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Amazon Bets Big on Fuel Cells
Amazon plans to spend as much as $600 million on hydrogen and fuel cell technology at its nationwide network of fulfillment centers.
The fancy new batteries will help Amazon charge the industrial trucks in its warehouses more quickly, and without wasting as much power. More deeply, the deal shows the willingness of the e-commerce giant to invest in technology, rather than holding its capital in reserve.
The deal is also important to Plug Power, the technology startup that will provide the fuel cells and will get about $70 million revenue from the deal in 2017, and could receive a total $600 million over the life of the agreement.
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- ◦Economy
