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FuelCell Energy, Plug Power raise funding through public offers
NEWS Center for Transportation and the Environment: www.cte.tv Air Liquide, Hydrogen Energy: www.airliquide-hydrogen-energy.com US Federal Transit Administration: www.fta.dot.gov Birmingham-Jefferson County Transit Agency: www.bjcta.org EVAmerica: www.evamerica.us Ballard Power Systems: www.ballard.com
COMMERCIALISATION
Horizon Fuel Cell to market ITM Power’s onsite hydrogen units
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ingapore-based Horizon Fuel Cell Technologies has entered in a commercial alliance with ITM Power in the UK, to bring to market ITM Power’s small electolyser range as a complement to Horizon’s increasing number of fuel cell products. The agreement gives Horizon exclusive rights to sell ITM products in the ASEAN nations plus India and Pakistan, as well as rights to sell ITM Power products in other countries where Horizon is present, including the US. Horizon was founded in 2003 and has expanded through five international subsidiaries, including a new subsidiary in the US. The company began commercialisation with micro fuel cell products, while preparing for larger and more complex applications, and is now considered to be the world’s largest volume producer of commercial sub-kW fuel cell products, serving retail and OEM customers in more than 65 countries. Horizon recently formed an exclusive partnership with UK-based Arcola Energy, to provide deployment, customisation, and integration support to a wide range of companies launching Horizon fuel cell powered products in the UK, and subsequently through Horizon’s distribution network [FCB, March 2012, p9]. Horizon’s focus on commercialisation has enabled the establishment of Horizon-branded market development teams in 35 countries, all of which can now also offer ITM solutions to increase sales of Horizon’s hydrogen fuel cell solutions. In 2009, the Horizon Energy Systems subsidiary was started in Singapore to develop the world’s lightest fuel cell power systems, and targeting the aerospace and defence segments [FCB, August 2010, p1].
April 2012
ITM Power designs and manufactures hydrogen energy systems for energy storage and clean fuel production based on water electrolysis. The company’s hydrogen systems convert renewable energy to a clean fuel that can be indefinitely stored for use in transport, residential, and industrial applications. [See the feature on ITM Power’s hydrogen fuelling technology in our January 2012 issue.] ‘Having overcome hydrogen infrastructure barriers with small-scale products in the past years, we are now getting ready to introduce larger-scale fuel cell solutions that will require onsite hydrogen supply,’ explains TarasWankewycz, founder and chief marketing officer of Horizon. ‘The ITM range of solutions will help our clients increase fuel storage capacities, and provide solutions for new Horizon applications, including small hydrogen-electric vehicles.’ ‘We are very happy to sign our first distribution agreement and take this important step in our commercialisation process,’ adds Dr Graham Cooley, CEO of ITM Power. ‘Horizon have an excellent commercial footprint globally, and their experience will be invaluable to ITM Power.’ Horizon Fuel Cell Technologies Pte Ltd, Singapore. Tel: +65 6872 9588, www.horizonfuelcell.com Horizon Energy Systems: www.hes.sg ITM Power Plc, Sheffield, UK. Tel: +44 114 244 5111, www.itm-power.com
FuelCell Energy, Plug Power raise funding through public offers
C
onnecticut-based FuelCell Energy and Plug Power in upstate New York have both been successful in recent public offerings of their common stock, proving that investors still see fuel cells as a worthwhile opportunity for significant future growth. FuelCell Energy completed the underwritten sale of 23 million shares, including 3 million shares under the full exercise of an overallotment option. All of the shares were offered at a price to the public of $1.50 per share, which resulted in total net proceeds to the company of approximately $32.1 million. FCE will use the net proceeds for growth capital and general corporate purposes. FuelCell Energy is making good progress with commercial partnerships and installations of its Direct FuelCell® molten carbonate power plants [FCB, February 2012, p1]. With
over 180 MW of power generation capacity installed or in backlog, the company’s units are generating clean, efficient and reliable power at more than 50 locations worldwide. FCE is a global leader in providing clean baseload distributed generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations, and other customers around the world using a variety of fuels, including renewable biogas from wastewater treatment and food processing [FCB, August 2011, p1]. Meanwhile, Plug Power has completed its underwritten public offering of just under 15 million shares, including 1.95 million shares via the underwriter’s exercise of its over-allotment option. The shares were sold at a price to the public of $1.15 per share, for net proceeds of approximately $15.7 million after commissions and expenses. Plug Power is now focused on providing hydrogen PEM fuel cell power units for the materials handling industry [see the feature in FCB, December 2011]. The company has shipped more than 2000 GenDrive® units to materials handling end-users in North America, including major clients such as Procter & Gamble [FCB, December 2011, p1]. It is also working with French-based Axane – the fuel cell subsidiary of industrial gases and hydrogen station developer Air Liquide – to develop the European market for hydrogen fuel cell powered forklifts [FCB, November 2011, p3]. FuelCell Energy Inc, Danbury, Connecticut, USA. Tel: +1 203 825 6000, www.fuelcellenergy.com Plug Power Inc, Latham, New York, USA. Tel: +1 518 782 7700, www.plugpower.com
AFC Energy to invest in additional fuel cell production facility
U
K-based AFC Energy reports that its board of directors has approved the £180 000 (US$290 000) investment necessary to create an additional production facility at its base at Dunsfold Park, Surrey. The new facility will enable the increased production of low-cost alkaline fuel cells with full cartridge assembly. In addition, it will provide an intermediate step between smallscale and high-volume inline production. The plant will start producing its annually expected output of up to several thousand fuel cells by mid-summer. This facility will support ongoing development and commercial activities, as
