Plug Power Announces Completion of Cellex Power Acquisition
LATHAM, N.Y. and VANCOUVER, April 4: Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable on-site energy products, today announced that the Company has completed its previously announced acquisition of Cellex Power Products Inc., a private company and a leader in providing 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 Chief Executive Officer.
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.
About Cellex Power Products
Cellex Power is a world leader in developing and commercializing fuel cell solutions for lift trucks and other material handling equipment. Cellex Power fuel cell solutions replace the industrial lead acid battery system used today in powering lift truck fleets in large-scale distribution centers. For more information, please visit www.cellexpower.com.
About Plug Power
Plug Power Inc. (NASDAQ:PLUG), an established leader in the development and deployment of clean, reliable, on-site energy products, currently integrates fuel cell technology into backup power products for telecommunications, utility and uninterruptible power supply applications. The Company is actively engaged with private and public customers in targeted markets, including the United States, Europe, Middle East, Russia, South Africa and South America. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.
Source: Plug Power Inc.
CONTACT: Media, Cynthia Mahoney White Plug Power Inc.,
+1-518-782-7700 ext. 1973, Mobile, +1-518-527-1172,
cynthia_mahoneywhite@plugpower.com; Investors, Deborah K. Pawlowski Kei Advisors, +1-716-843-3908, Mobile, +1-716-310-3949,r dpawlowski@keiadvisors.com
Web site: www.plugpower.com/
http://www.cellexpower.com/
