Plug Asset Acquisition
October 26 2010 - 6:30AM
UK Regulatory
TIDMIDA
RNS Number : 9981U
IdaTech PLC
26 October 2010
For Immediate Release
26 October 2010
IdaTech plc
Acquisition of assets of Plug Power Inc.'s LPG off grid and backup power
stationary product lines
("IdaTech" or "the Company")
IdaTech plc (AIM: IDA.L), a global leader in the development and manufacture of
clean and reliable extended run backup power fuel cell products, today announces
it has acquired assets of Plug Power's Inc.'s (NASDAQ: PLUG) GenSys liquid
petroleum gas ("LPG") off grid and GenCore backup power stationary fuel cell
product lines. Included in the transaction is a non-exclusive, worldwide,
perpetual, royalty free license to all relevant patents and intellectual
property as well as inventory tooling and some equipment relating to the GenSys
product. Total consideration for the assets was $5 million.
IdaTech's current markets are focused on telecommunications backup power,
supplementing existing electric grid power. Combining IdaTech's technology and
cost reduction expertise with the acquired Plug Power assets, enables IdaTech to
expand into the telecommunications off grid power market, where there is no
electric grid. It is believed that this represents a potential market size
increase of approximately $1 billion. In addition to technical synergies,
IdaTech can leverage its established customer base to access the
telecommunications off grid market. IdaTech's ElectraGen(TM) products are
certified in 21 telecommunications networks worldwide and with 5 of the top 10
telecommunications providers.
Harol Koyama, IdaTech CEO commented "We are very pleased to have completed
this acquisition. Plug Power is a pioneer in the fuel cell industry and has
demonstrated quality products and highly valuable technology over many years.
The GenSys and GenCore product lines have over a decade of development and
field experience. Being able to address conditions with no electric grid
strategically positions IdaTech to solve a complete set of power problems facing
our telecommunications customers, while greatly expanding the market potential
for our products. Whilst this acquisition has significant benefits for IdaTech,
our first priority remains to focus on the successful launch of our next
generation methanol backup power product, the ElectraGen(TM)ME. The
ElectraGen(TM)ME is on schedule for December production and is targeted at
directly competing with on grid diesel generator and battery backup power
systems."
For further information please contact:
+----------------------------------+----------------------------+
| IdaTech plc | +1 541 383 3390 |
+----------------------------------+----------------------------+
| Harol Koyama, Chief Executive | |
| Officer | |
+----------------------------------+----------------------------+
| James Cooke, Chief Financial | |
| Officer | |
+----------------------------------+----------------------------+
| | |
+----------------------------------+----------------------------+
| Numis Securities Limited | +44 (0) 20 7260 |
| | 1000 |
+----------------------------------+----------------------------+
| Michael Meade / Hugh Jonathan | |
+----------------------------------+----------------------------+
| | |
+----------------------------------+----------------------------+
| Buchanan Communications | +44 (0) 20 7466 5000 |
+----------------------------------+----------------------------+
| Charles Ryland / Catherine Breen | |
+----------------------------------+----------------------------+
| | |
+----------------------------------+----------------------------+
About IdaTech
IdaTech plc is an advanced fuel cell products company which is operationally
headquartered in Bend, Oregon, USA and is listed on AIM with the ticker code
IDA. IdaTech designs, develops, and manufactures extended run backup power fuel
cell products for Telecom applications requiring up to 15 kW of backup power.
IdaTech's unique PEM fuel cell technology provides solutions for a wide range of
applications to directly support efforts towards sustainable energy. IdaTech's
portfolio of industry-certified fuel cell products are based on the company's
fuel processing, purification and fuel cell system integration capabilities.
With the support of strategic partners and customers, the company's extended run
backup power products are being deployed worldwide for stationary applications.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power revolutionized the
industry with cost-effective power solutions that increase productivity, lower
operating costs and reduce carbon footprints. Long-standing relationships with
industry leaders forged the path for our key accounts, including Wegmans, Whole
Foods, and FedEx Freight. With more than 1,000 units in the field and over 1.5
million hours of runtime, Plug Power manufactures tomorrow's incumbent power
solutions today. Visit us at www.plugpower.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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