GLE and Advanced Energy Systems
Wednesday December 12, 2:05 am Eastern Time
Press Release
SOURCE: Global Thermoelectric Inc.
Global Thermoelectric and Advanced Energy Systems Ltd to partner for the development of power electronics.
TSE STOCK SYMBOL: GLE Web site:www.globalte.com
CALGARY, Dec. 12 /CNW/ - Global Thermoelectric Inc. ("Global"), a leading developer of solid oxide fuel cell ("SOFC") products, today announced that it has signed a Letter of Intent with Advanced Energy Systems Ltd. ("AES") of Bentley, Western Australia whereby the two companies will cooperate in the development of power electronics and control technologies for Global's SOFC products.
Fuel cells produce direct current (DC). In order to be used in a residence, this DC voltage must be transformed into alternating current (AC), which is done by the AES inverter system. Global and AES intend to work together to integrate the AES inverter system and Global's microprocessor based fuel cell controls into a single, cost effective and efficient power electronics solution. In addition, this new electronics package will allow the fuel cell system to interface with the power grid.
"A key element in our drive to successfully penetrate the residential market is the development of an integrated inverter and control package," said Jim Perry, Global's President and CEO. "With AES as our partner, we expect to make rapid progress towards reducing the size and cost of fuel cell electronics, allowing us to offer competitive power solutions."
AES is recognized as a leading developer of power and communications technologies for industrial and renewable energy applications. AES's current inverter technology has one of the highest conversion efficiencies (in excess of 90%) and offers an integrated system with grid parallel capability. AES's High Power Density Inverter (HPDI) development program is leveraging its current product and technology expertise to create modular systems which will be scaled to meet Global's products. AES is a public company listed on the Australian Stock Exchange (stock symbol: AES). AES's web site is: www.aesltd.com.au
Global intends to invest up to US$400,000 in AES common equity to co-fund the development project subject to the achievement of specific technical milestones. AES will also be granted a preferred manufacturing status by GLE, contingent on meeting price/volume/performance requirements set by the Parties. GLE intends to progressively purchase 40 fuel cell power conditioners from AES over the next year. New intellectual property realized through the collaboration between Global and AES will be jointly owned. A definitive agreement is expected to be completed by the end of Q1 2002. This transaction is contingent on both parties receiving regulatory approvals.
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).
This release contains certain forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that may cause actual results of events to differ materially from those anticipated in our forward-looking statements. Factors that could cause actual results to differ materially include: rapid technological and/or market changes in the industry, the ability to maintain and grow successful third party and customer relationships, to improve current products and develop new products, to adequately protect the company's proprietary rights and other factors as described in the company's regulatory filings. Although we believe that the expectations reflected in our forward-looking statements are reasonable, individual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements or other future events. Moreover, neither we nor anyone else assumes responsibility for the accuracy or completeness of forward-looking statements.
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