Acumentrics and Sumitomo Reach SOFC Agreement
Acumentrics Corp. (Westwood, MA), a privately held manufacturer of power quality and distributed generation products, and Sumitomo Corp. (Japan) announced the signing of a stock purchase agreement and a one-year study of the Japanese market for solid-oxide fuel cells (SOFCs), flywheel-based uninterruptible power supplies (UPSs) and battery-based UPSs.
Under the terms of the agreement, Sumitomo acquired approximately a three-percent stake in Acumentrics. In a separate agreement, Sumitomo and Acumentrics agreed to initiate a study of Japan's residential and commercial markets for Acumentrics' proprietary tubular SOFCs up to 250kW, and Acumentrics' line of ruggedized UPS products.
"Sumitomo will provide Acumentrics with a unique and comprehensive view of the Far East and Japanese market, in particular." said Thomas Philbin, Acumentrics' senior vice president. "Sumitomo Corporation is a recognized leader in the international business world and is noted for their financial strength and integrity as a business organization."