Plug Power CEO: Major deal expected in next two to three weeks
www.google.com/...ce?q=NASDAQ%3APLUG&ei=BsoxU4D8Ks6TwQOoNg
Fuel cell systems supplier Plug Power Inc. PLUG +11.07% plans to announce a new major deal with a large automaker in the next two to three weeks.
“We signed an additional order in North America with a global automaker,” Chief Executive Andy Marsh told MarketWatch in a telephone interview on Tuesday.
However, he declined to elaborate further on the specifics of the deal.
Plug Power also expects another GenKey deal similar to the one with Wal-Mart Stores Inc. WMT +0.08% within this year.
Shares of Plug Power have whiplashed dramatically since it announced a contract to supply fuel cell units to Wal-Mart in late February. After an initial rally following the “milestone” deal, shares tanked when short-seller Andrew Left of Citron Research described Plug Power as a “casino” stock and said its fair value is 50 cents.
“I don’t know how to respond to that,” said Marsh when asked about Left’s analysis. But the chief executive also pointed out that there are analysts who are just as bullish on the company as Left is bearish.
Plug Power shares are up 8.6% to $6.18 on Tuesday. Year to date, the stock is up almost 300%, following gains of 210% in 2013.