Nuvera Fuel Cells Postpones IPO

September 20, 2001 by Jeff Shepard

Nuvera Fuel Cells (Cambridge, MA) postponed its initial public offering (IPO) and withdrew its registration statement previously filed with the Securities and Exchange Commission.

"During the past year, we made great progress toward commercializing our fuel cell technology, establishing partnerships with global organizations such as Mitsui & Co. Ltd. and RWE Plus AG, and forming a joint venture (Axane) with Air Liquide," said Mark Brodsky, president and CEO of Nuvera Fuel Cells. "However, despite our successes, we recognize the difficulties of the IPO market at the present time. As such, we intend to review a number of funding opportunities to advance Nuvera's technology and maintain our industry leadership position as well as pursue additional strategic partnerships."