Technology Solutions Co. (TSCC)

[JPerdue2]

Ballard Power Systems announced that it has signed a definitive agreement to acquire Protonex Technology Corporation ("Protonex"; www.protonex.com), a leading designer and manufacturer of advanced power management products and portable fuel cell solutions. As consideration for the transaction, valued at $30 million,

Founded in 2000, Protonex is a private company headquartered in Southborough, Massachusetts and currently has 53 employees and approximately 85 patents issued and pending in power management solutions, proton exchange membrane (PEM) fuel cells, solid oxide fuel cells (SOFC), and fuel reformer technology which generate clean energy from readily available fuels such as propane, natural gas or diesel. In its last fiscal year ending September 30, 2014 Protonex generated revenue of $13.8 million with 40% gross margin and positive Adjusted EBITDA.

http://www.protonex.com