Vanteck Establishes Subsidiary

July 19, 2002 [] Vanteck Technology Corp. has established a European subsidiary, Vanteck Technology GmbH. Based in Vienna, Austria, Vanteck GmbH will be responsible for marketing, sales and corporate development in Europe. Vanteck owns 45 percent of the new subsidiary and 55 percent is owned by European private investors. The company has also entered into a two-stage project agreement with Funktionswerkstoffe GmbH concentrating on cell stack optimization, component optimization and creating a consortium of manufacturers capable of producing all components required to produce VRBPower Systems in bulk. The second stage of the project will be the design and construction of prototype VRBPower Systems with direct charging from solar panels and small wind turbines. These systems will provide up to 10kW peak output with 20 kWh capacity and 1kW peak Renewable Energy power supply.
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