Ann Arbor, Michigan based fuel cell company Adaptive Materials has been acquired by Ultra Electronics Holdings, a UK based defense, security, and energy company in a deal worth $23 million. Adaptive Materials develops solid oxide fuel cells for use in the military and recreational vehicles. Adaptive Materials will continue development of its fuel cell systems from their offices in Ann Arbor.
Over the last 10 years, Adaptive Materials has had $45 million worth of contracts without taking any venture capital or angel funding. However the company had received a $6.3 million loan in 2006 from Michigan’s 21st Century Jobs Fund. Adaptive Materials co-founder Michelle Crumm said that their success was due to building relationships with military customers. Aaron Crumm, the other co-founder in Adaptive Materials will retain their positions at the company. Adaptive Materials currently employs 65 people.