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Amazon locks in deal with hydrogen cell maker maker for warehouse batteries

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Online shopping giant Amazon.com Inc (AMZN.O) has acquired the right to buy up to 23 percent of hydrogen fuel cell maker Plug Power Inc (PLUG.O).

The deal will give the internet retailer batteries to speed up work in its warehouses, Plug Power said in a statement.

Latham, New York-based Plug Power was valued at $319 million as of Tuesday’s market close.

Amazon must spend at least $600 million over the life of its contract with Plug Power for its warrants to fully vest.

The world’s largest online retailer will equip forklifts at 11 warehouses this year with hydrogen fuel cells so they can lift more goods before running out of juice, as well as charge faster, Plug Power’s chief executive Andy Marsh claimed.

Amazon will spend $70 million on the deal in 2017 and likely twice that next year, he added.

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