22 Oct 2008
Smart Hydrogen's Plug Power Shares to be Sold to OJSC
It has been disclosed that Smart Hydrogen, which owns 35 percent of Plug Powers shares, is to sell them to Third Generation Company of the Wholesale Electricity Market, also known as OJSC, for US$33 million. Norilsk Nickel owns 74 percent of OJSC.
In the SEC filing, Smart Hydrogen said the deal is part of a restructuring of certain Norilsk assets. The Russian company is putting all of its power assets into a single subsidiary, allowing Norilsk “to focus on its core business while maintaining a passive role in the investment.” Plug is OJSC’s first investment in alternative energy, which the company views as a strong growth sector.
In the SEC filing, Smart Hydrogen said the deal is part of a restructuring of certain Norilsk assets. The Russian company is putting all of its power assets into a single subsidiary, allowing Norilsk “to focus on its core business while maintaining a passive role in the investment.” Plug is OJSC’s first investment in alternative energy, which the company views as a strong growth sector.
Source: Fuel Cell Today
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