SAN FRANCISCO (MarketWatch) -- Fuel-cell supplier Plug Power Inc. (PLUG) said Wednesday it bought the assets of fuel cell developer ReliOn Inc., expanding into the backup fuel-cell market. Plug paid about $4 million in stock for the Spokane, Wash. company, Plug said in a statement after market close Wednesday. "The company expects the acquisition to be accretive to earnings in 2015, and to generate approximately $1 million in [earnings before interest, taxation, and depreciation] loss in 2014," Plug Power said. Plug Power continues to expect to turn a profit this year, it added. ReliOn has had AT&T, Sprint and Verizon as customers, it said. Shares of Plug ended down 0.8% on Wednesday, and have gained 3,800% in the past 12 months following news of deals with six Wal-Mart Stores Inc. distribution centers, to power forklifts, and with a few FedEx Corp. electric trucks to extend the trucks' range.
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