IFC and Toshiba Form Joint Venture
International Fuel Cells (IFC), a unit of United Technologies Corp. (UTC, South Windsor, CT) announced plans to form a joint venture to develop and market stationary fuel cell technology in Japan. The joint venture will incorporate Toshiba's (Tokyo, Japan) fuel cell development activities in Japan and focus on accelerating development of Proton Exchange Membrane (PEM) fuel cell technologies and on increasing sales of the PC25TM fuel cell power system.Under the terms of the memorandum of understanding signed among Toshiba, IFC and UTC, Toshiba will transfer all of its current fuel cell operations into the joint venture. It will also conduct all business regarding fuel cells for stationary and portable power applications through the joint venture. Toshiba will hold a 51 percent stake in the venture; IFC will hold the remaining 49 percent stake."This joint venture will combine our research efforts, eliminate duplication and accelerate the development of PEM fuel cell technology," said William T. Miller, president of IFC. "The venture will also provide IFC with expanded access to the Japanese market for both residential and commercial fuel cell power plants."