Elemental Power Group’s Fuel Cell Development Business Gets Funding

Elemental Power Group, LLC, announced the funding of its fuel cell development subsidiary, EPG Fuel Cell, LLC, through the sale of 50 percent of EPG Fuel Cell to Catamount Energy Corp. of Rutland, Vermont, for an undisclosed sum, including funding commitments for power generation projects based on fuel cells.

EPG Fuel Cell, which will operate as a 50/50 joint venture between Elemental Power Group and Catamount Energy, has developed and proposed two 30-megawatt (MW) projects to the state of Connecticut’s Clean Energy Fund Project 100 program. Each $120 million project is designed to run on the clean, quiet and efficient DFC3000 technology produced by FuelCell Energy, Inc. Awards under Project 100 are anticipated at the end of March 2007. EPG Fuel Cell will continue with the development of projects under the Connecticut Project 100 program and seek to open new markets for fuel cell based power plants in other urban, transmission constrained regions of the country that embrace renewable and clean energy. The company hopes to build a portfolio of several hundred megawatts of ultra-clean generation within the next five years. Robert Babcock, President of Elemental Power Group, who will remain as the President and CEO of EPG Fuel Cell, said, “Teaming with Catamount Energy gives us a well-funded partner, with significant experience in the renewable energy sector, that shares our goal of expanding and developing the only truly viable urban renewable energy technology.”
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