New Distribution Agreement with ACME
16 Novembre 2009 - 8:00AM
UK Regulatory
TIDMIDA
RNS Number : 5318C
IdaTech PLC
16 November 2009
For Immediate Release16 November 2009
IdaTech plc
(the "Company")
New Distribution Agreement with ACME
IdaTech plc (AIM IDA.L), a global leader in the development and manufacture of
clean and reliable extended run backup power fuel cell products for
telecommunication applications today announces an update on the status of the
supply agreement between IdaTech, ACME Group ("ACME") and Ballard Power Systems
Inc. ("Ballard") signed in October 2008 ("Supply Agreement").
On 23 September 2009, the Company announced that a milestone in the product
acceptance process, due in October 2009, was likely to be missed. The Supply
Agreement allowed an extension of the product acceptance process of up to 6
months if IdaTech elected to submit an acceptable remediation plan by 15
November 2009. IdaTech did not submit such a plan and today announces that the
Supply Agreement between IdaTech, ACME and Ballard terminated effective on 15
November 2009.
In place of the Supply Agreement, IdaTech and ACME have entered into a
Distribution Agreement ("Distribution Agreement") for ElectraGen(TM) backup
power products. Under the terms of this agreement, ACME and IdaTech will work
together to develop the Indian telecom market for back up fuel cell systems and
in particular for the large scale deployment of the natural gas fuel cell
system, which was the focus of the original Supply Agreement. The natural gas
fuel cell system will incorporate the Ballard liquid cooled FCgenTM 1300 stack
IdaTech's ElectraGen(TM) products can be powered by hydrogen gas or by its
proprietary fuel reformer system which converts liquid fuel into high-purity
hydrogen onsite as needed, or in the case of the natural gas product, uses that
fuel to produce and supply hydrogen on demand. The ability of IdaTech to be able
to provide multi-fueling options was key in ACME's decision to partner with
IdaTech.
Commenting on the update, Hal Koyama, CEO said:
"IdaTech is making very good progress with the development of the natural gas
fuel cell product and is delighted to continue working with ACME. The
Distribution Agreement gives both IdaTech and ACME greater flexibility and
allows the companies to continue to collaborate on a number of projects. Our new
agreement is a sign of the strong interest in the large scale market for fuel
cell products in India and the collaboration with ACME. Working together, we
plan continue to develop and grow the market.
As previously announced, in the development of the natural gas product, IdaTech
has broken through a significant number of the cost barriers and added
significant new technology to the Company's portfolio. Much of this new
capability will also be leveraged in IdaTech's next generation methanol/water
fueled systems, due for launch in late 2010."
Atul Sabharwal, Chief Operating Officer of ACME commented:
"ACME sees a great interest in IdaTech's fuel cell systems for its key markets
in the near future. The replacement of the Supply Agreement with the
Distribution Agreement allows both ACME and IdaTech greater flexibility in
working together and ensures ACME will be able to supply its customers with the
fuel cell products they need."
Commenting on the update, John Sheridan, Ballard CEO said:
"We are encouraged by the prospects for IdaTech's ElectraGenTM family of
products in the Indian market and beyond. We look forward to our continued
collaboration in developing leading edge products and to supply IdaTech with our
FCgenTM-1300 fuel cell for its natural gas based system."
For further information please contact:
+----------------------------------------+----------------------------------+
| IdaTech plc | +1 541 383 3390 |
+----------------------------------------+----------------------------------+
| Harol Koyama, Chief Executive Officer | |
+----------------------------------------+----------------------------------+
| James Cooke, Chief Financial Officer | |
+----------------------------------------+----------------------------------+
| | |
+----------------------------------------+----------------------------------+
| Numis Securities Limited | +44 (0) 20 7260 1000 |
+----------------------------------------+----------------------------------+
| Michael Meade | |
+----------------------------------------+----------------------------------+
| | |
+----------------------------------------+----------------------------------+
| Buchanan Communications | +44 (0) 20 7466 5000 |
+----------------------------------------+----------------------------------+
| Charles Ryland / Catherine Breen | |
+----------------------------------------+----------------------------------+
About IdaTech
IdaTech plc is an advanced fuel cell products company which is operationally
headquartered in Bend, Oregon, USA and is listed on AIM with the ticker code
IDA.
IdaTech designs, develops, and manufactures extended run backup power fuel cell
products for Telecom applications requiring 100 W to 15 kW of backup power.
IdaTech's unique PEM fuel cell technology provides solutions for a wide range of
applications to directly support efforts towards sustainable energy.
IdaTech's portfolio of industry-certified fuel cell products are based on the
company's fuel processing, purification and fuel cell system integration
capabilities. With the support of strategic partners and customers, the
company's extended run backup power products are being deployed worldwide for
stationary applications.
Additional information may be obtained by contacting the company direct or by
visiting its website at http://www.idatech.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRFGMMMLKGGLZM
Idatech (LSE:IDA)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Idatech (LSE:IDA)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about Idatech (London Stock Exchange): 0 recent articles
Plus d'articles sur Idatech