H Power and Naps Systems Oy Announce Agreement

July 05, 2001 by Jeff Shepard

H Power Corp. (Clifton, NJ) announced a multi-tier distribution and development agreement with Naps Systems Oy (Finland), a subsidiary of Fortum Corp. (Finland).

Under the agreement, H Power will deliver fuel cells for Naps Systems' solar-power products. Both companies will work toward the distribution of H Power's standard and customized off-grid fuel cell units throughout selected European and Asian countries. Additionally, both companies will jointly work toward the further development, marketing and sales of fuel-cell products for off-grid use.

H. Frank Gibbard, CEO of H Power, commented, "We are pleased to be expanding the relationship that we have cultivated with Fortum Corporation to include Naps Systems Oy. This agreement further demonstrates the growing acceptance and need for fuel cell products on a global basis. We look forward to continuing our long-term efforts and relationship with Fortum Group, and are excited to be working now with Naps Systems."