Form 8-K for PLUG POWER INC

 

Form 8-K for PLUG POWER INC
--------------------------------------------------------------------------------

27-Mar-2006

Termination of a Material Definitive Agreement, Change in Directors or
Principal O



http://biz.yahoo.com/e/060327/plug8-k.html

 


Did anyone else read:

/*
On March 24, 2006, the Company, GE MicroGen, GE and GEFCS mutually
agreed to terminate each of the agreements described above and to
dissolve GEFCS. The Company and GE agreed that GEFCS was not an
effective entity for marketing Plug Power's products, and that Plug
Power's products were not addressing the markets in which GE had a
particular interest. This determination was based, in part, on the
modest number of systems sold by GEFCS since its formation in February
1999 and on the evolution of the Company's product development plan to
focus first on backup power products and remote power applications,
with grid-connected residential applications, the primary market of
interest to GE, to be developed further in the future.
*/

To say "oops, we can't make residential products after all, so we gave
that market up to GE".  The good news is that GE still seems
interested in this segment, so we (consumers) might still see some
products Real Soon Now.

Oh, and we're still on the hook to them to the tune of some $2.5M.

It's all in the spin, isn't it?

 



Precisely the way I read it. The partnership with GE gave them a bit of
credibility. Now they have 0. I doubt we will see any product from anybody
soon in the residential market.