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Consolidation in the fuel-cell industry - Plug Power buys Cellex

Fuel-cell manufacturer Plug Power Inc. which produces backup power systems for the telecommunications industry is acquiring Cellex Power Products Inc. We've mentioned Cellex before as the fuel-cell manufacturer who partnered with Wal-Mart to undertake a trial of 12 hydrogen fuel-cell powered pallet lift trucks over four months. The $45 million acquisition, offset by Cellex's $8 million cash reserves, was made possible by a cash infusion into Plug Power last year by Russian group Smart Hydrogen. The Wal-Mart testing was completed successfully ... Read more →

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