Plug Power Shares Jump 13% On News Of Deal With Wal-Mart

Shares of Plug Power Inc. soared 13% in premarket trade Friday, after the company announced that it is issuing to Wal-Mart Stores Inc. warrants to buy 55.3 million of its shares. The deal is part of an existing commercial agreement between the two companies under which Wal-Mart buys Plug Power's fuel-cell powered machines for its distribution centers. Plug Power made the disclosure in a filing with the Securities and Exchange Commission, that outlines the vesting schedule for the warrants, which depends on how much Wal-Mart invests in the company's products and services. Plug Power shares have gained 77% in 2017, while the S&P 500 has gained 10.5%.