Protonex acquires Mesoscopic Devices of Colorado

Fuel cell maker Protonex Technology (LSE: PTX) of Massachusetts is buying Mesoscopic Devices, based in Broomfield, Colorado.

Mesoscopic is a provider of ten to 1,000-watt fuel cell power solutions, and has developed two platforms of fully integrated power systems based on solid oxide fuel cell (SOFC) and direct methanol fuel cell (DMFC) technologies.

Mesoscopic also produces fuel reforming, and desulfurization systems.

The value of the purchase is $12.4 million, of which approximately $3.2 million is payable in cash and the balance in new common shares in Protonex.

Established in 1998, the company’s principal business has been development of portable fuel cell technology for government, military and commercial customers including the U.S. Army, Navy, DARPA and NASA.

The unaudited accounts of Mesoscopic Devices for the year ended December 31, 2006, show revenue of $3.2m, net income of $0.1m, and net assets at December 31, 2006, of $0.7m.

Scott Pearson, Protonex CEO, stated, “The combination of Protonex and Mesoscopic Devices will allow us to build on the technical and market synergies that exist between the two businesses and considerably strengthen our position as a leader in the portable fuel cell industry. With this acquisition, we believe that Protonex will be the only portable power company in the world with the ability to offer our customers the benefits of both PEM and SOFC technologies.”

Protonex continues to develop its PEM fuel cell systems fueled by hydrogen, chemical hydrides and methanol. To date, Protonex has secured contracts with more than $12 million in total program value with U.S. government agencies.

Protonex was admitted to the Alternative Investment Market of the London Stock Exchange (“AIM”) in July 2006.

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