ReliOn develops hydrogen fuel cell stack technology and fuel cell systems, and produces backup fuel cells. The company has deployed more than 5,000 fuel cell stacks to customer sites. ReliOn counts AT&T (T), Sprint (S), and Verizon (VZ) as customers.
Plug Power plans to integrate ReliOn's technology into its GenDrive fuel cell systems sometime this year.
"One of our objectives in 2014 is to expand our fuel cell stack technology holdings to enhance our customer offerings," Plug Power president and CEO Andy Marsh said in a press release. "The addition of this technology from ReliOn is a giant step in that direction and gives us a very high-performance and high-reliability stack. We're looking forward to growing this business with the talented new additions to the Plug Power team."
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TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and weak operating cash flow."