Amazon plans to power forklifts and other industrial equipment at 11 fulfillment centers with Plug Power’s GenKey technology, which will enable faster charging times, reduced costs and support energy-efficiency in Amazon’s fulfillment operations.

Amazon has acquired the right to buy 23% of Plug Power, a Latham, N.Y. based company.  Amazon will spend about $70 million on fuel cells and hydrogen technology for use in its e-commerce fulfillment network.

Amazon plans to power forklifts and other industrial equipment at 11 fulfillment centers with Plug Power’s GenKey technology, which will enable faster charging times, reduced costs and support energy-efficiency in Amazon’s fulfillment operations.

The market seems to like the deal as shares of Plug Power increased 50% after the announcement.

The supply agreement with Amazon could be worth up to $600 million and includes a potentially large equity investment, as reported by MarketWatch.

Read the entire article in MHLNews.com here.