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Posted: Feb 21, 2011
WATT Fuel Cell Corp. Establishes Joint Venture with Solar Acquisitions Corp.
(Nanowerk News) WATT Fuel Cell Corp., a designer and developer of solid oxide fuel cell (SOFC) systems, announces an agreement granting the company an exclusive worldwide license to fuel cell technology intellectual property (IP) previously developed and implemented at NanoDynamics Energy Inc. As part of the agreement, WATT Fuel Cell has established a joint venture (JV) with Solar Acquisitions Corp. to form Evolution Fuel Cell Inc., an entity licensed to develop the IP for applications up to 500W. In addition, the agreement supplies WATT Fuel Cell with the equipment used to initially develop the IP.
"This joint venture presents an exciting opportunity for the commercialization efforts of portable SOFCs at WATT Fuel Cell," said Dr. Caine Finnerty, President of WATT Fuel Cell Corp. "The JV and exclusive cross-licensing structure will enable WATT Fuel Cell and Evolution Fuel Cell to enter the industry with state-of-the-art technology and associated equipment, launching WATT Fuel Cell into an immediately competitive market position. This is an enormous step forward, both for WATT Fuel Cell and the industry at-large, and we expect it will translate into great things for advanced energy technology."
Under the joint venture, WATT Fuel Cell will develop Evolution Fuel Cell products up to a 500W power output for applications requiring lightweight units that deliver high energy density and efficiency. The joint venture also furnishes WATT Fuel Cell with an exclusive license to independently control the IP for developing SOFC systems from 200W up to 50kW.
"The technology that Solar Acquisitions brings to the table has clearly demonstrated the viability of SOFCs for a variety of portable applications," Finnerty said. "Combining this established technology with experience, drive and a focus toward commercialization, the WATT Fuel Cell team is well positioned to lead the industry with reliable, portable energy products. We expect these efforts will have a significant impact on the fuel cell market's ability to achieve its true potential."
"There are some excellent synergies between this IP and WATT Fuel Cell's new technology," commented Paul DeWald, Director of Systems at WATT Fuel Cell. "Utilizing these technologies, we will expand the capabilities of our systems and create superior solutions for the portable energy market."
"Some fuel cell systems are struggling with the economical production and distribution of high purity hydrogen," explained Benjamin Emley, WATT Fuel Cell Director of Technology. "It's great to be working with a fuel cell technology that operates efficiently on today's readily available energy resources, while also offering the potential to bridge us into the future as renewable resources are established."