Plug Power Licenses Stationary Power Technology To IdaTech
LATHAM, N.Y., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that it has licensed the intellectual property (IP) relating to its stationary power products, GenCore ® and GenSys ®, to IdaTech plc on a non-exclusive basis. As part of the transaction, Plug Power also sold inventory, equipment and certain other assets related to its stationary power business. Plug Power currently has over 140 patents and maintains ownership of, and the right to use, the patents and other intellectual property licensed to IdaTech. Total consideration for the licensing and assets was $5 million.
GenCore and GenSys are stationary backup and prime power sources, respectively, for telecommunication sites around the world. GenCore, a direct hydrogen-fueled product, gives wireless providers reliable, onsite power, increasing subscriber uptime in the case of lost power. GenSys, a liquid petroleum gas-fueled system, integrates state-of-the-art reforming technology to provide wireless providers with a prime power source in remote areas of the world where the electrical grid infrastructure is non-existent or unreliable.
Both products were proven as the most reliable and commercially-viable in the stationary power market. Leveraging its strong IP portfolio while staying consistent to its business strategy, Plug Power views this transaction as an important agreement for forward progress of the fuel cell industry. Currently, Plug Power remains committed to its core material handling business, where its GenDrive™ product is replacing lead-acid batteries in large distribution centers for customers such as Walmart, BMW and Sysco."This agreement with IdaTech is a success for Plug Power, IdaTech, and the fuel cell industry as a whole," said Andy Marsh, CEO at Plug Power. "As companies cooperate to jointly develop and commercialize the fuel cell industry, improvements across the board will be recognized, most significantly in the developing supply chain for fuel cell components. These types of agreements will continue to help drive down price and improve reliability in order achieve standardization for the industry."
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