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Plug Power Buys Canada’s General Hydrogen, Will Merge it With Cellex Into One UnitLATHAM, NY/RICHMOND, BC, CANADA, MAY 7 – Cash-rich fuel cell developer Plug Power Inc. made good on its intentions announced last month (H&FCL May 07) and said today it had bought Canada’s General Hydrogen Corp. a developer of fuel cell power packs for electric fork lift trucks and other mobile industrial equipment.

Plug Power paid approximately US $10 million, including roughly $7 million in cash; $3 million in loans previously made by Plug Power to General Hydrogen for all of the outstanding capital stock of General Hydrogen; and warrants for General Hydrogen shareholders to buy up to 571,429 shares of Plug Power common stock, exercisable at a later date and under certain conditions.

General Hydrogen is located close to Cellex Power Products, Inc., another supplier of fuel cell power systems for electric lift trucks, which Plug Power acquired last month. Plug Power plans to integrate the two companies into one operation managed by Chris Reid, Cellex Power's current President, Plug said in its announcement.

At the same time, Plug Power said it has signed off on an agreement with Ballard Power Systems, Vancouver, to buy fuel cell stacks for electric lift truck applications, replacing the previous agreement between General Hydrogen and Ballard. The systems designed by both General Hydrogen and Cellex are based on Ballard stacks.

A year ago, Plug Power became flush with cash after a Russian group invested $217 million in the company (H&FCL May 06).

(A more detailed version of this report will run in the June online and print issues of “The Hydrogen & Fuel Cell Letter” )

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