Fuel-cell manufacturer Plug Power Inc. which produces backup power systems for the telecommunications industry is acquiring Cellex Power Products Inc. We've mentioned Cellex before as the fuel-cell manufacturer who partnered with Wal-Mart to undertake a trial of 12 hydrogen fuel-cell powered pallet lift trucks over four months. The $45 million acquisition, offset by Cellex's $8 million cash reserves, was made possible by a cash infusion into Plug Power last year by Russian group Smart Hydrogen.
There's a Wal-Mart distribution center in Grove City, Ohio where some of the forklifts are powered not by standard lead acid batteries but high-tech fuel cells. Ohio Lt. Governor Bruce Johnson visited the center last week for a first-hand view of the forklifts and to promote fuel cell work in his state.