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3M and Plug Power Ink Deal; Plug Power Outlines Path to Profitability
Thursday, October 8, 3:14 PM ET

3M (MMM) and Plug Power (PLUG) signed a commercial supply agreement, where 3M will supply its membrane electrode assemblies to Plug Power, for "GenSys" fuel cell systems being deployed in rural India. The fuel cells will be replacing diesel generators at 200 remote telecommunication sites operated by Tata Teleservices (BOM:532371).

The 200 fuel cell systems are scheduled to be installed by the end of March of 2010, and Plug Power could install up to 1000 systems by the end of 2010. Plug Power also said customers of its "GenDrive" systems are boosting their demand as customers move from trials to full conversions, with 380 orders received since the beginning of the year.

Today Plug Power is holding its analyst and investor day, to provide an update on the Company's path to profitability. On Thursday, 3M shares were trading up a little over 2%, while shares of Plug Power surged nearly 37%.

For MarketNewsVideo.com, I'm Nichole Dossous.
3M and Plug Power Ink Deal; Plug Power Outlines Path to Profitability
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