Plug Power of Latham, NY, has sold intellectual property and assets relating to its stationary fuel cell product lines, GenSys (prime power) and GenCore (stationary back-up), targeted principally at telecoms applications, to IdaTech plc (AIM: IDA.L). Total consideration for the assets was $5 million. Plug Power’s initial business model, some ten years ago, was distributed, including residential, combined heat and power, but over the years its focus has shifted to substituting its GenDrive fuel cell system for lead-acid batteries in materials handling applications, eg fork lift trucks in large distribution centres. IdaTech is a specialist in fuel cell based backup power systems.
