Plug Power Announces Acquisition of EnergyOr
June 11 2019 - 7:00AM
Plug Power Inc. (NASDAQ:PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, today announced
the acquisition of EnergyOr’s technology, assets, and personnel.
EnergyOr is based in Montreal, Canada, and is the leader in
advanced lightweight and compact PEM hydrogen fuel cell (HFC)
systems for robotics, small scale material handling and aerospace
applications.
The purchase of EnergyOr’s assets allows Plug Power to integrate
small, ultralightweight fuel cell technology into its already
robust portfolio of ProGen hydrogen fuel cell engines in a capital
efficient manner. This acquisition facilitates the adoption
of more powerful, viable, and clean technology solutions for both
commercial and military applications that necessitate lightweight
fuel cell systems. EnergyOr’s current technology enables larger
payloads for the robots, while extending run-time 2 to 4 times that
of a lithium ion battery solution, further enhancing Plug Power to
position as a comprehensive hydrogen fuel cell solutions provider
for the future needs of logistics applications.
This acquisition allows Plug Power to address new applications
beyond its core market of material handling. Through Plug Power’s
established sales channels, the company will take the technology to
market at volume scale, expanding into applications including small
scale robotics, unmanned aerial vehicles (UAV), and other
autonomous applications. The USA-manufactured products will
incorporate EnergyOr’s lightweight systems into current Plug Power
offerings, while applying Plug Power’s proprietary MEA stack
technology to improve EnergyOr’s products’ cost effectiveness and
efficiency.
“As we continue to grow, we are the go-to company in applying
fuel cell technology across a broad range of applications,” said
Plug Power’s CEO Andy Marsh. “It’s a natural progression for us to
take our innovative technology and what we have learned in the
material handling and e-mobility spaces and apply that to other
industries that will thrive with HFCs. EnergyOr is the expert in
the UAV fuel cell market, and we are excited to incorporate their
technology and expertise as part of the Plug Power team.”
EnergyOr is a leader in aerospace UAV applications, setting
several world records for endurance flights through the use of
their fuel cell technology. In March of 2015, they powered
the world’s first fuel cell multirotor UAV, later used in
conjunction with the French Air Force's Centre d' Expertise
Aérienne Militaire (CEAM). In December 2015, the H2 Quad 400
was developed, becoming the first fuel cell Quad rotor in the world
to operate outdoors in a real-world environment. HFC solutions
provide longer duration flights and the benefits of fast fueling,
allowing customers to maximize the utilization of these assets.
“This acquisition combines two complementary businesses that
will expand the capabilities of hydrogen fuel cell technology in
the world of electrification,” said Michel Bitton, President and
CEO of EnergyOr. “We look forward to working with the Plug Power
team that has a proven track record of commercial success across a
variety of industries. We are of the same mind: hydrogen fuel
technology is the future of e-mobility, and we’re working together
to continue to make that future a reality.”
“Over the course of my career, I have seen the broad
applications of hydrogen fuel cell technology, and UAVs are just
one of the many industries that hydrogen power can disrupt,” said
EnergyOr’s CTO, Thomas Jones. “Partnering with the Plug Power team,
with their resources and business acumen, will enable us to
continue to push the envelope of integrating and advancing HFCs
into a variety of autonomous applications”
EnergyOr, a Plug Power company, is now a wholly-owned subsidiary
of Plug Power and will maintain its status and presence as a
Canadian company.
About Plug Power Inc.
The
architect of modern hydrogen and fuel cell technology, Plug Power
is the innovator that has taken hydrogen and fuel cell technology
from concept to commercialization. Plug Power has revolutionized
the material handling industry with its full-service GenKey
solution, which is designed to increase productivity, lower
operating costs and reduce carbon footprints in a reliable,
cost-effective way. The Company’s GenKey solution couples together
all the necessary elements to power, fuel and serve a customer.
With proven hydrogen and fuel cell products, Plug Power replaces
lead acid batteries to power electric industrial vehicles, such as
the lift trucks customers use in their distribution centers.
Extending its reach into the on-road electric vehicle market, Plug
Power’s ProGen platform of modular fuel cell engines empowers OEMs
and system integrators to rapidly adopt hydrogen fuel cell
technology. ProGen engines are proven today, with thousands in
service, supporting some of the most rugged operations in the
world. Plug Power is the partner that customers trust to take their
businesses into the future. www.plugpower.com.
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SOURCE: PLUG POWER
Media Contact Kate GundryPluck
617.797.5174plugpower@pluckpr.com
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