Plug - GE, Plug Power terminate joint fuel cell distribution venture

GE, Plug Power terminate joint fuel cell distribution venture
Monday March 27, 10:05 am ET
GE MicroGen Inc., a subsidiary of General Electric Co., and Plug Power Inc., are terminating their distribution joint venture, Plug Power said in a filing.
Plug Power (NASDAQ: PLUG - News), which is located in Latham, develops fuel cell systems. The joint venture "was not an effective entity for marketing (Plug Power's) products," according to Plug. With the termination of the joint venture, the exclusive product distribution and service rights that GE had revert back to Plug. Plug will no longer pay GE on third-party sales and can now freely sell its products to partners and customers, the filing said.
While it terminated the previous agreement, Plug said it has entered into a development collaboration agreement with GE. Under the agreement, Plug will test and evaluate GE's fuel-cell technology, for example.
In February 1999, Plug and GE MicroGen formed the joint venture to exclusively market, sell, install and service Plug's fuel cell systems globally with the exception of the states of Illinois, Indiana, Michigan and Ohio.
General Electric Co. (NYSE: GE - News) is headquartered in Fairfield, Conn