Shares of Plug Power Inc. rose 6% in morning trading Thursday after the hydrogen fuel-cell company announced a deal to supply Amazon.com Inc. to provide liquid hydrogen to the retail giant starting in 2025. Plug Power and Amazon have had deals in place related to fuel cells used in forklifts at several of Amazon's distribution centers. As part of Thursday's deal, Plug Power granted Amazon a warrant to buy up to 16 million shares of Plug Power's common stock, some right away and some over time. Shares of Plug Power have gained 3% so far this year, contrasting with losses of 12% for the S&P 500 index.
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