Cellex Power Systems (Exited)
Cellex Power Systems, based in Vancouver, Canada, was sold to Plug Power in 2007. Cellex pioneered the deployment of fuel cell-based hybrid systems in the materials handling (forklift) vehicles, a sector where there was a strong pain in the market in the form of productivity, high Capex/Opex with incumbent battery and environmentally unfriendly diesel solutions. The Cellex solutions replaced batteries with fuel cells achieving significant productivity gains while lowering Capex and Opex. The Cellex solution currently forms an integral component of the Plug Power value proposition to customers in the materials handling sector.