Energy Ventures (EVI) has entered into an agreement with SRE Controls of Waterloo, Ontario to jointly develop operating prototype Direct Methanol Fuel Cell (DMFC) Units by June, 2002.
The companies anticipate that combining the skills of the two companies will greatly reduce the time to bring a DMFC to market.
SRE is involved in the development and production of controls for industrial electric vehicles for applications such as golf cars, lift trucks and aircraft ground support equipment.
EVI’s first commercial prototype is scheduled for completion in the second quarter of 2002 and there are discussions currently underway with several potential customers. SRE will provide the system of electronic controls necessary for a functioning DMFC unit.
In January this year, Energy Ventures and the Alberta Research Council (ARC) reached an agreement to jointly develop and create commercial prototypes of EVI’s proprietary Direct Methanol Fuel Cell (DMFC) technology.
ARC is to invest up to $3 million over a three-year period, as well as provide technical and management resources and joint space in the corporation’s Calgary facility. In return, ARC will receive common share equity and warrants in EVI.