Plug Power Pays $4M for ReliOn
Plug Power has acquired the assets of ReliOn, a developer of hydrogen fuel cell stack technology and fuel cell systems based in Spokane, Wash. Plug Power paid about $4 million in Plug Power common stock for ReliOn’s assets and will add key ReliOn personnel, primarily in sales and engineering.
The acquisition adds 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 air-cooled stack designs with snap-and-build stack assembly. The company has deployed more than 5,000 fuel cell stacks at customer sites.
Currently, Plug Power owns more than 150 US patents related to fuel cells. The ReliOn acquisition adds 34 additional US fuel cell patents to the company’s portfolio.
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