2 April 2014
Details
LATHAM, NY
Plug Power Inc. (NASDAQ: PLUG),
a leader in providing clean, reliable energy solutions,
today announced it has acquired
the assets of ReliOn Inc.,
a developer of hydrogen fuel cell stack technology
and fuel cell systems based in Spokane, WA.
The acquisition adds valuable fuel cell stack technology and products that
Plug Power plans to integrate into several models of
its GenDrive fuel cell systems with first deployments this year.
ReliOn develops modular, scalable
proton exchange membrane (PEM) hydrogen fuel cell systems that
feature innovative air-cooled stack designs
with unique, low-cost snap-and-build stack assembly technology.
The company has deployed more than 5,000 fuel cell stacks
at customer sites.
Currently, Plug Power owns a large portfolio of intellectual property
including more than 150 US patents related to fuel cell stack design,
fuel cell system design, fuel processing,
fuel dispensing, energy storage and controls.
This includes patents relating to the safe dispensing of hydrogen and
the use of a fuel cell system as a direct battery replacement
in material handling applications.
The acquisition adds 34 additional US fuel cell patents to
the company’s portfolio.
Plug Power paid approximately $4 million in Plug Power common stock
for ReliOn’s assets and will add key ReliOn personnel,
primarily in sales and engineering.
The company expects the acquisition to be accretive to earnings in 2015,
and to generate approximately $1 million in EBITDAS loss in 2014.
Including the impact of the acquisition,
the company continues to expect full year 2014 EBITDAS to be positive.
This acquisition marks Plug Power’s expansion
into the stationary back-up fuel cell market,
where ReliOn has been successful with customers
like AT&T, Sprint and Verizon.
WWW.CHEMWINFO.COM BY KHUN PHICHAI
