Astris Energi Inc. (Mississauga, ON) announced the signing of a memorandum of agreement with CareAction Inc. (Laval, Quebec) under which Astris will license its technology and CareAction will provide financing and management for a $15,000,000 technology and consumer product development program, centered on the transportation sector.
Astris Transportation Systems Inc. (ATSI, Quebec, Canada), a new company in which Astris will retain a 40-percent equity interest, will form an integral part of a strategic alliance between Astris, CareAction and Feel Good Cars Inc. The objective of this alliance is to develop a range of converted vans, passenger cars, and electric and hydrogen fuel cell low-speed vehicles. Pursuant to the agreement with CareAction, Astris will restrict licensing activity in the transportation sector for five years, but will remain free to license manufacturers in other sectors.
Astris President Jiri Nor and his technical staff will lead a research and development effort under contract to ATSI to adapt the E-6 fuel cell generator to power the Zenn electric car, as well as to bring the new POWERSTACK MC250 with power ratings in the 2kW to 5kW range, into full production over the next two to three years. The first Astris-powered Zenn vehicle is to be rolled out in 2003 and with production in another 6 to 12 months.
