"We are pleased to have formalised our relationship with Global and look forward to working with them in the newly emerging fuel cell market," AES's managing director Mr Stephen Phillips told the market. "There is very significant new revenue potential for fuel cell products in emerging international energy markets."
AES said they and Global intend to work together to design, manufacture, and distribute power electronics, control products and technologies developed for Global's markets and will also sell the products to the fuel cell market at large.
AES added that new intellectual property developed through the collaboration between AES and Global will be jointly and equally owned. AES will retain the right to use its existing technologies for its own non-fuel cell applications and to market these to other fuel cell companies, the company added.
AES said under terms of the agreement, Global will invest in AES, subject to successful technical outcomes and AES will be granted a preferred manufacturing status contingent on meeting price, volume and performance requirements.
Global is the world's largest distributor of thermoelectric power generators for use in remote locations. It is currently prototyping fuel cells using natural gas and is progressively purchasing fuel cell power conditioners from AES. Global Thermoelectric Inc is also involved in the development of planar solid oxide fuel cell technology.