Ballard Power Systems has bought portable power technology company Protonex Technology, which had raised more than $210m, for just $18m in cash and stock.
Semiconductor technology manufacturer Intel has exited US-based portable power technology developer Protonex Technology Corporation through an acquisition by clean energy technology manufacturer Ballard Power Systems.
Ballard will pay $4m in cash together with approximately 11.4 million shares, worth $14.25m taking Ballard’s current share price into account. Founded in 1999, Protonex had raised more than $210m in funding, according to press reports and securities filings.
Intel Capital, Intel’s corporate venturing arm, participated in an $80m series B round in 2000 that…
