Plug Power, H Power Announce Merger Consummation

March 25, 2003 by Jeff Shepard

Plug Power Inc. (Latham, NY) and H Power Corp. (Belleville, NJ) announced the consummation of their previously announced merger transaction. The transaction was completed shortly after the approval of the transaction by the respective stockholders of Plug Power and H Power. As a result of the transaction, H Power stockholders will receive 0.8305 shares of Plug Power common stock for each share of H Power common stock held immediately prior to the transaction.

The value of the Plug Power common stock to be issued to H Power stockholders in the transaction is $47.3 million. Immediately following the transaction, Plug Power will have approximately 60 million shares outstanding and H Power will become a wholly owned subsidiary of Plug Power.

"We are pleased to have completed this transaction. We believe the fuel cell industry continues to hold much promise, and expect that the path of consolidation in this industry will continue as companies look to add value to their organizations and position themselves for long-term success," said Plug Power President and Chief Executive Officer Roger Saillant.

"The merger of H Power with Plug Power presents the best alternative for our stockholders," said H Power Chief Executive Officer Frank Gibbard. "Plug Power is a formidable competitor in the fuel cell industry, and with the combination it has an even stronger position to capitalize on the long-term benefits of distributed power generation technology."