double the area the trucks can cover with one charge. The $3 million project is funded by the U.S. Department of Energy and partners include Smith Electric Vehicles, a maker of commercial electric trucks and buses. The hybrid vehicles will be powered by lithium-ion batteries and Plug Power's 10-kilowatt hydrogen fuel cell system. The stock has gained 200% this year, and 763% in the past 12 months.Copyright © 2014 MarketWatch, Inc....

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