The exchange rate will be .279 Fuel Cell for each GLE baring market catastrophes and the following news is far from catastrophic.
FuelCell Energy Announces Execution of a Memorandum of Understanding to Develop Strategic Distribution Alliance with Enbridge Inc.
Wednesday October 15, 9:00 pm ET
Agreement Will Expand Market Development for Its DFC Products
DANBURY, Conn.--(BUSINESS WIRE)--Oct. 15, 2003-- FuelCell Energy, Inc. (NasdaqNM: FCEL), a leading manufacturing of stationary fuel cell power plants for distributed generation, announced today that it has entered into a Memorandum of Understanding with Enbridge Inc. (NYSE:ENB - News), a leader in energy transportation and distribution in North America and internationally, to develop a strategic distribution alliance agreement for its Direct FuelCell® (DFC®) products in Canada. The alliance agreement, the definitive terms still subject to negotiation by both companies, is expected to include an initial term of three years, and incentive warrants issued to Enbridge which will vest based on order commitments for DFC power plants. The alliance agreement is expected to be completed prior to the special shareholder meetings required to approve the combination agreement between FuelCell Energy, Inc. and Global Thermoelectric Inc. (TSX: GLE - News; "Global") scheduled for October 31, 2003.
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"Developing this distribution alliance agreement with Enbridge is consistent with our strategy to partner with global energy industry leaders to introduce and develop markets for our DFC products," said Jerry D. Leitman, president and CEO of FuelCell Energy, Inc. "We have demonstrated successes in Japan, Europe and the U.S., and we look forward to building upon those with Enbridge in Canada."
Enbridge has agreed to not oppose the FuelCell Energy/Global combination agreement. |
