Acumentrics, Sumitomo Reach Agreement

Acumentrics Corporation, a privately held manufacturer of power quality and distributed generation products, and Sumitomo Corporation have signed a stock purchase agreement and launched a one year study of the Japanese market for solid oxide fuel cells, flywheel-based UPS and battery-based UPS. Under the terms of the stock purchase agreement, Sumitomo acquired approximately a 3 percent stake in Acumentrics.

Westwood, Massachusetts – September 9, 2002 [SolarAccess.com] In a separate agreement, Sumitomo and Acumentrics agreed to initiate a study of Japan’s residential and commercial markets for Acumentrics’ proprietary tubular solid-oxide fuel cells up to 250 kW and Acumentrics’ line of ruggedized UPS products. “We view our relationship with Acumentrics as a major step in our commitment to introduce into the Japanese market environmentally clean and cost-effective distributed generation products,” said Kazuaki Mori of Sumitomo. “Solid-oxide fuel cells are a viable solution to many of Japan’s long-term energy needs and we look forward to creating additional value for our customers and shareholders by working closely with Acumentrics to help introduce their products into the Japanese market.” Sumitomo joins Acumentrics’ dynamic list of distribution/investor alliance partners, which include General Dynamics (GD), Northeast Utilities (NU), NiSource (NI), and ChevronTexaco (CVX). These alliance partners provide the company with worldwide distribution, service and support, along with expert technical and market advice.
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