PLUG - Plug Power buys Joule for up to $160M; signs supply deal with Atlas Copco Fives

Plug Power (NASDAQ:PLUG) said it has purchased Joule Processing, a process solution and engineered equipment provider, and announces a collaboration agreement with Atlas Copco (OTCPK:ATLKY) and Fives to jointly develop hydrogen liquefaction plants. Plug said it bought Joule for as much as $160M, with $30M paid upfront and $130M of future earn-outs based on meeting liquefier efficiency, third-party sales and gross margin targets; Joule's liquefaction process will be deployed in Plug's green hydrogen plant under development in Texas. "The liquefier system is key to offering hydrogen in liquid form, which is ideal because of its superior energy density versus gaseous hydrogen, lower transportation cost and potential for powering trains, ships and airplanes. Joule's capabilities complete this end-to-end green hydrogen solution for Plug Power," CEO Andy Marsh said. Plug said the new collaboration with Atlas Copco and Fives adds key suppliers that will enable it to deliver hydrogen liquefiers into its growing fleet

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Plug Power buys Joule for up to $160M; signs supply deal with Atlas Copco, Fives