Protonex acquires Mesoscopic Devices

28-Mar-2007

Protonex Technology Corporation announced that it has entered into an agreement to acquire Mesoscopic Devices, a company for solid oxide fuel cell (SOFC) technology, fuel reforming, and desulfurization systems, for a total consideration of $12.4 million, of which approximately $3.2 million is payable in cash and the balance in new common shares in Protonex.

Mesoscopic Devices, based in Broomfield, Colorado, is a provider of ten to 1,000-watt fuel cell power solutions and has developed two platforms of fully integrated power systems based on SOFC and direct methanol fuel cell (DMFC) technologies, including one of the first portable SOFCs operating on liquid fuels. Established in 1998, the company's principal business has been development of portable fuel cell technology for government, military and commercial customers including the US Army, US Navy, DARPA and NASA. To date the company has received over $13 million in cumulative contracts.

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