Rolls-Royce and Singapore Group to Invest in Fuel Cells
Rolls-Royce Group plc (UK) reported that it has signed an agreement with a Singapore consortium to jointly invest $100 million to develop a commercially viable power system based on fuel cell technology, resulting in the consortium - comprised of the Economic Development Board, Temasek Holdings Pte. Ltd. and Accuron Technologies - holding a 25% stake in Rolls-Royce Fuel Cell Systems, a unit set up in 2003 to manage the company's research and development in the fuel cell field.
The Rolls Royce Fuel Cell Systems unit hopes to build a stationary power-generation system providing around 1 MW of electricity for delivery to the market in 2007 or 2008. The power equipment can be used by hospitals, universities and other public facilities. Pilot production of the power-generation equipment will take place in the UK, with Singapore companies manufacturing the ceramics and other components.