Date Closed

April 3, 2007

Lead Office

Vancouver

Value

45.00 Million USD

On April 4, 2007, Plug Power Inc., a leader in providing clean, reliable on-site energy products, 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 US$45 million in cash for all of Cellex Power’s outstanding shares. At time of closing, Cellex Power had approximately US$9 million in cash and cash equivalents on hand.

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 US$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.

Cellex Power, headquartered in Vancouver, British Columbia, is a world leader in developing and commercializing fuel cell solutions for lift trucks and other material handling equipment.

Plug Power, headquartered in Latham, New York, is 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.

McCarthy Tétrault LLP represented Plug Power, as acquirer, with a team led by Peter Fairey.