H Power and ECO Amend Operating Agreement
H Power Corp. (Clifton, NJ) announced that it has signed an amended and restated $81.0-million operating agreement with ECO Fuel Cells LLC (Herndon, VA). The amended and restated operating agreement now provides for ECO to market H Power's portable products, including the recently introduced EPAC 500 fuel-cell-based power source.
Under the operating agreement, H Power and ECO have outlined a delivery schedule that calls for H Power to begin shipping residential cogeneration units in the third quarter of 2002, and for deliveries to be completed by 2008. H Power will pay ECO up to $5.4 million through December 31, 2003, in exchange for ECO's services under these agreements.
H Power CEO H. Frank Gibbard commented, "We are very pleased to have broadened our relationship with EFC through ECO and to have reaffirmed our $81.0-million contract under which EFC will purchase our stationary and portable products. H Power and EFC now have in place comprehensive agreements that fully support both organizations' efforts to commercialize fuel cell systems, as well as to support these fuel cell products after their installation. Our strengthened relationship with ECO will allow us to ship our direct hydrogen and reformer-based products to an expanding customer base."