FCE Agrees to Sell Thermoelectric Generator Line

April 20, 2004 by Jeff Shepard

FuelCell Energy Inc. (FCE, Danbury, CT), a manufacturer of stationary fuel cell power plants for distributed generation, has entered into a definitive agreement to sell the thermoelectric generator (TEG) product line subsidiary, Global Thermoelectric Inc., a developer of planar solid-oxide fuel cell (SOFC) technology and a manufacturer and distributor of TEGs, to RockWood Equity Partners LLC. Under the terms of the agreement, and pending satisfaction of customary closing conditions, RockWood will pay approximately CAN$22.75 million.

FuelCell Energy is retaining the SOFC technology development group that includes intellectual property; experienced personnel; and manufacturing, research and development facilities. The transaction is expected to close in May 2004. FuelCell Energy acquired Global in November 2003. With this definitive agreement in place, the company will focus on its core business - the commercialization of DFC power plants and the development of next-generation, high-temperature, fuel cell products.