Thursday, April 3, 2014

ReliOn Acquired By Plug Power

Spokane, Washington-based ReliOn, which develops fuel cell technology used for backup power, has been acquired by Plug Power, in a deal worth $4M in stock. According to Plug Power, it will hire ReliOn's existing employees, and combine the ReliOn's fuel cell technology with its own fuel cell systems. ReliOn had raised somewhere in the range of $74.0M in funding since 2004, from backers such as Chrysalix Energy, Enterprise Partners, Montlake Capital, Oak Investment Partners, PCG Capital, Robeco Group, and Wall Street Technology Partners.