FuelCell Energy completes asset acquisition

26 June 2012 (Last Updated June 26th, 2012 18:30)

Germany's FuelCell Energy Solutions has announced the acquisition of new fuel cell assets, including a fuel cell component inventory and fuel cell manufacturing equipment.

Germany's FuelCell Energy Solutions has announced the acquisition of new fuel cell assets, including a fuel cell component inventory and fuel cell manufacturing equipment.

The company also closed a joint venture agreement with Fraunhofer IKTS, which will now have 25% stake in FuelCell Energy Solutions in return for providing intellectual property and capital.

Fraunhofer IKTS director, Alexander Michaelis, said: "We are also preparing and submitting grant proposals with FuelCell Energy Solutions to government agencies to promote the adoption of ultra-clean stationary fuel cell power generation.

"With this joint effort we can make a significant contribution to the aspired 'Energiewende' (new energy age) in Europe."

FuelCell Energy president and CEO, Chip Bottone, saidl "We have the right partner in Fraunhofer to help us develop and grow the European market and our variable cost strategy, including production assets and inventory acquired at no cost, allows us to create the foundation for growth with subsequent investment predicated on order volume."