Plug Power’s stock spikes up after American Fuel Cell acquisition
By Tom Kilgore | MarketWatch
Plug Power Inc’s stock PLUG, -0.27% spikes up 4.4% in premarket trade Wednesday, after the fuel cell and hydrogen technology company said it acquired American Fuel Cell, for an undisclosed amount. American Fuel Cell is a developer of Membrane Electrode Assembly (MEA), which is a catalyst for fuel cells to create power. The acquisition gives Plug Power a facility in Rochester, NY, with all staff of American Fuel Cell becoming Ply Power employees.
“Each day, we see the role that fuel cells are playing in the increasingly electrified world evolve in a positive direction,” said Plug Power Chief Executive Andy Marsh. “The American Fuel Cell team is an unmatched group of bright thinkers who understand the potential of fuel cells in on-road applications.”
The stock had tumbled 23% year to date through Tuesday, while the S&P 500 SPX, -0.12% had gained 2.8%.
[NEXUS-NY Update] Plug Power Acquires American Fuel Cell