Plug Power buys General Hydrogen

Plug Power Inc. (www.plugpower.com) announced the acquisition of General Hydrogen Corp. for $10 million.

By Staff -- Modern Materials Handling, 6/1/2007

Even before hydrogen becomes an established power source for lift trucks, consolidation of hydrogen fuel cell suppliers is underway.

Plug Power Inc. announced the acquisition of General Hydrogen Corp. for $10 million. Recently, Plug Power announced it was buying Cellex Power Products, another supplier of hydrogen fuel cells for lift trucks, for $45 million.

The two British Columbia-based acquisitions will be integrated into one operation managed by Chris Reid, Cellex Power's current president.

“Given Plug Power's financial and operational strength and the combined fuel cell expertise of the three companies, we expect to accelerate product development for all three classes of electric lift trucks,” says Dr. Roger Saillant, Plug Power's president and CEO.