Monday, March 26, 2007

Protonex Snaps Up Mesoscopic Devices

Protonex, a fuel cell system pioneer with a heavy focus on the military sector, has entered into an agreement to acquire Mesoscopic Devices, an industry leader in solid oxide fuel cell (SOFC) technology, fuel reforming and desulfurization systems for a total consideration of $12.4 million.

Protonex cites a number of synergies resulting from the deal. The SOFC technologies will enable Protonex fuel cell systems to take advantage of multiple fuels, including propane, gasoline, diesel and JP8.

Mesoscopic Devices' SOFC technology complements that of Protonex, which are based on high-performance proton exchange membrane (PEM) technology. Protonex believes that both technologies have advantages and applications.

This deal comes on the heels of Protonex $3.5 million contract (March 16) with the US Army Research Office to develop a 250-watt portable fuel cell power source that is significantly smaller, lighter, quieter and more efficient than alternative battery or generator systems. This brings the total value of the company's secured government development or joint development contracts to more than $11 million.

No comments: