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US Hybrid in global PEM fuel cell tech licence deal with UTC
NEWS initiated and spearheaded Solvay’s involvement in venture capital, which has invested some E100 million ($135 million) in startups, essentially targeting hydrogen storage and fuel cell technologies, in Europe, America, and Asia. And in other news, Pascal Mauberger, CEO of McPhy, has been elected as the new president of AFHYPAC, the French Association for Hydrogen and Fuel Cells. GRHYD project: http://tinyurl.com/GRHYD-project McPhy Energy, La Motte-Fanjas, France. Tel: +33 4 7571 1505, www.mcphy.com Association Française pour l’Hydrogène et les Piles à Combustible: www.afhypac.org
ITM signs UK gas network optimisation contract, raises £10m
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n the UK, hydrogen energy storage developer ITM Power has secured a commercial contract from AMEC and National Grid, to assess the deployment of Power-to-Gas (P2G) energy storage technology in order to reduce the energy losses in the national gas network. ITM Power has also raised £10 million (US$16.4 million) in a new share placing. The new energy storage project will look at the cost and energy benefit of deploying Powerto-Gas technology at specific sites on the UK gas network to reduce energy losses and increase system efficiency. AMEC, a Tier 1 supplier to National Grid, will undertake a third-party assessment of the cost–benefit analysis. ‘ITM Power is delighted to be working with National Grid and AMEC on this important deployment study, which has very significant market potential in the UK and worldwide,’ says Dr Graham Cooley, CEO of ITM Power. Early in 2012 ITM Power announced its participation the GridGas project, working with National Grid and others to investigate the feasibility of injecting hydrogen generated from electrolysis fed from excess renewables into the UK’s gas networks [FCB, April 2012, p1]. And more recently, working with German partners, ITM has injected hydrogen into the German gas distribution network for the first time [FCB, January 2014, p8], utilising its rapid response electrolyser installed at the Thüga Group’s Power-to-Gas demonstration plant in Frankfurt am Main [FCB, August 2013, p7]. In other news, ITM Power has conditionally placed 33.3 million new ordinary shares, at 30p per share, with institutional and other investors to raise £10 million. The placing is
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Fuel Cells Bulletin
expected to be completed following shareholder approval at a general meeting on 21 February, and admission of the new shares to trading on AIM in London. Non-executive director Peter Hargreaves CBE is subscribing for 4.3 million of the new shares, which would give him a 9.2% stake in the company. Hargreaves is co-founder of Hargreaves Lansdown, one of the UK’s largest financial services businesses. ‘This equity injection comes at a key inflection point for ITM Power. It will help fund the company’s ability to address its rapidly growing pipeline of opportunities in both Power-to-Gas and hydrogen refueling markets, further establishing its rapid response electrolyser technology [see page 8],’ explains CEO Cooley. ‘We are able to deliver our technology internationally to these two markets, which we believe are set for significant growth.’ ITM Power, Sheffield, UK. Tel: +44 114 244 5111, www.itm-power.com UK GridGas project: www.gridgas.co.uk
COMMERCIALISATION
US Hybrid in global PEM fuel cell tech licence deal with UTC
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alifornia-based US Hybrid Corporation, which supplies medium- and heavy-duty electric and hybrid powertrain power conversion components, has executed a global licensing agreement with United Technologies Corporation in Connecticut to commercialise UTC’s proven PEM fuel cell technologies. US Hybrid expects to play a leading role in hydrogen fuel cell manufacturing for the mediumand heavy-duty commercial vehicle sectors. The announcement follows news of US Hybrid’s recently awarded Federal Transit Administration (FTA) contract to build the next generation of cost-effective fuel cells for transit buses. The licensing agreement advances US Hybrid’s strategy to become a leading provider of integrated fuel cell power systems for transit buses, commercial trucks, and off-road vehicles worldwide. ‘This proven PEM fuel cell technology has accumulated millions of miles of revenue transit service, with no cell stack failures to date,’ claims US Hybrid president and CEO, Dr Abas Goodarzi. ‘US Hybrid is committed to improving upon this technology to manufacture a commercially viable, integrated fuel cell power system to enable the Americas, Europe, and Asia
