AVA - Target of $30 mentioned on CNBC
Talked about the hidden gems in the company that could be spun off.
Avista Corp., a Fortune 500 company, is an energy, information and
technology company with utility and subsidiary operations located
throughout North America. Avista Corp.?s portfolio of businesses is
focused on delivering superior products and providing innovative solutions
to business and residential customers throughout the United States and
Canada.
Avista Corp. also operates Avista Capital, which owns all the company?s
non-regulated energy and non-energy businesses. Avista Capital
companies include Avista Energy, Avista Energy Canada, Ltd., Avista
Power, Avista Advantage, Avista Labs, Avista Fiber, Avista
Communications, Avista Development and Pentzer Corporation. Avista
Corp.?s stock is traded under the ticker symbol ?AVA.? For more
information about Avista Corp. and its affiliate businesses, visit the
corporate website at www.avistacorp.com
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FOR IMMEDIATE RELEASE
December 16, 1999
Avista Corp Affiliate, Avista Labs, and UOP Agree on
Technology Partnership for Joint Fuel Cell Development
Joint development agreement clears pathway into residential fuel
cell market
Spokane, Wash./Des Plaines Ill: Avista Corp., (NYSE:AVA) technology
affiliate Avista Labs and UOP LLC have signed a joint development
agreement that will lead to the commercialization of stationary fuel cells in
early 2001.
The agreement forges an alliance that combines Avista Labs? unique fuel
cell expertise in the development of small-scale, modular fuel cells with
the engineering, process design, and catalyst skills of UOP. The two
companies are working jointly on the development of a distributed power
plant that will deliver electricity to residences or businesses with the same
or better reliability than traditional electric distribution networks while
remaining easier to use and maintain than competing fuel cell
technologies.
Polymer electrolyte membrane (PEM) fuel cells operate at low
temperatures, converting hydrogen to electricity without combustion. Fuel
processors produce hydrogen for the fuel cell using fuels such as propane
and natural gas. Together, UOP and Avista Labs will provide a reliable,
safe, simple and low cost power plant for homes and businesses.
?This agreement formalizes a working relationship that for many months
has been focused on development of a revolutionary distributed generation
power product,? Kim Zentz, president of Avista Labs said. ?We examined
many companies in the fuel processing industry and found UOP to be the
one with the depth of knowledge, experience, and understanding of the
marketplace needed to make this project successful. UOP has a long
history of delivering products that meet the needs of demanding
customers.?
UOP and Avista Labs have focused on integrating UOP?s fuel processor,
designed to convert either propane or natural gas into hydrogen, with
Avista Labs? modular PEM fuel cell that is both low cost and easy to
assemble.
?With this agreement we are combining the strengths of both companies
to develop a one-of-a-kind distributed power source that will fundamentally
change how electricity is generated,? Michael D. Winfield, president and
chief executive officer of UOP said.
UOP LLC, headquartered in Des Plaines, Illinois, is a leading international
supplier and licensor of process technology, catalysts, absorbents,
process plants, and technical services to the petroleum refining,
petrochemical, and gas processing industries. Avista Labs, an affiliate of
Avista Corp., is a fuel cell company dedicated to making distributed
energy more accessible, more reliable, and easier on the environment.
Avista Corp. is a Fortune 500 company, is an energy, information, and
technology company with utility and subsidiary operations located
throughout North America. Avista Corp.?s portfolio of businesses is
focused on delivering superior products and providing innovative solutions
to business and residential customers throughout the United States and
Canada.
Avista Corp. also operates Avista Capital, which owns all of the company?s
non-regulated energy and non-energy businesses. Avista Capital
companies include Avista Advantage, Avista Labs, Avista Fiber, Avista
Communications, Avista Development, Avista Energy, Avista Energy
Canada, Ltd., Avista Power, and Pentzer Corporation. Avista Corp.?s stock
is traded under the ticker symbol ?AVA.? For more information about
Avista Corp. and its affiliate businesses, visit the corporate website at
www.avistacorp.com
Avista Corp. and the Avista Corp. logo are trademarks of Avista
Corporation. All other trademarks mentioned in this document are the
property of their respective owners.
AN OVERVIEW
Avista Corp., a Fortune 500 company, is an energy, information and
technology company with utility and subsidiary operations located
throughout North America. Avista Corp.?s portfolio of businesses is
focused on delivering superior products and providing innovative solutions
to business and residential customers throughout the United States and
Canada.
Avista Corp. also operates Avista Capital, which owns all the company?s
non-regulated energy and non-energy businesses. Avista Capital
companies include Avista Energy, Avista Energy Canada, Ltd., Avista
Power, Avista Advantage, Avista Labs, Avista Fiber, Avista
Communications, Avista Development and Pentzer Corporation. Avista
Corp.?s stock is traded under the ticker symbol ?AVA.? For more
information about Avista Corp. and its affiliate businesses, visit the
corporate website at www.avistacorp.com |
