Plug Power Signs Agreement with Englehard for Development and Supply of Catalysts

June 18, 2000 by Jeff Shepard

Plug Power Inc. (Latham, NY) has signed agreements with Engelhard Corp. (Iselin, NJ) for development and supply of advanced catalysts, which will be used to increase the overall performance and efficiency of Plug Power's fuel processor.As part of the agreement, over the next three years, Plug Power will contribute $10.0 million to fund Engelhard's development efforts and Engelhard will purchase $10.0 million of Plug Power common stock.