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Fuel cell firm Plug Power has entered into a definitive agreement to take full control of a joint venture to develop, manufacture and market fuel cells in Europe.
Plug Power bought the remaining 80% of joint venture HyPulsion from Axane, SA, a subsidiary of Air Liquide SA, for $11.47 million in common stock, subject to certain post-closing adjustments.
Plug Power and Air Liquide founded HyPulsion in 2012 to bring fuel cells for forklift trucks to the European market.
The transaction is subject to certain customary closing conditions and is expected to close no later than August 2015.
