The Clap
Amazon (NASDAQ: AMZN) is buying enough carbon-free hydrogen to power many trucks and forklifts from Plug Power (NASDAQ: PLUG), as they push to use less fossil fuel.
The Deets
Starting in 2025, Amazon will receive 11,000 tons of green hydrogen annually.
Plug Power is looking to become a major supplier of green hydrogen, given the growing need for green energy.
Amazon wants to become a net-zero carbon emitter by 2040. This deal acts as a very direct step toward that plan, given that green hydrogen is produced without emitting greenhouse gases.
Why this Matters
Plug Power’s stock price rose as much as 14.7% following the news. As part of the deal, Amazon also has the right to buy 16 million shares in Plug Power.
Amazon going green 🔋
