March 26, 2007
Southboro firm buys Army fuel cell contractor
By Matthew L. Brown
Fuel cell power system maker Protonex Technology Corp. of Southboro agreed to buy Colorado-based Mesoscopic Devices for $12.4 million.
Protonex makes portable, low cost fuel cell systems for commercial customers and the military. Among other things, Mesoscopic makes fuel cell power products, including one of the first portable cells that operates on liquid fuel.
Its primary business is with the government, the military, and commercial customers.
Of the total purchase price, $3.2 million will be payable in cash, and the rest in common shares of Protonex.
The acquisition is Protonex's first strategic investment since its admission to the Alternative Investment Market of the London Stock Exchange in 2006.
Protonex makes portable, low cost fuel cell systems for commercial customers and the military. Among other things, Mesoscopic makes fuel cell power products, including one of the first portable cells that operates on liquid fuel.
Its primary business is with the government, the military, and commercial customers.
Of the total purchase price, $3.2 million will be payable in cash, and the rest in common shares of Protonex.
The acquisition is Protonex's first strategic investment since its admission to the Alternative Investment Market of the London Stock Exchange in 2006.
WBJ Web Partners
Most Recent
Most Recent
0 Comments