Celanese AG (NYSE:CZ; FWB:CZZ) announced it has formed the venture PEMEAS Fuel Cell Technologies with a consortium of investors led by Conduit Ventures designed to advance the commercialization of Celanese's fuel cell technology. The venture is effective April 1, 2004.
The venture, under which Celanese holds a minority stake, has raised total financing of approximately EUR 18 million. Conduit Ventures Limited, a London-based venture capital company focused on fuel cells and related hydrogen technologies, backed by Danfoss A/S, Johnson Matthey plc, Mitsubishi Corp. and Shell Hydrogen, leads the consortium, consisting of Sustainable Asset Management of Zurich, CDP Capital of Quebec, Canada and InfraServ GmbH & Co. Hochst KG of Frankfurt, affiliate of Celanese AG that manages the industrial park Frankfurt-Hochst.
"By teaming up with a network of partners in the fuel cell industry, Celanese has significantly strengthened efforts to successfully commercialize our fuel cell technology while minimizing our developmental expenditures," explains Andreas Pohlmann, Celanese AG chief administrative officer and member of the board of management.
John Butt, Managing Partner of Conduit Ventures said "Celanese fuel cell activities represent many years of R&D efforts of the former Hoechst Group and is an enabling technology platform with the potential to address a wide range of different market applications. We are very pleased to be partners in the ongoing commercialization efforts."
PEMEAS is the world's sole supplier of membrane electrode assemblies for high-temperature polymer electrolyte membrane fuel cells, which are more cost-effective and technically reliable than conventional low-temperature fuel cells. High temperature technology has been cited by the US Department of Energy as an important element in the future commercialization of fuel cells.
Celanese AG is a global chemicals company with leading positions in its key products and world class process technology. The Celanese portfolio consists of four main businesses: Chemical Products, Acetate Products, Technical Polymers Ticona and Performance Products.
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