Skip to content
Subscriber Only

Fuel Cell Maker Wants to Supply Gas for Hydrogen Economy

  • Plug Power completes two acquisitions to make, supply hydrogen
  • Move will lower costs, provide greener fuel, CEO says
Updated on

Plug Power Inc. has acquired two hydrogen companies for $123 million, moves that could turn the veteran manufacturer of fuel cells into a major supplier of the fuel that runs them.

Plug Power bought the gas producer United Hydrogen Group Inc. for $65 million in a deal that includes cash, stock and assumed debt, according to a statement Tuesday. It also acquired for $58 million Giner ELX, which makes electrolysis machines that generate hydrogen from water.