Storage

Fuel Cell Development Acquisition

[RenewableEnergyAccess.com] Clean energy technology developer Ener1 of Fort Lauderdale, Fla., has signed letters of intent to acquire Giner Electrochemical Systems of Newton, Massachusetts, which specializes in the development of fuel cell technologies and products. GES is currently owned by Giner and General Motors. GES will maintain its existing GM multi-year contracts and its broad research and development relationship with the vehicle manufacturer. GES operates from a 25,000 square foot, state-of-the-art facility in Newton, Massachusetts, with over 40 employees. It has the internal capabilities to design, build, test and integrate all basic components of fuel cell and electrolyzer devices. The GES senior management team, including Dr. Jose Giner, Chairman and Founder, and Dr. Anthony LaConti, CEO and Vice Chairman, will remain in place through consulting and employment agreements extending over the next several years. Completion of the transaction will be subject to various conditions, including due diligence, necessary corporate and other applicable approvals, and negotiation and execution of definitive transaction agreements.