Plug Power Inc., a U.S. supplier of hydrogen fuel cells, agreed to acquire the 80 percent that it doesn’t already own of a joint venture with Air Liquide SA.
Plug is paying $11.5 million in stock to gain full control of HyPulsion, a move that expands its reach into Europe, the Latham, New York-based company said Monday in a statement.
Plug’s fuel cells are used mainly to power forklifts and other material-handling systems. It formed HyPulsion with Air Liquide’s Axane unit in 2012 to build and sell fuel cells in Europe.
The company expects its market to double with the expansion into Europe, according to the statement. The deal will help the company reach its target of $500 million in annual sales. It reported revenue of $64 million last year.
Air Liquide will retain its seat on Plug’s board and will continue to supply hydrogen to Plug’s customers. The deal is expected to close no later than August.