Texaco quit the Global Climate Coalition and is the second major oil company to pursue hydrogen energy (Shell set up Shell Hydrogen last year). Texaco is spending $67 million to buy 20 percent of Energy Conversion Devices Inc., a leading fuel cell company. ECD manufactures the Ovonic regenerative fuel cell using proprietary hydrogen storage technology and develops PV and semiconductor technologies. Says William Wicker, a Texaco senior vice president, “We intend to be a company that is responsive to the changing face of the marketplace and the energy sector.”
BP Amoco is buying 18.5 percent of GreenMountain.com, one of the leading renewable energy marketers in the U.S. The investment will significantly extend the market for competitively priced renewable energy to businesses and households across America, as deregulation progresses. GreenMountain currently serves over 100,000 households in the deregulated states, California, Pennsylvania and New Jersey.
BP Amoco will market GreenMountain’s solar energy offerings using BP Solarex’s solar technology, products and services. The relationship will significantly extend GreenMountain’s reach by bringing their products to industrial and commercial customers for the first time.
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