Plug Power Announces Completion of Cellex Power Acquisition

 Plug Power Announces Completion of Cellex Power Acquisition

Publication Date:04-April-2007
06:30 AM US Eastern Timezone
Source:FuelCellWorks
LATHAM, N.Y. and VANCOUVER-- Plug Power Inc. , 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
http://www.cellexpower.com/ .

About Plug Power

Plug Power Inc. , 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
http://www.plugpower.com/ .        
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