IdaTech picks up Plug Power assets worth $5M
By Christina Williams, Sustainable Business Oregon
Sustainable Business Oregon
Fuel cell company IdaTech plc announced Tuesday that it acquired the assets of Plug Power Inc.'s GenSys and GenCore backup power fuel cell product lines.
As part of the deal, Bend-based IdaTech will get a non-exclusive, worldwide, perpetual license to all relevant patents and intellectual property in addition to some equipment related to the product line.
IdaTech has focused on the telecommunications backup power market with customers in Asia. By adding the Plug Power products, IdaTech can reach into the off-grid power market, providing power where there's not an electric grid. IdaTech values the market at about $1 billion.
The company will also use the products to access a new customer base in the off-grid market.
"Being able to address conditions with no electric grid strategically positions IdaTech to solve a complete set of power problems facing our telecommunications customers while greatly expanding the market potential for our products," said IdaTech CEO Harol Koyama in a press release.
IdaTech had $6.6 million in revenue last year, a figure that is projected to dip slightly in 2010 due to a strategic decision to focus on commercial projects instead of government contracts, said James Cooke, IdaTech chief financial officer. The company has 95 employees, most of them in Bend.
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