Global Thermoelectric Signs Agreement with AES

Global Thermoelectric Inc. (Calgary, Canada) announced that it has executed a development partnership agreement with Advanced Energy Systems Ltd. (AES, Bentley, Australia) to cooperate in the commercial development of integrated power electronics and control technologies for SOFC systems. The agreement follows the signing of a December 2001 letter of intent. The development partnership agreement between Global and AES addresses co-development, manufacturing and distribution arrangements.