UniDyn Signs Memorandum of Understanding with Clean Energy Technologies
UniDyn Corp. (Phoenix, AZ) has signed a memorandum of understanding to merge with Clean Energy Technologies Inc. (CET). The merge with CET will give UniDyn entry into the fuel cell energy business through a worldwide exclusive license to use fuel cell technology being developed at the Jet Propulsion Laboratories of the California Institute of Technology.
"We expect the merged company, Fuel Cell Industries, to become a world leader in the fuel cell industry," said Malcolm Bricklin, chairman and CEO of CET. "Our team is already pursuing other fuel cell technologies and additional strategic partners. We expect the Avalon subsidiary to produce key equipment for the manufacturing of the fuel cells. The merger will provide access to significant additional capital, which will benefit the current UniDyn products and customers."