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Posted by lkgeo1 on April 2, 2007, 8:57 am
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Resource News: Trade Alert for Plug Power Inc
Tuesday March 27, 2007 11:06:15 EDT
Mar 27, 2007 (M2 PRESSWIRE via COMTEX News Network) --
Trade Alert for Plug Power Inc (NASDAQ: PLUG)
Plug Power, Inc., together with its subsidiaries, engages in the
design, development, and manufacture of on-site energy systems for
energy consumers worldwide. It focuses on platform-based systems,
which include proton exchange membrane, fuel cell, and fuel
processing
technologies. The company offers GenCore product, which provides
direct-current back-up power for telecommunication, broadband,
utility, and industrial uninterruptible power supply market
applications. It is also developing GenSys product, which offers
remote continuous power for light commercial and residential
applications; and prototype fuel cell systems that provide
electricity
and heat to a home or business, as well as hydrogen fuel for a fuel
cell vehicle. The company?s customers include telecommunications
companies, utilities, government entities, and distribution partners.
It has strategic partnerships with Honda R&D Co Ltd. of Japan;
Vaillant GmbH; General Electric Company; Engelhard Corporation; and
Pemeas. The company was founded in 1997 and is based in Latham, New
York.
Shares were up 3% after announcing Plug Power Inc. is acquiring
Cellex
Power Products Inc.
BellwetherReport.com is a leading online research firm for
international investors looking to get an edge over their portfolio.
Investors seeking the most up to date information on Plug Power Inc
are invited to sign up for a free complimentary subscription to
www.bellwetherreport.com. No credit card needed!
Plug Power Inc. is acquiring Cellex Power Products Inc. for $45
million and entering the forklift truck market.
Cellex is a 9-year-old Richmond, British Columbia, company, that
develops fuel cells for customers that operate fleets of industrial
vehicles. The fuel cells are used to power both the vehicle and the
lift.
A fuel cell is a device that converts chemical energy, such as
hydrogen, into electricity and heat, with water as the by-product.
"We think the value proposition is direct and immediate because a
forklift has a head-to-head comparison with a battery-operated fork
lift truck," said Roger Saillant, president and CEO of Plug Power
which is headquartered in Latham. "When you put the trucks head-to-
head, the battery gets weaker and weaker and is much less productive.
The fuel cell maintains its productivity throughout."
Saillant said Plug had been looking at Cellex for the past two years
but didn't have the money to make the purchase until recently. Last
year, Plug received a $217 million investment from two Russian
companies, investment firm Interros and Norilsk Nickel, one of the
world's largest producers of nickel and palladium.
Saillant said entering the forklift market will allow Plug to
demonstrate that it is more than a fuel cell developer, but that it
also is a systems integrator that brings its engineering, software
and
fuel cell experience to the table. He said the acquisition of Cellex
meets a Plug objective for 2007 of expanding into new fuel-cell
applications through partnerships or acquisitions.
It is Plug's third acquisition. In 2000, Plug bought Gastec, a
developer of fuel processor technology, based in The Netherlands, for
$20 million. In 2003, Plug acquired a rival, H Power Corp. of
Belleville, N.J., for $51 million.
The forklift market in the United States is estimated at nearly $2.8
billion. According to Cellex, the market is growing by 5 percent a
year with more than 700,000 electric lift trucks in operation.
Cellex has key clients and collaborators that Plug sees as key to
entering the market. Its clients include two large electric forklift
manufacturers, Crown Equipment Corp., New Bremen, Ohio; and Raymond
Corp. of Greene, N.Y.
Ballard Power Systems Inc. of British Columbia, a Plug competitor as
well as collaborator, also makes fuel cells for Cellex.
And Cellex recently completed field trials at two Wal-Mart
distribution centers in Ohio where fuel cells are running forklifts.
Johnnie Dobbs, a Wal-Mart executive vice president, called the field
tests "a significant milestone for Cellex from Wal-Mart's
perspective." Wal-Mart officials said they are looking to embrace new
technologies such as fuel cells.
Saillant said Plug currently doesn't have a relationship with Wal-
Mart, which he called "hugely important."
"I know that other companies look to Wal-Mart as a leading company,
so
as Wal-Mart goes, so goes other companies," Saillant said.
More information on Plug Power Inc available in the members section
of
www.BellwetherReport.com.
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