Plug Power Inc. announced that it has licensed the intellectual property (IP) relating to its stationary power products, GenCore® and GenSys®, to IdaTech plc on a non-exclusive basis. As part of the transaction, Plug Power also sold inventory, equipment and certain other assets related to its stationary power business. Plug Power currently has over 140 patents and maintains ownership of, and the right to use, the patents and other intellectual property licensed to IdaTech. Total consideration for the licensing and assets was $5 million.
GenCore and GenSys are stationary backup and prime power sources, respectively, for telecommunication sites around the world. GenCore, a direct hydrogen-fueled product, gives wireless providers reliable, onsite power, increasing subscriber uptime in the case of lost power.