Plug Power Inc. (Latham, N.Y.), a provider of on-site energy products, has acquired Cellex Power Products Inc. (Vancouver, B.C.), a private company and a provider of fuel cell power solutions for lift trucks and other material handling equipment.
Plug Power paid USD $45 million in cash for all of Cellex Power’s outstanding shares. At time of closing, Cellex Power had approximately USD $9 million in cash and cash equivalents on hand.
“Completing this acquisition is a significant step in diversifying Plug Power’s product portfolio and adding new revenue streams from a large potential market,” said Dr. Roger Saillant, Plug Power’s president and CEO.
Plug Power considers telecommunications backup and material handling applications to be attractive near-term markets for proton exchange membrane (PEM) fuel cells and has selected these as central components of the Company’s growth strategy.
Since its inception in 1998, Cellex Power has been developing PEM fuel cell power units for electric lift trucks and is targeting the estimated USD 1.5 billion industrial motive battery market. In November 2006, Cellex successfully completed beta testing of its zero-emission, hydrogen fuel cell power units in pallet trucks at two Ohio-based Wal-Mart distribution centers.
Source: Plug Power Inc.