Global Thermoelectric Announces Fuel Cell Deal with Delphi Auto
4/16/99 11:26
Systems
CALGARY, April 16 /CNW/ - Global Thermoelectric Inc. (TSE: GLE) today
announced that it has received a purchase order as an initial commitment from
Delphi Automotive Systems to develop a solid oxide fuel cell system. Delphi,
with annual revenue of $28.5 billion and over 200,000 employees is the world's
largest supplier of automotive components, systems and modules. Fuel cells
operate by chemically combining oxygen and hydrogen to produce electricity
with water as a by-product. They may be much more efficient than internal
combustion engines and generally produce only small amounts of pollutants
compared to other energy sources.
''This commitment is a major endorsement of our fuel cell work'', said
Jim Perry, President and C.E.O. ''We have been searching for a strategic
partner to facilitate rapid progress on our fuel cells development programs,
and we are delighted that a company with the resources and reputation of
Delphi has selected us as their partner''.
''We were chosen to work with Delphi because of our advanced fuel cell
technology, proprietary sealing systems and our recent breakthroughs in power
capability'' stated Jim Lumsden, Vice President of Research and Development.
''This project should allow us to achieve our milestones in fuel cell system
development much faster than we could have done alone. In addition, we will
benefit from Delphi's world class expertise in controls and system
integration.''
Global intends to negotiate an agreement with Delphi covering the entire
solid oxide fuel cell project. In the meantime, the initial purchase order
will allow Global to immediately commence work. While the parties believe that
these negotiations will reach a successful conclusion, there is no assurance
that such will be the case. The value of the transactions has not been
disclosed.
Global Thermoelectric Inc. is the world's largest supplier of
thermoelectric power generation equipment for use in remote locations, and
produces crew compartment heaters for use in military vehicles. The
Calgary-based company is also quickly becoming a world leader in the fuel cell
development industry.
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/For further information: Jim Perry, President and C.E.O.; Larry Kyle,
Chief Financial Officer; Jim Lumsden, VP - R&D or Mark Kryzan, Investor
Relations at (403) - 236-5556/
(GLE.) |
