Ocean Power, Zevco - Memorandum of Understanding

July 12, 1999 by Jeff Shepard

Ocean Power (El Dorado Hills, CA), formerly PTC Group, announced the signing of a Memorandum of Understanding governing phase one of its relationship with Zevco Ltd. (London). This agreement forms a joint venture with worldwide rights for the application of Zevco fuel cells to power Ocean Power's integrated modular seawater desalinization and power plants. Joseph P. Maceda, president of Ocean Power, stated, "Desalination is the ideal application for fuel cells. It has the ability to use both the waste heat and product water, but none of the size, weight or performance constraints of the transport market." Several Zevco fuel cell prototypes have been demonstrated, including a London taxi and an airport tug. Zevco's core fuel cell technologies were acquired in 1995 through the acquisition of Elenco BV, a Belgian company with a 16-year development history and total investment of some 30 million pounds. Since this acquisition, Zevco has focused on the development of cost effective manufacturing processes and strategic partnerships.