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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: CH4 who wrote (5334)	8/4/2001 8:40:33 PM
From: CH4	Read Replies (1) \| Respond to of 6016

GLE's home fuel-cell generator tested July 18, 2001 1:04pm Source: Investors Digest, July 06, 2001 As anticipated, Global Thermoelectric (GLETSE, $19.23, 403204 6100, www.globalte.com) announced May 31, 2001 the delivery of a solid oxide fuel cell (SOFC) power generating system to its strategic partner, Enbridge Inc. Designed for residential usage, Global's natural gas-fuelled, 2.3 kW SOFC system is designed to generate enough electrical power for the base load of an average home. Enbridge will test the system at its facility in Toronto, evaluating various performance characteristics, including heat recovery for hot water generation. We expect more units to be delivered to Enbridge this year, with field trials commencing in 2002. We previously highlighted the significance of delivering trial units to utility customers. In late May, Plug Power - Global's closest competitor, announced that it delivered 75 residential fuel cell units to a utility customer. The company's share price went up 15 per cent. Plug's progress and market value give insight into what should drive Global Thermoelectric's share price forward. In our analysis, we examined the similarities and differences between Plug Power and Global Thermoelectric. We continue to believe that Global is on a similar, though less-well-known path to commercializing small-scale stationary fuel cell systems as Plug. As Global advances its agenda over the next year, we expect its share price to accrue positively toward our $31 target. Global also announced recently its acquisition of a 20 per cent equity position in Advanced Measurements Inc. (AMI), a private Calgary-based company involved in developing fuel cell test stations. By virtue of requiring such test stations in the development of its own systems, Global has worked with AMI to develop a fuel cell test station product designed specifically for high-temperature SOFCs. Mainstream potential In the near-term, the market potential for test stations is limited to a handful of developers and manufacturers of solid oxide fuel cells. However, in the longer term, as the installed base of SOFC products grows, such stations have the potential to enter a more mainstream market. For example, utilities offering fuel cell systems would be natural customers for fuel cell test stations. All hardware devices - from furnaces to combustion engines - require adjunct equipment for diagnostics, maintenance, and quality control; fuel cells will be no exception. The AIM acquisition is a valid long-term, strategic move by Global. Finally, the development of test station control systems - hard ware and software is highly complementary to the development of fuel systems in general. Therefore, the AIM acquisition also serves to positively complement Global's commercialization agenda. Although the parameters of the deal are being kept confidential, we are informed that the dollar size of the investment in AIM was not material to Global's balance sheet. We continue to recommend the shares of Global Thermoelectric as a strong buy and our 12month price target is $31, providing a return of 58 per cent. hoovnews.hoovers.com ... original link