Plug Power Acquires ReliOn Inc. Bringing Innovative Fuel Cell Stack Technology In-House
02 Aprile 2014 - 10:46PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today announced it has acquired the
assets of ReliOn Inc., a developer of hydrogen fuel cell stack
technology and fuel cell systems based in Spokane, WA.
The acquisition adds valuable fuel cell stack technology and
products that Plug Power plans to integrate into several models of
its GenDrive fuel cell systems with first deployments this
year.
ReliOn develops modular, scalable proton exchange membrane (PEM)
hydrogen fuel cell systems that feature innovative air-cooled stack
designs with unique, low-cost snap-and-build stack assembly
technology. The company has deployed more than 5,000 fuel cell
stacks at customer sites.
Currently, Plug Power owns a large portfolio of intellectual
property including more than 150 US patents related to fuel cell
stack design, fuel cell system design, fuel processing, fuel
dispensing, energy storage and controls. This includes patents
relating to the safe dispensing of hydrogen and the use of a fuel
cell system as a direct battery replacement in material handling
applications. The acquisition adds 34 additional US fuel cell
patents to the company's portfolio.
Plug Power paid approximately $4 million in Plug Power common
stock for ReliOn's assets and will add key ReliOn personnel,
primarily in sales and engineering. The company expects the
acquisition to be accretive to earnings in 2015, and to generate
approximately $1 million in EBITDAS loss in 2014. Including the
impact of the acquisition, the company continues to expect full
year 2014 EBITDAS to be positive.
This acquisition marks Plug Power's expansion into the
stationary back-up fuel cell market, where ReliOn has been
successful with customers like AT&T, Sprint and Verizon.
"One of our objectives in 2014 is to expand our fuel cell stack
technology holdings to enhance our customer offerings," said Andy
Marsh, Plug Power president and CEO. "The addition of this
technology from ReliOn is a giant step in that direction and gives
us a very high-performance and high-reliability stack. We're
looking forward to growing this business with the talented new
additions to the Plug Power team."
"Plug Power has been the most aggressive company in the industry
in building a profitable business," said Gary Flood, president and
CEO of ReliOn. "We look forward to being part of the industry
leader and adding our technology, customer base and system products
to the Plug Power offering."
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power is
revolutionizing the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders,
including Walmart, Sysco, Procter & Gamble, and Mercedes Benz,
forged the path for Plug Power's innovative GenKey hydrogen and
fuel cell system solutions. With more than 4,500 GenDrive units
deployed to material handling customers, accumulating over 20
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
Plug Power Inc. Safe Harbor Statement
This communication contains statements that are not historical
facts and are considered forward-looking within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including but not limited to
statements regarding our expectations for the ReliOn acquisition,
including the acquisition being accretive in 2015, and 2014
financial performance, including our expectations for EBITDAS.
These forward-looking statements contain projections of our future
results of operations or of our financial position or state other
forward-looking information. We believe that it is important to
communicate our future expectations to our investors. However,
there may be events in the future that we are not able to
accurately predict or control and that may cause our actual results
to differ materially from the expectations we describe in our
forward-looking statements. Investors are cautioned not to unduly
rely on forward-looking statements because they involve risks and
uncertainties, and actual results may differ materially from those
discussed as a result of various factors, including, but not
limited to: the risk that we continue to incur losses and might
never achieve or maintain profitability, the risk that we will need
to raise additional capital to fund our operations and such capital
may not be available to us; the risk that our lack of extensive
experience in manufacturing and marketing products may impact our
ability to manufacture and market products on a profitable and
large-scale commercial basis; the risk that unit orders will not
ship, be installed and/or converted to revenue, in whole or in
part; the risk that a loss of one or more of our major customers
could result in a material adverse effect on our financial
condition; the risk that a sale of a significant number of shares
of stock could depress the market price of our common stock; the
risk that negative publicity related to our business or stock could
result in a negative impact on our stock value and profitability;
the risk of potential losses related to any product liability
claims and contract disputes; the risk of loss related to an
inability to maintain an effective system of internal controls or
key personnel; risks related to the use of flammable fuels in our
products; the risk that pending orders may not convert to purchase
orders, in whole or in part; the cost and timing of developing,
marketing and selling our products and our ability to raise the
necessary capital to fund such costs; the ability to achieve the
forecasted gross margin on the sale of our products; the risk that
our actual net cash used for operating expenses may exceed the
projected net cash for operating expenses; the cost and
availability of fuel and fueling infrastructures for our products;
market acceptance of our products, including GenDrive systems; the
volatility of our stock price; our ability to establish and
maintain relationships with third parties with respect to product
development, manufacturing, distribution and servicing and the
supply of key product components; the cost and availability of
components and parts for our products; our ability to develop
commercially viable products; our ability to reduce product and
manufacturing costs; our ability to successfully expand our product
lines; our ability to successfully expand internationally; our
ability to improve system reliability for our GenDrive systems;
competitive factors, such as price competition and competition from
other traditional and alternative energy companies; our ability to
protect our intellectual property; the cost of complying with
current and future federal, state and international governmental
regulations; risks associated with potential future acquisitions;
and other risks and uncertainties discussed under "Item IA—Risk
Factors" in Plug Power's annual report on Form 10-K for the fiscal
year ended December 31, 2013, filed with the Securities and
Exchange Commission ("SEC") on March 31, 2014 and the reports Plug
Power filed from time to time with the SEC. These forward-looking
statements speak only as of the date on which the statements were
made and are not guarantees of future performance. Except as may be
required by applicable law, we do not undertake or intend to update
any forward-looking statements after the date of this
communication.
CONTACT: Media Contact
Teal Vivacqua
518.738.0269
media@plugpower.com
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