to meet their [greenhouse gas] reduction goals.’ ‘UTC has developed a best-in-class fuel cell system for bus applications. We believe that the legacy will be successfully continued by US Hybrid, a long-time partner of UTC,’ adds Kelly Romano, VP of business development at UTC, who is leading the company’s efforts to monetise its broad portfolio of world-class technologies and intellectual property. ‘This is only one of many ways we are continuing to generate a return on our fuel cell innovations, which also have applications in automotive, handheld devices, and many other areas.’ In late 2012, after 40 years of investment and industry-leading technological advances with a track record of reliable systems in realworld use, UTC decided to license its fuel cell technology. First, the UTC Power unit was divested to Oregon-based ClearEdge Power [FCB, March 2013, p8, and see page 6]. Then US Hybrid was selected to continue UTC’s contract under FTA’s National Fuel Cell Bus Program (NFCBP) [FCB, September 2013, p2]. In this capacity it will fabricate, integrate, test, and validate the next generation of high-power fuel cells to commercialise the technology for transit use. To this end, US Hybrid has established operations in South Windsor, Connecticut, where it will complete the development, fabrication, and validation of the PEM fuel cell power plant. Its Torrance, California headquarters and the Magmotor team in Worcester, Massachusetts will provide additional technical and management support. ‘This agreement will allow the transfer of technology from UTC to a rapidly growing business,’ says John Boesel, president and CEO of Calstart, the nonprofit group which helps administer the NFCBP for the FTA. ‘US Hybrid is committed to bringing fuel cell technology to the commercial vehicle market, and we look forward to seeing what they can do now that they have this licence.’ US Hybrid Corporation, Torrance, California, USA. Tel: +1 310 212 1200, www.ushybrid.com Inquiries about UTC’s fuel cell technology: Dr Jin Kim, Director of Business Development, United Technologies. Email: [email protected], Web: www.utc.com National Fuel Cell Bus Program: www.fta.dot.gov/about/14617.html
FuelCell Energy raises $30m as it targets 30 MW of new orders
C
onnecticut-based FuelCell Energy has completed an underwritten
February 2014
ITM signs UK gas network optimisation contract, raises £10m
I
n the UK, hydrogen energy storage developer ITM Power has secured a commercial contract from AMEC and National Grid, to assess the deployment of Power-to-Gas (P2G) energy storage technology in order to reduce the energy losses in the national gas network. ITM Power has also raised £10 million (US$16.4 million) in a new share placing. The new energy storage project will look at the cost and energy benefit of deploying Powerto-Gas technology at specific sites on the UK gas network to reduce energy losses and increase system efficiency. AMEC, a Tier 1 supplier to National Grid, will undertake a third-party assessment of the cost–benefit analysis. ‘ITM Power is delighted to be working with National Grid and AMEC on this important deployment study, which has very significant market potential in the UK and worldwide,’ says Dr Graham Cooley, CEO of ITM Power. Early in 2012 ITM Power announced its participation the GridGas project, working with National Grid and others to investigate the feasibility of injecting hydrogen generated from electrolysis fed from excess renewables into the UK’s gas networks [FCB, April 2012, p1]. And more recently, working with German partners, ITM has injected hydrogen into the German gas distribution network for the first time [FCB, January 2014, p8], utilising its rapid response electrolyser installed at the Thüga Group’s Power-to-Gas demonstration plant in Frankfurt am Main [FCB, August 2013, p7]. In other news, ITM Power has conditionally placed 33.3 million new ordinary shares, at 30p per share, with institutional and other investors to raise £10 million. The placing is
10
Fuel Cells Bulletin
