The transaction includes a license to all relevant intellectual property, as well as inventory tooling and some equipment relating to the GenSys fuel cell product. The total consideration for the assets was $5 million.
IdaTech is focused on the telecoms backup power market, supplementing existing electric grid power, with fuel cell units already in operation in Indonesia.
Combining IdaTech technology and cost reduction expertise with the acquired Plug Power assets, will enable IdaTech to expand into the telecoms off-grid power market – thought to be worth up to $1 billion.
In addition to technical synergies, IdaTech believes it can leverage its established customer base to access the telecoms off-grid market.
‘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,’ comments Harol Koyama, CEO of IdaTech.
Plug Power has refocused on the materials handling business, where its GenDrive™ product – utilizing PEM fuel cell stacks supplied by Ballard Power Systems – is replacing forklift batteries in large distribution centers for customers such as Walmart, BMW, and Sysco.