Plug Power Inc. (Nasdaq:PLUG) has made a second acquisition in B.C.'s alternative energy sector. The Latham, New York-based company picked up General Hydrogen Corp. for approximately US$10 million.
Under the acquisition agreement, Plug Power will pay US$7 million in cash and assume US$3 million in secured loans it made to General Hydrogen.
General Hydrogen shareholders will receive warrants to buy up to 571,429 shares of Plug Power.
The General Hydrogen deal follows Plug Power's acquisition last month of Richmond fuel cell provider Cellex Power Products Inc. in a US$45 million cash deal.
Plug Power plans to integrate General Hydrogen into one operation with Cellex. Cellex president Chris Reid will manage the combined operation.
The two acquisitions will diversify Plug Power's product line of fuel cells for material-handling equipment.
Plug Power also signed a two-year agreement with Ballard Power Systems (TSX:BLD) to buy fuel cell stacks for its electric lift trucks. The deal replaces the previous agreement between General Hydrogen and Ballard.