Plug Power stock jumps 10% on deal to provide Walmart with hydrogen

• Plug Power climbed as much as 10% early Tuesday after the company announced a supply pact with Walmart.
• The company will provide Walmart up to 20 tons of liquid green hydrogen per day to power its US fleet of material handling lift trucks.

Plug Power stock jumped as must as 10% Tuesday after the company announced a deal to provide Walmart up to 20 tons per day of liquid green hydrogen.

The hydrogen will power the retail giant's material handling lift trucks, such as forklifts, and comes as Walmart looks to make good on promises to invest in zero-carbon emission energy sources.

"Our green energy solutions will provide Walmart with the ability to achieve significant carbon reduction," said Plug Power CEO Andy Marsh in a press release. "We are honored to expand our relationship with Walmart and realize our shared vision for for a green hydrogen future."

Plug says it will deliver the hydrogen with its liquid transport fleet made possible by a recent acquisition of Applied Cryo Technologies.

The two companies first joined forces in 2o12, when Plug Power began providing hydrogen fuel cells for Walmart facilities and vehicles. Tuesday's deal is one of Plug Power's first contracts to supply green hydrogen itself.

Plug Power stock pared gains to 6%. Shares spiked earlier this year as rising oil prices and the Russia's invasion of Ukraine spurred interest in green energy stocks. But the stock has since come off its high and is down 9% so far in 2022.