News Article

Plug Power To Acquire H Power In A Stock Swap
Date: Nov 13, 2002
Author: Barnaby J. Feder
Source: New York Times ( click here to go to the source)

Featured firm in this article: H Power Corporation of Belleville, NJ

Plug Power, a start-up fuel cell manufacturer based in Latham, N.Y., said it would acquire H Power, a rival based in Belleville, N.J., in a stock swap valued at about $50.7 million. Shares of both companies have fallen sharply from the highs of 2000 when investors expected the market for fuel cells to develop much more rapidly than it has. The deal values H Power, which traded as high as $173 two years ago, at just $4.70 a share, but that is more than double its closing price of $2.19 on Monday. Barnaby J. Feder (NYT)