Fuel Cells Bulletin
7
COMMERCIALISATION
Horizon Fuel Cell to market ITM Power’s onsite hydrogen units
S
ingapore-based Horizon Fuel Cell Technologies has entered in a commercial alliance with ITM Power in the UK, to bring to market ITM Power’s small electolyser range as a complement to Horizon’s increasing number of fuel cell products. The agreement gives Horizon exclusive rights to sell ITM products in the ASEAN nations plus India and Pakistan, as well as rights to sell ITM Power products in other countries where Horizon is present, including the US. Horizon was founded in 2003 and has expanded through five international subsidiaries, including a new subsidiary in the US. The company began commercialisation with micro fuel cell products, while preparing for larger and more complex applications, and is now considered to be the world’s largest volume producer of commercial sub-kW fuel cell products, serving retail and OEM customers in more than 65 countries. Horizon recently formed an exclusive partnership with UK-based Arcola Energy, to provide deployment, customisation, and integration support to a wide range of companies launching Horizon fuel cell powered products in the UK, and subsequently through Horizon’s distribution network [FCB, March 2012, p9]. Horizon’s focus on commercialisation has enabled the establishment of Horizon-branded market development teams in 35 countries, all of which can now also offer ITM solutions to increase sales of Horizon’s hydrogen fuel cell solutions. In 2009, the Horizon Energy Systems subsidiary was started in Singapore to develop the world’s lightest fuel cell power systems, and targeting the aerospace and defence segments [FCB, August 2010, p1].
April 2012
ITM Power designs and manufactures hydrogen energy systems for energy storage and clean fuel production based on water electrolysis. The company’s hydrogen systems convert renewable energy to a clean fuel that can be indefinitely stored for use in transport, residential, and industrial applications. [See the feature on ITM Power’s hydrogen fuelling technology in our January 2012 issue.] ‘Having overcome hydrogen infrastructure barriers with small-scale products in the past years, we are now getting ready to introduce larger-scale fuel cell solutions that will require onsite hydrogen supply,’ explains TarasWankewycz, founder and chief marketing officer of Horizon. ‘The ITM range of solutions will help our clients increase fuel storage capacities, and provide solutions for new Horizon applications, including small hydrogen-electric vehicles.’ ‘We are very happy to sign our first distribution agreement and take this important step in our commercialisation process,’ adds Dr Graham Cooley, CEO of ITM Power. ‘Horizon have an excellent commercial footprint globally, and their experience will be invaluable to ITM Power.’ Horizon Fuel Cell Technologies Pte Ltd, Singapore. Tel: +65 6872 9588, www.horizonfuelcell.com Horizon Energy Systems: www.hes.sg ITM Power Plc, Sheffield, UK. Tel: +44 114 244 5111, www.itm-power.com
FuelCell Energy, Plug Power raise funding through public offers
C
onnecticut-based FuelCell Energy and Plug Power in upstate New York have both been successful in recent public offerings of their common stock, proving that investors still see fuel cells as a worthwhile opportunity for significant future growth. FuelCell Energy completed the underwritten sale of 23 million shares, including 3 million shares under the full exercise of an overallotment option. All of the shares were offered at a price to the public of $1.50 per share, which resulted in total net proceeds to the company of approximately $32.1 million. FCE will use the net proceeds for growth capital and general corporate purposes. FuelCell Energy is making good progress with commercial partnerships and installations of its Direct FuelCell® molten carbonate power plants [FCB, February 2012, p1]. With
over 180 MW of power generation capacity installed or in backlog, the company’s units are generating clean, efficient and reliable power at more than 50 locations worldwide. FCE is a global leader in providing clean baseload distributed generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations, and other customers around the world using a variety of fuels, including renewable biogas from wastewater treatment and food processing [FCB, August 2011, p1]. Meanwhile, Plug Power has completed its underwritten public offering of just under 15 million shares, including 1.95 million shares via the underwriter’s exercise of its over-allotment option. The shares were sold at a price to the public of $1.15 per share, for net proceeds of approximately $15.7 million after commissions and expenses. Plug Power is now focused on providing hydrogen PEM fuel cell power units for the materials handling industry [see the feature in FCB, December 2011]. The company has shipped more than 2000 GenDrive® units to materials handling end-users in North America, including major clients such as Procter & Gamble [FCB, December 2011, p1]. It is also working with French-based Axane – the fuel cell subsidiary of industrial gases and hydrogen station developer Air Liquide – to develop the European market for hydrogen fuel cell powered forklifts [FCB, November 2011, p3]. FuelCell Energy Inc, Danbury, Connecticut, USA. Tel: +1 203 825 6000, www.fuelcellenergy.com Plug Power Inc, Latham, New York, USA. Tel: +1 518 782 7700, www.plugpower.com
AFC Energy to invest in additional fuel cell production facility
U
K-based AFC Energy reports that its board of directors has approved the £180 000 (US$290 000) investment necessary to create an additional production facility at its base at Dunsfold Park, Surrey. The new facility will enable the increased production of low-cost alkaline fuel cells with full cartridge assembly. In addition, it will provide an intermediate step between smallscale and high-volume inline production. The plant will start producing its annually expected output of up to several thousand fuel cells by mid-summer. This facility will support ongoing development and commercial activities, as
Fuel Cells Bulletin
7