ChevronTexaco Technology Ventures announced the acquisition of certain assets of Dais-Analytic Corp.'s (Odessa, FL) fuel-processing and fuel cell group by its Analytic Energy Systems LLC unit, which is a newly formed subsidiary of ChevronTexaco Corp. (Houston, TX). Financial terms were not disclosed.
Under the agreement, ChevronTexaco will acquire Dais-Analytic's Woburn facility and retain approximately 20 employees, which will continue to develop and commercialize fuel-reforming technology and fuel-cell-systems integration technology as Analytic Energy Systems. The investment augments ChevronTexaco's reforming technology to provide comprehensive fuel processing and fuel-cell-system integration solutions.
ChevronTexaco Technology Ventures President Greg Vesey stated, "In this field, our goal is to be the leading supplier of integrated and on-site fuel processing systems that convert widely available hydrocarbon fuels into hydrogen-rich fuel streams for fuel cell systems. This acquisition complements ChevronTexaco's proven strengths in fuel processing through the addition of an industry-recognized team experienced in all aspects of fuel cell and fuel processing system development."
