Energy Ventures and Alberta Research Council Enter into Joint Development Agreement
Energy Ventures Inc. (EVI, Canada) and the Alberta Research Council Inc. (ARC, Canada) have entered into a joint-development agreement to create commercial prototypes utilizing EVI’s direct methanol fuel cell technology. Under the agreement, EVI and ARC will utilize ARC’s premises in Canada. In addition, ARC will invest up to $3.0 million in EVI through the provision of premises, research and laboratory facilities. In exchange, EVI will issue common shares to ARC at $1.237 per share for the first $2,600,000 of resources, and thereafter at the then-current market price of EVI shares. The project will be managed by a joint-management committee, which will include representatives from both EVI and ARC.
President Wayne Hartford of EVI commented, “We are very pleased to be working with ARC, as it has allowed us to have a very aggressive plan for the commercialization of our technology. EVI believes the lack of fueling infrastructure is a serious hurdle for other systems and, in our opinion, the low cost of our system combined with the availability and manufacturability of methanol will allow us to put the benefits of fuel cell power into use in the market as early as next year.”