Protonex Acquires Mesoscopic Devices

Protonex Technology Corporation (LSE: PTX), a manufacturer of high-performance proton exchange membrane (PEM) fuel cell power systems, has entered into an agreement to acquire Mesoscopic Devices, a leader in solid oxide fuel cell (SOFC) technology, fuel reforming, and desulfurization systems. Protonex will pay $12.4 million – $3.2 million in cash and the balance in new common shares in Protonex. Mesoscopic Devices, based in Broomfield, Colorado, is a leading 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 is development of portable fuel cell technology for government, military and commercial customers including the US Army, US Navy, DARPA and NASA. The company has received over $13 million in cumulative contracts. The unaudited accounts of Mesoscopic Devices for the year ended December 31, 2006, show revenue of $3.2m, net income of $0.1m, and net assets at December 31, 2006, of $0.7m. The acquisition represents Protonex’ first strategic investment since its admission to the Alternative Investment Market of the London Stock Exchange (“AIM”) in July […]

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