LATHAM, N.Y., and RICHMOND, British Columbia – Plug Power Inc., a provider of on-site energy products, announced Monday its acquisition of General Hydrogen Corp., a manufacturer of fuel cell power units for electric lift trucks and other mobile industrial equipment, for $10 million.
General Hydrogen is located near Cellex Power Products, Inc., another supplier of fuel cell power solutions for electric lift trucks, which Plug Power acquired last month.
Plug Power plans to integrate the two companies into one operation managed by Chris Reid, Cellex Power’s current President.
The acquisitions of both General Hydrogen and Cellex Power will allow Plug Power to increase its presence in the material handling market, according to Dr. Roger Saillant, Plug Power’s President and CEO.
Plug Power also expects to increase its commercial product manufacturing activities at its Latham, N.Y. facility, Saillant said.
Both companies are developing fuel cell power units which allow users to increase productivity and reduce operating costs through a quick hydrogen refueling process that eliminates the need to change batteries repeatedly throughout the day. They also eliminate the environmental and safety issues traditionally associated with lead-acid batteries.