Date: Nov 13, 2002 Author: Barnaby J. Feder Source: New York Times (
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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)