Plug Asset Acquisition

 

TIDMIDA 
 
RNS Number : 9981U 
IdaTech PLC 
26 October 2010 
 

For Immediate Release 
                                                                26 October 2010 
 
 
 
                                  IdaTech plc 
 
    Acquisition of assets of Plug Power Inc.'s LPG off grid and backup power 
                            stationary product lines 
 
                          ("IdaTech" or "the Company") 
 
IdaTech plc (AIM: IDA.L), a global leader in the development and manufacture of 
clean and reliable extended run backup power fuel cell products, today announces 
it has acquired  assets of Plug Power's Inc.'s (NASDAQ: PLUG) GenSys  liquid 
petroleum gas ("LPG") off grid and GenCore  backup power stationary fuel cell 
product lines.  Included in the transaction is a non-exclusive, worldwide, 
perpetual, royalty free license to all relevant patents and intellectual 
property as well as inventory tooling and some equipment relating to the GenSys 
product.  Total consideration for the assets was $5 million. 
 
IdaTech's current markets are focused on telecommunications backup power, 
supplementing existing electric grid power.  Combining IdaTech's technology and 
cost reduction expertise with the acquired Plug Power assets, enables IdaTech to 
expand into the telecommunications off grid power market, where there is no 
electric grid. It is believed that this represents a potential market size 
increase of approximately $1 billion.  In addition to technical synergies, 
IdaTech can leverage its established customer base to access the 
telecommunications off grid market.  IdaTech's ElectraGen(TM) products are 
certified in 21 telecommunications networks worldwide and with 5 of the top 10 
telecommunications providers. 
 
Harol Koyama, IdaTech CEO commented  "We are very pleased  to have completed 
this acquisition.  Plug Power is a pioneer in the fuel cell industry and has 
demonstrated quality products and highly valuable technology over many years. 
The GenSys  and GenCore  product lines have over a decade of development and 
field experience.  Being able to address conditions with no electric grid 
strategically positions IdaTech to solve a complete set of power problems facing 
our telecommunications customers, while greatly expanding the market potential 
for our products. Whilst this acquisition has significant benefits for IdaTech, 
our first priority remains to focus on the successful launch of our next 
generation methanol backup power product, the ElectraGen(TM)ME.  The 
ElectraGen(TM)ME is on schedule for December production and is targeted at 
directly competing with on grid diesel generator and battery backup power 
systems." 
 
 
For further information please contact: 
 
+----------------------------------+----------------------------+ 
| IdaTech plc                      | [phone]            | 
+----------------------------------+----------------------------+ 
| Harol Koyama, Chief Executive    |                            | 
| Officer                          |                            | 
+----------------------------------+----------------------------+ 
| James Cooke, Chief Financial     |                            | 
| Officer                          |                            | 
+----------------------------------+----------------------------+ 
|                                  |                            | 
+----------------------------------+----------------------------+ 
| Numis Securities Limited         | [phone]            | 
|                                  | 1000                       | 
+----------------------------------+----------------------------+ 
| Michael Meade / Hugh Jonathan    |                            | 
+----------------------------------+----------------------------+ 
|                                  |                            | 
+----------------------------------+----------------------------+ 
| Buchanan Communications          | [phone]       | 
+----------------------------------+----------------------------+ 
| Charles Ryland / Catherine Breen |                            | 
+----------------------------------+----------------------------+ 
|                                  |                            | 
+----------------------------------+----------------------------+ 
 
 
About IdaTech 
IdaTech plc is an advanced fuel cell products company which is operationally 
headquartered in Bend, Oregon, USA and is listed on AIM with the ticker code 
IDA.  IdaTech designs, develops, and manufactures extended run backup power fuel 
cell products for Telecom applications requiring up to 15 kW of backup power. 
IdaTech's unique PEM fuel cell technology provides solutions for a wide range of 
applications to directly support efforts towards sustainable energy.  IdaTech's 
portfolio of industry-certified fuel cell products are based on the company's 
fuel processing, purification and fuel cell system integration capabilities. 
With the support of strategic partners and customers, the company's extended run 
backup power products are being deployed worldwide for stationary applications. 
 
 
About Plug Power Inc. 
The architects of modern fuel cell technology, Plug Power revolutionized the 
industry with cost-effective power solutions that increase productivity, lower 
operating costs and reduce carbon footprints.  Long-standing relationships with 
industry leaders forged the path for our key accounts, including Wegmans, Whole 
Foods, and FedEx Freight.  With more than 1,000 units in the field and over 1.5 
million hours of runtime, Plug Power manufactures tomorrow's incumbent power 
solutions today. Visit us at www.plugpower.com. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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