Global Thermoelectric and Dana Sign MOU

July 25, 1999 by Jeff Shepard

Global Thermoelectric Inc. (Calgary, Canada) announced that it has signed a memorandum of understanding (MOU) with Dana Corp. (Toledo, OH) whereby the two companies will work together to enhance the performance and reduce the cost of certain elements of Global's proprietary fuel cell systems.

The MOU states that Dana and Global may enter into manufacturing agreements where Dana would provide Global with high-volume manufacturing capabilities and expertise. The MOU is expected to be translated into a definitive agreement in early 2002.

"As we move toward Global's commercial product launch, it is imperative that we develop component designs that can be manufactured in high volume and at low cost. Dana and its worldwide affiliates have an enormous amount of expertise in this area, as well as the necessary manufacturing capacity to meet consumer demand for fuel cell products. We are delighted to be working with such a capable partner," said Jim Perry, Global's president and CEO.

"Dana is an experienced developer of leading-edge technology in seals, bipolar plates and heat exchangers for fuel cell integrators," said Heinz Eilks, Dana's vice president of sealing products. "We are pleased to have been chosen by Global as a co-developer to meet its cost and quality expectations for this emerging market."