Astris Energi Inc. (Ontario) announced that Astris and ACE Golf Cars, a division of ACE Concept Inc. (Indian Wells, CA), have signed a letter of intent covering the establishment of a joint venture of other small vehicles.
Under terms of the letter of intent, ACE proposes to finance the 50-50 venture with an initial investment of $1.5 million and be responsible for marketing and sales direct to the industry. Astris will contribute to the joint venture all the alkaline fuel cell technology it has amassed over the past dozen years, and will assume major responsibility for the continued development of electric energy systems for a full range of small vehicles used to move both people and materials.
The joint venture is to be organized and fully operational within 90 days. Gordon Emerson, CFO of Astris, said the company is in discussions with other companies looking toward similar joint ventures covering other applications for its alkaline fuel cell technology.
"We are pleased to enter into this relationship with Astris to bring about the inevitable changeover to fuel-cell powered golf cars and other low-speed vehicles using this exciting technology," said Robert Enriquez, president of ACE. "As a neutral party in the electric vehicle market, ACE has built strong relationships with major industry players and works closely with its industry leaders to promote the industry as a whole."
