IdaTech Executes Agreement with Tokyo-Boeki
IdaTech (Bend, OR) announced the execution of a long-term license and distribution agreement for its patented fuel cell systems with Tokyo Boeki Ltd. (Japan). Tokyo Boeki also took a minority equity position in IdaTech and agreed to promote the IdaTech brand name in Japan exclusively.
Under the terms of the agreement, Tokyo Boeki shall represent IdaTech in the manufacture, distribution and sales of fuel cell components and systems in Japan and 13 Asian countries. The agreement includes a multi-year, multi-million dollar purchase agreement that includes joint development to localize IdaTech's fuel cell technology for the Japanese market.
In 2001 and 2002, IdaTech shall deliver prototype PEM fuel cell systems to Japan that will be manufactured at IdaTech's prototype manufacturing plant in Bend, Oregon. Beyond 2002, Tokyo Boeki and IdaTech are planning to manufacture units overseas for marketing and distribution in Japan and other countries in Asia.
The initial test systems in 2001 will operate on methanol and, if possible, other fuels. They will be sized for residential and portable applications. A typical system can generate approximately 2.5kW of electricity and another 2.5kW of equivalent heat for water and space-heating purposes.
“We look forward to representing IdaTech," said Kazuei Uchida, Tokyo Boeki's chief operating officer for the overseas machinery sales division. “Fuel cell technology represents a vast new industry that can help us meet the mushrooming market demand for energy in Japan and, indeed, all of Asia."