Fuelcell Energy Inc (FCEL) announced that it has entered into an agreement to combine its Canadian solid oxide fuel cell (SOFC) operations into Versa Power Systems (Versa). In exchange, FuelCell Energy will receive stock in Versa, increasing its ownership position in Versa from 16 percent to 42 percent. Consolidating SOFC technology development into a single entity provides a greater opportunity to commercialize SOFC products under the U.S. Department of Energy’s (DOE) 10-year, $139 million Solid State Energy Conversion Alliance (SECA) Program. The closing is expected to take place on November 1, 2004. [ more ]
