US clean energy firm FuelCell Energy, Inc. (Nasdaq:FCEL) has announced that its German subsidiary, FuelCell Energy Solutions GmbH, is acquiring select assets from MTU Friedrichshafen GmbH, a subsidiary of Tognum AG.
The select assets include fuel cell component inventory and fuel cell manufacturing equipment of the former MTU Onsite Energy GmbH Fuel Cell Systems in Ottobrunn, Germany, which was merged with MTU Friedrichshafen GmbH.
Parties to the agreement also include MTU Friedrichshafen GmbH (MTU), and Fraunhofer IKTS (Institute for Ceramic Technologies and Systems).
Under the agreement, MTU will contribute fuel cell related intellectual property to Fraunhofer IKTS and Fraunhofer IKTS will become a minority owner in FuelCell Energy Solutions by June 30, 2012.
FuelCell Energy Solutions, a German company, will develop the market for stationary fuel cell power plants in Europe for commercial, industrial, and utility scale applications.à‚
“This effort is a crucial part of FuelCell Energy’s previously announced global growth strategy, leveraging prior relationships with MTU as well as an expanding relationship with Fraunhofer IKTS,” said Chip Bottone, President and Chief Executive Officer for FuelCell Energy, Inc.à‚ “The agreement with MTU provides assets that will accelerate market development while optimizing current and future capital needs from FuelCell Energy so future investment will be predicated on order flow and a growing installed base.”
Mr. Bottone continued, “This agreement and the ramp-up of FCES will enable cost effective large scale fuel cell technology to become available today, for commercial applications throughout Europe.à‚ We are building on the strength and leadership shown by the vision of the German government, and bringing the experience which comes from over 180 megawatts of commercial installations and order backlog worldwide.”
The scope of FCES will include the continuation of research to further enhance carbonate fuel cell technology, combining the strength of FCE’s Direct FuelCell power plants and the carbonate “EuroCell” technology of MTU, which will be licensed into FCES by Fraunhofer IKTS. Local manufacturing capacity will be established at a facility formerly leased by MTU in Ottobrunn, Germany, thus keeping advanced technology fuel cell power plant manufacturing in Germany.
Fuel cells electrochemically convert a fuel source into electricity and heat in a highly efficient process that emits virtually no pollutants due to the absence of combustion.à‚
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