Plug Power Inc. is in talks to buy a European industrial gas company, according to an 8-K form submitted by the fuel cell specialist to the US Securities and Exchange Commission on the 19th December.
It is understood that the US-based corporation has targeted the European company as part of its business strategy but the identity of the company, which develops technology to produce industrial gas supplies, remains anonymous.
An official statement from the company revealed, “We are in negotiations to acquire a company in Europe that develops technology to produce industrial gas supplies, which we believe, if successfully acquired and integrated into our operations, may advance our hydrogen fuelling strategy.”
The purchase price of the takeover will be approximately €10m ($10.4m).
But Plug Power was quick to caution, “There can be no assurance that we can successfully negotiate and enter into definitive agreements for this acquisition or, even if definitive agreements are executed, that we can successfully consummate this acquisition or integrate the acquired business into our operations.”
Plug Power also revealed in the document that it intends to consider further acquisitions of companies, technologies and products that it believes could improve its ability to compete in its core markets or break into new ones.