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20 April 2004 - FuelCell Energy, Inc., a leading manufacturer of stationary Direct FuelCell power plants has entered into a definitive agreement to sell the thermoelectric generator (TEG) product line subsidiary, Global Thermoelectric Inc. (Global), to RockWood Equity Partners LLC (RockWood).
Under the terms of the agreement, and pending satisfaction of customary closing conditions, RockWood will pay approximately $22.75m Canadian. FuelCell Energy is retaining the solid oxide fuel cell technology development group that includes intellectual property, experienced personnel, and manufacturing, research and development facilities. The transaction is expected to close in May 2004.
FuelCell Energy acquired Global, a developer of planar solid oxide fuel cell technology and manufacturer and distributor of TEGs, in November 2003. With this definitive agreement in place, the Company will focus on its core business, the commercialization of DFC power plants and the development of next generation high temperature fuel cell products
TEGs are used as a source of electrical power in remote areas. TEG applications include providing power for pipeline cathodic protection systems, telecommunications and remote monitoring systems.
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