LATHAM, NY—Plug Power Inc, provider of hydrogen fuel cells for the materials handling market, has entered into a definitive agreement with Axane, SA, a subsidiary of Air Liquide SA to acquire the remaining 80 percent of HyPulsion, its European joint venture, for US$11.47 million in Plug Power common stock, subject to certain post-closing adjustments. The transaction is subject to the satisfaction of certain customary closing conditions and is expected to close no later than August 2015.
Plug Power and Air Liquide founded HyPulsion in 2012 to jump-start the hydrogen and fuel cell market in Europe. To date the company has achieved key milestones in product development, customer engagement and strong OEM relationships. The original agreement intended for Plug Power to ultimately assume control of HyPulsion, though this was accelerated given Plug Power’s success in the North American market.
Air Liquide remains a critical 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.
“A larger stake for Plug Power in Europe follows in line with the strategic path we’ve established to grow to a $500 million revenue company,” said Andy Marsh, CEO of Plug Power. “The appropriate sales and engineering staff are in place, and we will now move to broaden our presence in the European material handling market. I’d like to thank Air Liquide for its years of partnership and am pleased that our work together will continue as we develop the hydrogen economy in Europe.”
Plug Power has more than 7,000 fuel cell products deployed in North American material handling operations. These fuel cells have accumulated more than 100 million hours of operational time.