Plug Power Inc. announced the acquisition of EnergyOr including its technology, assets, and personnel. EnergyOr is a maker of compact, lightweight PEM hydrogen fuel cell (HFC) systems for aerospace, robotics, and small scale material handling. As a result of the acquisition, EnergyOr is now a wholly-owned subsidiary of Plug Power, and EnergyOr will maintain its status and presence as a Canadian company.
Plug Power says that the purchase of EnergyOr's assets allows it to integrate EnergyOr technology for small, ultralightweight fuel cells into its already robust portfolio of ProGen hydrogen fuel cell engines in a capital efficient way. Plug Power also noted that the acquisition promotes the adoption of more powerful, viable, and clean technology solutions for commercial and military applications that require lightweight fuel cell systems.
EnergyOr's current technology enables larger payloads for robots while extending run-time to 2 to 4 times that of lithium-ion battery solutions.
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According to Plug Power, the EnergyOr acquisition lets Plug Power address new applications in addition to its core market of material handling. Through Plug Power's established sales channels, the company intends to bring the technology to market at high volume, expanding into applications such as small scale robotics, unmanned aerial vehicles (UAV), and other autonomous applications.
The new USA-manufactured products will incorporate EnergyOr's lightweight systems into Plug Power offerings, while applying Plug Power's proprietary MEA stack technology to enhance EnergyOr's cost effectiveness and efficiency.
"As we continue to grow, we are the go-to company in applying fuel cell technology across a broad range of applications," said Plug Power's CEO Andy Marsh. "It's a natural progression for us to take our innovative technology and what we have learned in the material handling and e-mobility spaces and apply that to other industries that will thrive with HFCs. EnergyOr is the expert in the UAV fuel cell market, and we are excited to incorporate their technology and expertise as part of the Plug Power team."
EnergyOr is a pioneer in aerospace UAV applications. In March of 2015, they reportedly powered what they claim to be the world's first fuel cell multirotor UAV, which was later used in conjunction with the French Air Force's Centre d' Expertise Aérienne Militaire (CEAM).
"This acquisition combines two complementary businesses that will expand the capabilities of hydrogen fuel cell technology in the world of electrification," said Michel Bitton, President and CEO of EnergyOr. "We look forward to working with the Plug Power team that has a proven track record of commercial success across a variety of industries. We are of the same mind: hydrogen fuel technology is the future of e-mobility, and we're working together to continue to make that future a reality."
"Over the course of my career, I have seen the broad applications of hydrogen fuel cell technology, and UAVs are just one of the many industries that hydrogen power can disrupt," said EnergyOr's CTO, Thomas Jones. "Partnering with the Plug Power team, with their resources and business acumen, will enable us to continue to push the envelope of integrating and advancing HFCs into a variety of autonomous applications"
