GM takes stake in IMPCO fuel cell unit
marketwatch.com
By August Cole, CBS.MarketWatch.com
Last Update: 4:07 PM ET June 12, 2001
DETROIT (CBS.MW) - Racing to introduce workable fuel cell technology into production electric vehicles, General Motors said Tuesday it's taking a minority ownership position in IMPCO Technologies' unit specializing in the hydrogen-based technology.
Shares of Cerritos, Calif.-based IMPCO (IMCO: news, msgs, alerts) rose $2.80, nearly 8 percent, to $39.82 while GM (GM: news, msgs, alerts) stock turned higher, rising 25 cents to $59.39.
The world's biggest automaker said the move would help it address one of the nagging problems of the so-called clean fuel technology, vehicle range.
Terms of the deal with IMPCO's Irvine, Calif.-based Quantum Technologies unit weren't disclosed. "It is a logical next step on the long road to a hydrogen-based economy," said Larry Burns, vice president for research and development, and planning at GM, in a prepared statement |
