Latham fuel cell maker Plug Power Inc. signed an order with a global automaker, the company confirmed Tuesday.
Details of the deal will be announced in about two or three weeks, according to Plug Power spokesperson Teal Vivacqua. She said CEO Andy Marsh first mentioned the order in an earnings conference call on March 13.
“Andy Marsh mentioned on our earnings conference call that Plug Power has received an order from a new customer and the customer is an auto manufacturer,” Vivacqua said. “We are excited to announce once it’s approved through the correct channels.”
She stressed that Plug Power won’t be putting fuel cells into the actual cars. The company will provide hydrogen fuel-cell units for lift vehicles at the automakers’ manufacturing sites.
Plug Power’s shares increased by 42 percent on the Nasdaq Tuesday afternoon with a high of $8.22 a share. The company’s value on the stock market, or market cap, reached $869.61 million.
This comes following the company’s big order for its fuel cells by Wal-Mart Stores, Inc. News of the deal boosted Plug Power’s stock to an all-time high of $11.41 a share, up 32 percent, and a market cap of $1.21 billion.
Plug Power makes hydrogen fuel-cell systems, which work to power forklifts and other machinery. Earlier this month Erik Hansen, vice president of sales at Plug Power, said the company has “always talked about doing cars.”