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Technology Stocks : Fuel Cell Investments -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (167)	1/30/2002 8:22:26 AM
From: Stephen O	Read Replies (1) \| Respond to of 280

Global Thermoelectric to sell SOFC to Bonneville Global Thermoelectric Inc GLE Shares issued 28,948,347 Jan 28 close $7.16 Tue 29 Jan 2002 News Release Mr. Jim Perry reports GLOBAL THERMOELECTRIC INC. AND BONNEVILLE POWER ADMINISTRATIO ... Global Thermoelectric has signed a memorandum of understanding (MOU) with the Bonneville Power Administration of Portland, Ore., to establish a strategic relationship for the purpose of developing, evaluating and distributing Global's SOFC products. Bonneville is expected to purchase three Global SOFC systems for an anticipated total cost of $240,000 (U.S.) for field testing in 2003. This MOU expands Global's growing network of development and distribution partnerships in the United States. Global previously announced that it had signed similar agreements with Suburban Propane of New Jersey, the third-largest distributor of propane in the U.S., and Citizens Gas of Indianapolis, Ind. "This is a big step forward in our commercialization strategy. Bonneville already has significant experience with fuel cells and is looking for a product for its residential distribution channel. We believe our SOFC approach can deliver the right solution and we expect this to be a very synergistic working relationship," said Jim Perry, Global's president and chief executive officer. "We are pleased to have this exciting opportunity to augment and complement our fuel cell program," said Mark Jackson, Bonneville's fuel cell development manager. "We hope to expand our customers' options for meeting off-grid power needs and by providing on-grid distributed generation capability." The MOU with Bonneville contemplates that the parties will compile and share market and customer data to ensure product specifications meet the needs of Bonneville's client base. Bonneville will undertake field testing and has agreed to purchase three SOFC systems from Global. These systems will be specified to produce between two kilowatts and five kilowatts, will be natural gas or propane compatible, and are scheduled for delivery and field testing in 2003. Under the terms of the MOU, Global and Bonneville may also enter into a distribution agreement for any jointly developed SOFC products. The Bonneville Power Administration is an agency of the U.S. Department of Energy based in Portland. Bonneville sells about 46 per cent of the electrical power consumed in the northwestern U.S. To deliver that power, Bonneville owns and operates one of the largest high-voltage electrical transmission systems in the world. Bonneville's principal service territory includes the states of Oregon, Washington, Idaho and portions of Montana, California, Nevada, Utah and Wyoming. Bonneville has been supporting the development and advancement of new technologies, in particular fuel cells, to promote energy efficiency in its electricity markets. Other developments On Jan. 28, 2002, Enbridge Inc. announced that it has agreed to sell its retail energy services business to Centrica North America. Notwithstanding this initiative, Global and Enbridge will continue to pursue their alliance and the development and marketing work already under way. Previously, in July, 2000, Enbridge and Global entered into an agreement to develop and distribute natural gas-compatible residential fuel cell products in Canada. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com