(Bloomberg) -- A surge in home deliveries of toilet paper, frozen meats and other goods gave a boost to Plug Power Inc., a fuel-cell manufacturer that also supplies hydrogen for warehouse forklifts.
The company’s sales from the gas surged 11% during the first quarter, Latham, New York-based Plug Power said in a statement Thursday. Walmart Inc., a key Plug Power customer, increased its consumption 30% above its typical peak-season average.
As Americans shifted to ordering food and groceries online from giant retailers during lockdowns, Plug Power forklifts handled almost a third of their movement through distribution centers and warehouses.
Plug Power shares have gained 35% this year. The company, however, hasn’t turned a quarterly profit since 2014.
