Ford to Buy Dynetek's Hydrogen Fuel-Storage System
Dynetek Industries Ltd. (Toronto, Canada) announced that Ford Motor Co. (San Diego, CA) would purchase its hydrogen fuel-storage system for use in the automaker's fuel cell vehicle program. No price was disclosed.
Dynetek, which recently completed a $26.0 million initial public offering, said the multi-year relationship calls for Ford to earn a minority stake in Dynetek in an equity-incentive program.
"This new alliance with Ford fits perfectly with Dynetek's global strategy as Dynetek continues to expand its relationship with vehicle manufacturers around the world," said Dynetek Chief Executive Heinz Portmann in a statement.