ReliOn Inc. was acquired in April, adding fuel cell stack technology and a stationary power fuel cell product offerings to Plug Power's portfolio, Plug Power said.
"Pulling the two groups together is a natural evolution for Plug Power as we grow and scale our business," CEO Andy Marsh said.
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Plug Power's ReliOn fuel cell product is designed for the backup and grid-support power requirements of the telecommunications, transportation, utility and government sectors.
Additionally, the company announced yesterday that Paul B. Middleton has been appointed as its new Chief Financial Officer.
Shares of Plug Power closed down 3.79% to $5.08.
Separately, 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 a few notable weaknesses, 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. Among the areas we feel are negative, one of the most important has been weak operating cash flow."