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ChevronTexaco Technology Ventures Expands Capability In Fuel Cells and Fuel Processing
(4/9/2002)April 9, 2002–-ChevronTexaco Technology Ventures said yesterday that is is acquiring certain assets of Dais-Analytic Corporation's fuel processing and fuel cell group by one of its units, Analytic Energy Systems, LLC, a newly formed subsidiary of ChevronTexaco Corp. (NYSE: CVX - news). Financial terms were not disclosed.
The investment augments ChevronTexaco's existing capabilities in reforming technology to provide comprehensive fuel processing and fuel cell system integration solutions that meet the needs of fuel cell system developers by providing reliable, cost-effective systems that generate hydrogen – the fuel needed by fuel cells – from readily available hydrocarbons including natural gas, propane, gasoline and diesel.
Under the agreement, ChevronTexaco will acquire Dais-Analytic's Woburn, Mass., facility and retain approximately 20 employees, which will continue to develop and commercialize fuel reforming technology and fuel cell systems integration technology as Analytic Energy Systems LLC.
Dais-Analytic is a privately owned energy technology company headquartered in Florida involved in the commercialization of advanced polymer materials, energy recovery ventilator products, and other materials-based components and subsystems for fuel cells and other energy products.
ChevronTexaco Technology Ventures, a newly formed operating unit of ChevronTexaco, is actively engaged in developing and commercializing new and emerging energy technologies including fuel cells, fuel processing systems, hydrogen storage, hydrogen infrastructure, hydrocarbons-to-liquids, and advanced batteries.
ChevronTexaco Technology Ventures is also a venture capital investor in innovative technologies representing new market opportunities for the next generation of energy-efficient technologies.
Commenting on the acquisition, Greg Vesey, president of ChevronTexaco Technology Ventures, said, ``In this field, our goal is to be the leading supplier of integrated and on-site fuel processing systems that convert widely available hydrocarbon fuels into hydrogen rich fuel streams for fuel cell systems. This acquisition complements ChevronTexaco's proven strengths in fuel processing through the addition of an industry-recognized team experienced in all aspects of fuel cell and fuel processing system development.
``The ability to convert or process readily available hydrocarbons into hydrogen is a critical step in enabling widespread commercialization of fuel cells. ChevronTexaco is committed to the development and marketing of energy technologies, and this venture is a key part of our strategy,'' added Vesey.
