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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE)
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To: Ciao who started this subject1/21/2002 11:25:49 AM
From: Vitalsigns  Read Replies (1) of 6016
 
Global Thermo Sets 2002 Capex Budget, Gets Research Grant

11:17 GMT-05:00 Monday, January 21, 2002


CALGARY -(Dow Jones)- Global Thermoelectric Inc. (T.GLE) expects 2002 fuel cell engineering
development expenditures to total about C$25 million.

In a press release, the company said the fuel cell engineering development spending is in addition to its
budget of about C$10 million for capital expenditures in 2002.

The company said at Sept. 30 it had cash and short-term investments of C$125.9 million.

Global Thermoelectric also said it has received a grant for up to US$500,000 from the U.S. Propane
Education and Research Council to fund the development of a propane fuel processor.

The company said it's the first solid oxide fuel cell company to undertake this type of venture with PERC.

Global Thermoelectric said that, in a separate initiative, it has entered into a two-year, C$957,000 joint
development program with the Institute for Chemical Process and Environmental Technology of the National
Research Council Canada.

The company said the program is cost-shared equally between it and NRC and is designed to investigate
research issues applicable to next-generation solide oxide fuel cell components.

Global develops solid oxide fuel cell products.

Company Web Site: globalte.com

-Stephanie Thomas, Dow Jones Newswires; 416-306-2100

(This story was originally published by Dow Jones Newswires)

Copyright (c) 2002 Dow Jones & Company, Inc.
All Rights Reserved
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