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value of the Plug Power common stock issued to H Power stockholders in the transaction was $47.3m.
Following the merger, Plug Power has approximately $85m in unrestricted cash, including $29.2m it assumed from H Power as part of the merger. This is anticipated to be sufficient, after integration costs and expenses associated with the merger consummation, to fund operations into 2005. The expanded company intends to serve a worldwide customer base through its existing exclusive distribution agreements with GE Fuel Cell Systems and DTE Energy Technologies.
Dr Roger Saillant, president/CEO of Plug Power, said that he expects the path of consolidation in the industry to continue as companies look to add value to their organizations and position themselves for longterm success.
As part of the merger consummation, Plug has appointed Gary Willis -formerly a member of the H Power board of directors, and with experience in yield enhancement solutions and high-precision manufacturing -to the Plug board.
Plug Power has taken over H Power's patents, but Plug's Cynthia Mahoney told the Albany Times-Union that the company is not sure if it will incorporate the technology into its own products, but that it was still under review. H Power has a number of demonstration/field trial units in the US, Europe and Japan.
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