GLE News
Global Thermoelectric Inc. and PERC To Spearhead the Development of Propane Compatible Fuel Cells
TSE STOCK SYMBOL: GLE
Web site:www.globalte.com
CALGARY, Jan. 21 /CNW/ - Global Thermoelectric Inc. ("Global" or the
"Company"), a leading developer of solid oxide fuel cell ("SOFC") products,
today announced that it has been awarded a grant of up to US$500,000 by the
U.S. Propane Education and Research Council ("PERC" or the "Council") to fund
the development of a propane fuel processor. Fuel cells require hydrogen which
is readily available from hydrocarbon fuels such as propane and natural gas.
By developing a propane fuel processor, Global and PERC are paving the way for
the introduction of fuel cell products to propane markets. Global is the first
SOFC company to undertake such a venture with PERC.
"This initiative complements our relationship with Suburban Propane L.P.,
the third largest propane distributor in the U.S., and positions Global to be
a key supplier of propane fuel cell products in North America," stated Jim
Perry, Global's President and CEO. "We are confident that we can rapidly
advance the development of propane fuel processors and subsequently propane
compatible SOFC products. We believe that our technology is a better match
with propane than other fuel cell technologies as the SOFC can more easily,
cleanly and efficiently operate using hydrocarbon fuels," added Mr. Perry.
The purpose of PERC (www.propanecouncil.org) is to promote the safe and
efficient use of propane as a preferred energy source. Through the Council,
which was established in 1996, the U.S. propane industry has committed itself
to a multi-year, multi-million dollar effort to improve consumer and employee
safety, to fund research and development of new and more efficient propane
equipment and to expand public awareness of propane and its many uses and
environmental advantages. A key objective of the Council's technology strategy
is to develop new end-use technologies to draw in new customers and increase
sales to the existing customer base, and in this regard PERC has identified
the development of a propane processor as a key enabling technology.
Other developments:
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On a separate initiative, Global has also entered into a 2-year C$957,000
joint development program with the Institute for Chemical Process and
Environmental Technology ("ICPET") of the National Research Council Canada
("NRC"). This program is cost-shared equally between Global and NRC and is
designed to investigate research issues applicable to next-generation SOFC
components. ICPET researchers have made a number of significant research and
development achievements relevant to the emerging fuel cell industry in Canada
that impact upon the operation, efficiency and production of fuel cells.
The Company also previously announced that it had signed several
agreements (Memorandums of Understanding or Letters of Intent) with Suburban
Propane L.P., Citizens Gas, Advanced Energy Systems and Dana Corporation with
a view to proceeding to definitive agreements in 2002. All these initiatives
are on schedule, and the Company will provide further announcements as
negotiations are concluded.
Global's prototype development is ongoing. A modified 2 kW residential
prototype was recently tested at the Company's facilities in Calgary. The
system test met Global's performance targets and demonstrated several design
improvements and additional features. Development of a new generation of
prototype is also well underway.
The Company anticipates fuel cell engineering development expenditures
for 2002 of approximately C$25 million in addition to approximately C$10
million for capital expenditures. At September 30, 2001 the Company reported
cash and short-term investments of C$125.9 million.
This news release contains forward-looking statements about the Company,
the development of its technologies, and the establishment of its strategic
business relationships. Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by the words
"expects," "anticipates," "believes," "intends," "estimates," "projects" and
similar expressions, or statements that events or conditions "will," "may,"
"could" or "should" occur.
These forward-looking statements are subject to various risks,
uncertainties and other factors that could cause the Company's actual results
or achievements to differ materially from those expressed in or implied by
forward looking statements. These risks, uncertainties and other factors
include, without limitation, uncertainty as to the Company's ability to
successfully implement its business strategy; the risk that development
projects will not be completed successfully or in a timely manner; a
dependence on the contributions and performance of the Company's major
alliance partners; the ability of the Company to successfully negotiate and
execute definitive agreements governing its relationships with its major
alliance partners; the development of competing technologies and the
possibility of increased competition; fluctuating energy prices; uncertainties
involving government policies and government regulations affecting the
Company's business; and other factors identified in the Company's Annual
Information Form and other reports filed with securities commissions in Canada
and available at www.sedar.com.
Forward-looking statements are based on the beliefs, opinions and
expectations of the Company's management at the time they are made, and the
Company does not assume any obligation to update its forward-looking
statements if those beliefs, opinions or expectations, or other circumstances
should change.
Global Thermoelectric Inc. is a world leader in the development of SOFC
products. The Company is also the world's largest manufacturer and distributor
of thermoelectric power generators for use in remote locations. Global is
developing SOFC products that can easily, cleanly and economically obtain
hydrogen from hydrocarbon fuels. The Company is prototyping residential and
remote power systems to be fuelled by natural gas or propane. Global is listed
on The Toronto Stock Exchange (stock symbol: GLE).
%SEDAR: 00002531E |