expected to be completed following shareholder approval at a general meeting on 21 February, and admission of the new shares to trading on AIM in London. Non-executive director Peter Hargreaves CBE is subscribing for 4.3 million of the new shares, which would give him a 9.2% stake in the company. Hargreaves is co-founder of Hargreaves Lansdown, one of the UK’s largest financial services businesses. ‘This equity injection comes at a key inflection point for ITM Power. It will help fund the company’s ability to address its rapidly growing pipeline of opportunities in both Power-to-Gas and hydrogen refueling markets, further establishing its rapid response electrolyser technology [see page 8],’ explains CEO Cooley. ‘We are able to deliver our technology internationally to these two markets, which we believe are set for significant growth.’ ITM Power, Sheffield, UK. Tel: +44 114 244 5111, www.itm-power.com UK GridGas project: www.gridgas.co.uk
COMMERCIALISATION
US Hybrid in global PEM fuel cell tech licence deal with UTC
C
alifornia-based US Hybrid Corporation, which supplies medium- and heavy-duty electric and hybrid powertrain power conversion components, has executed a global licensing agreement with United Technologies Corporation in Connecticut to commercialise UTC’s proven PEM fuel cell technologies. US Hybrid expects to play a leading role in hydrogen fuel cell manufacturing for the mediumand heavy-duty commercial vehicle sectors. The announcement follows news of US Hybrid’s recently awarded Federal Transit Administration (FTA) contract to build the next generation of cost-effective fuel cells for transit buses. The licensing agreement advances US Hybrid’s strategy to become a leading provider of integrated fuel cell power systems for transit buses, commercial trucks, and off-road vehicles worldwide. ‘This proven PEM fuel cell technology has accumulated millions of miles of revenue transit service, with no cell stack failures to date,’ claims US Hybrid president and CEO, Dr Abas Goodarzi. ‘US Hybrid is committed to improving upon this technology to manufacture a commercially viable, integrated fuel cell power system to enable the Americas, Europe, and Asia
to meet their [greenhouse gas] reduction goals.’ ‘UTC has developed a best-in-class fuel cell system for bus applications. We believe that the legacy will be successfully continued by US Hybrid, a long-time partner of UTC,’ adds Kelly Romano, VP of business development at UTC, who is leading the company’s efforts to monetise its broad portfolio of world-class technologies and intellectual property. ‘This is only one of many ways we are continuing to generate a return on our fuel cell innovations, which also have applications in automotive, handheld devices, and many other areas.’ In late 2012, after 40 years of investment and industry-leading technological advances with a track record of reliable systems in realworld use, UTC decided to license its fuel cell technology. First, the UTC Power unit was divested to Oregon-based ClearEdge Power [FCB, March 2013, p8, and see page 6]. Then US Hybrid was selected to continue UTC’s contract under FTA’s National Fuel Cell Bus Program (NFCBP) [FCB, September 2013, p2]. In this capacity it will fabricate, integrate, test, and validate the next generation of high-power fuel cells to commercialise the technology for transit use. To this end, US Hybrid has established operations in South Windsor, Connecticut, where it will complete the development, fabrication, and validation of the PEM fuel cell power plant. Its Torrance, California headquarters and the Magmotor team in Worcester, Massachusetts will provide additional technical and management support. ‘This agreement will allow the transfer of technology from UTC to a rapidly growing business,’ says John Boesel, president and CEO of Calstart, the nonprofit group which helps administer the NFCBP for the FTA. ‘US Hybrid is committed to bringing fuel cell technology to the commercial vehicle market, and we look forward to seeing what they can do now that they have this licence.’ US Hybrid Corporation, Torrance, California, USA. Tel: +1 310 212 1200, www.ushybrid.com Inquiries about UTC’s fuel cell technology: Dr Jin Kim, Director of Business Development, United Technologies. Email: [email protected], Web: www.utc.com National Fuel Cell Bus Program: www.fta.dot.gov/about/14617.html
FuelCell Energy raises $30m as it targets 30 MW of new orders
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onnecticut-based FuelCell Energy has completed an underwritten
February 2014