Plug Power Finalizes New Agreements
Plug Power Inc. (Latham, NY) announced that it has finalized new agreements with GE Fuel Cell Systems LLC (GEFCS, Schenectady, NY), GE MicroGen Inc. (Latham, NY), GE Power Systems Equities (GEPS, Latham, NY) and DTE Energy Technologies (Farmington Hills, MI) in line with the memoranda of understanding (MOU) announced earlier this year.
Under the new agreement, GEFCS's exclusive, worldwide distribution rights are expanded (with the exception of a four-state territory served by DTE) to include the full range of Plug Power's stationary PEM fuel cell systems. The previous agreement excluded fuel cell systems greater than 35kW and systems designed for UPS applications. As part of the agreement, Plug Power has increased its ownership in GEFCS to 40 percent from its previous level of 25 percent and, in return, will grant GEPS options to purchase 725,000 shares of Plug Power common stock.
"We are pleased to have successfully translated the MOU announced in June to a final agreement," said Barry Glickman, president of GE Fuel Cell Systems. "The expanded distribution rights provide GEFCS the opportunity to benefit from Plug Power's efforts to develop and commercialize additional product sizes and applications. GEFCS anticipates that eventually having access to this expanded product range will enhance our efforts to serve customers' needs and develop a global product distribution and service network."