$普拉格能源(PLUG)$ 受@诚与信与天下 兄弟之托，翻译了一篇今天FOX上的关于PLUG收购ReliOn公司的文章，分享给大家，希望有所帮助，翻译不足之处请谅解！

Plug Power: PuttingThe Pieces Together

普拉格能源：氢能源的整合者

Plug Power (PLUG) recently acquired Washington based ReliOn,a PEM fuel cell manufacturer. This is Plug Power's bid to reduce costs for itsfuel cell stacks, and while it will create a $1 million EBITDAS loss for theyear, the company still expects to be EBITDAS positive in 2014. More than 30patents were added to Plug Power's portfolio and an experienced work force ofengineers and salesman have been added to the team.

PLUG最近收购了总部位于华盛顿的一家PEM fuel cell（质子交换膜燃料电池）制造商ReliOn。PLUG的这次收购是为了降低它的燃料电池堆的成本，尽管这次收购会造成100万美元的未计息税的年度亏损，但该公司仍预计将在2014年盈利。通过收购，PLUG将得到超过30项专利，而且将有一大批经验丰富的工程师和销售人员加入到自己的公司团队中。

While ReliOn will definitely be utilized to reduce costs andlean off of Ballard Power (BLDP), I think there may be more to this story thanmeets the eye. And consider that this is pure speculation on my part, but Ibelieve Plug Power is seriously considering the idea of reentering the telecomspace, here's why.

ReliOn already boasts telecom giants as customers, such asVerizon, Sprint, and AT&T.

ReliOns fuel cell stacks will now give Plug more freedom andflexibility when entering vertical markets.

虽然一眼看去收购ReliOns的目的显然是为了降低成本，同时减少对巴拉德动力（ BLDP ）的依赖 ，但我想这次收购的背后的故事可能比我们直接看到的更有深度。尽管是我自己猜测的，但我相信Plug现在正在认真考虑重新进入电信领域的想法，以下是我分析的具体原因：

首先，ReliOns已经拥有电信巨头作为客户，如Verizon ，Sprint和AT＆T。

其次，得到ReliOns燃料电池堆的相关技术将会为Plug进入垂直市场时带来更多的自由和灵活性。

Plug Power already has experience in this business,providing back up fuel cell power sources for telecom companies and their celltowers. Plug Power has shipped hundreds of its GenCore systems in the past (dugup some old PRs from 2006-2009), but they ceased this  business operation years ago as the companysolely began to focus and develop its GenDrive units for the material handlingindustry. When I toured the company's facility in Latham, NY, it was mentionedthat the company still had an operating cell tower fuel cell power systeminstalled on a tower behind their facility when I asked about this space. Theysimply explained that the product was from years ago when they were involved inthe telecom business.

此前，Plug公司在为电信公司和他们的手机发射塔提供后备燃料电池电源这个行业已经具有丰富的经验。Plug在过去已售出过数百个GenCore系统（该信息通过挖掘2006-2009年的一些旧的数据和资料得到），但由于Plug在几年前开始大力关注和发展以GenDrive为单位的物料搬运行业，于是他们便中止了这个业务。我参观过该公司位于纽约州Latham的设施，当我问到工厂后面的设施是什么东西的时候，有人提到这是一个手机信号发射塔，内部仍然装有他们公司生产的燃料电池动力系统，他们还简单解释说这是他们在几年前参与了电信业务时修建的。

CEO Andy Marsh is a telecom industry veteran, having workedin the business for more than 25 years, holding several executive level roles.Marsh's contacts and relationships within the industry are extensive.

Plug公司的CEO Andy Marsh在电信领域是一个老手，他参加这项业务已经超过25年了，在很多重要位置都任过职。同时他在行业内有丰富的人脉，与业界相关人士保持着广泛的联系。

Plug Power recently hired Jose Luis Crespo as VP of BusinessDevelopment. Crispo has had years of experience in the telecom industry.

Plug最近雇佣了Jose Luis Crespo作为商业开发的副总裁。Crispo在电信领域也具有多年的工作经验。

Sprint's interest in fuel cells was recently highlighted inlate January as they explored fuel cell technology.

从1月下旬开始，当投资者们开始重视燃料电池技术的价值的时候，大家对燃料电池领域的巨大兴趣再一次被点燃了。

All in all, Plug Power is capable of entering severalvertical markets, especially since they now own a reliable PEM fuel cell stackmanufacturer, and what's stopping Plug Power from revisiting the TelecomIndustry once interest from industry giants translates into meaningful sales?Nothing. Ballard Power already has exposure to the telecom industry, butthere's nothing wrong with a little friendly competition!

总而言之，Plug具有进入一些垂直市场的能力，特别是在他们现在拥有一个可靠的质子交换膜燃料电池堆的制造商的时候，那么现在当行业巨头们的兴趣有可能转化为有实际意义的销售额的时候，还有什么可以阻止PLUG重新涉足电信业务呢？没有什么可以阻止！虽然巴拉德动力已经涉足电信行业，但加入一点友好的竞争也没什么错嘛！

After news was announced, Ballard declined with fear of Plugleaning off of Ballard, and Plug advanced, though gains have been pared midtrading day, and the possibility of ending in the red is not out of question.

在Plug的收购消息公布之后，Plug的股价应声上涨，而巴拉德动力股价由于恐惧Plug对其依赖的减少而下降了。虽然当天Plug的股价之后稍有所下降，但最后收盘变红的可能性是微乎其微的。

In the end, the confirmation of Plug entering the telecomindustry would be just one more reason to stay long Plug, and add to the hypetrain, but for now, this is pure speculation, and it is in the best interest ofPlug that they stay on track to significantly penetrate the material handlingmarket, then the GSE and TRU markets, followed by the Range Extender markets.But with so many markets to enter, it's feasible to consider that Plug has itseyes once again on the telecom industry. Let's just hope the telecom industryhas a meaningful eye on the fuel cell industry.

最后，Plug将进入电信业的可能性将为我们长期持有Plug股票、并及时搭上这辆飞速驶向赚钱之路的超级高铁提供另一个更好的理由。但是截止到目前为止，这些都还只是一些猜测，对于当前的Plug来说，首先继续保持它在物料运输领域的影响力和渗透力，接下来再扩大市场范围，涉足GSE（地面铺设设备）和 TRU（信号发射接收器）领域将更加符合公司利益。既然有这么多的市场可供进入，那么Plug再次涉足电信行业将是一个很可行的选则。让我们一起希望电信行业对于燃料电池产业能有充分的信任和长远的眼光吧。