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Plug Power Acquires Full Control of HyPulsion for $11.47M

Plug Power logoPlug Power is purchasing Axane to acquire the remaining 80 percent that it doesn’t own of HyPulsion, its European joint venture, for $11.47 million in Plug Power common stock.

Plug Power and Air Liquide, the parent company of Axane, founded HyPulsion in 2012 to advance the hydrogen and fuel cell market in Europe. The original agreement intended for Plug Power to ultimately assume control of HyPulsion, though this was accelerated.

Air Liquide remains a partner for Plug Power and its growth strategy within Europe. Air Liquide will support HyPulsion as a hydrogen supplier to Plug Power’s material handling customers. Additionally, Air Liquide will retain its seat on Plug Power’s board of directors, a position held since 2012.

Plug Power primarily sells its fuel cell products into material handling applications.

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