AGNI Acquires GenCell Corp To Strengthen Its Fuel Cell Technology In Renewable Energy Market
Agni Inc. has acquired GenCell Corp., a Molten Carbonate Fuel Cell (MCFC) developer and manufacturer, to complement AGNI’s Proton Exchange Membrane Fuel Cells (PEMFC) and biomass / waste-to-energy technology, in its bid to expand into the North American market.
GenCell’s high temperature MCFC capabilities are well suited for integration in many AGNI renewable energy systems. AGNI’s technology converts a wide range of biomass, biogas, or fossil fuels to hydrogen, producing electricity through its PEMFC-based Integrated Fuel Cell Engine power generation block. GenCell’s technology is said to include a cost-effective fuel cell design that will provide AGNI with more efficient, environmentally-friendly power generation. GenCell states that it has a proprietary fuel cell stack architecture that is "designed for manufacture" to reduce fuel cell cost and improve reliability, which in turn helps make fuel cells more economical and environmentally attractive.
Additionally, AGNI will now leverage its new wholly-owned subsidiary company, "AGNI GenCell Inc.", to penetrate the North American market for distributed generation and renewable energy. AGNI’s range of power generation technologies are said to enable significantly more efficient electrical power production, along with the recovery of excess heat which may be converted into hot water, steam and chilled water for air-conditioning or to produce even more electrical power. Its technology can also be configured to produce potable water as a by-product and to recover CO2, therefore without emitting hazardous greenhouse gases.
Dr. Sri Lingham, AGNI’s Chief Executive Officer, said, "This is a significant milestone in AGNI’s expansion plans. The North American renewable energy market is seeing tremendous incentives and market growth. The GenCell technology enhances AGNI’s focus of providing high efficiency and low carbon emission technology. I am confident that the GenCell acquisition will make our technology and offering more attractive."
Dan Connors, AGNI GenCell’s Vice President, commented, "Through this acquisition, Agni’s financing, synergistic technology, and global market reach now provides an ideal opportunity to advance the GenCell technology and leverage it in AGNI systems. The acquisition is a win-win-win deal. AGNI gets MCFC technology and a North American market base, GenCell advances to commercialization and the state of Connecticut strengthens its position as the stationary power fuel cell leader."
In moving towards their goal of having AGNI shares listed on a major international stock exchange, AGNI recently announced a conditional sale and purchase agreement for a reverse takeover of Netelusion Ltd., a publically traded company on the Singapore exchange for a maximum consideration of US$236 million.