Ener1 has signed letters of intent to acquire Giner Electrochemical Systems, a privately held company located in Massachusetts, which specializes in the development of fuel cell technologies and products.
Giner Electrochemical Systems (GES) is currently owned by Giner Inc and General Motors Corp (GM). GES will maintain its existing GM multi-year contracts (totaling several million dollars) and its broad R&D relationship with GM after the transfer.
GES has contributed to the development of many new patented technologies and products for fuel cell power generation, including proton exchange membrane (PEM) high-pressure electrolyzers for gas production, regenerative fuel cells, and direct methanol fuel cell (DMFC) stacks and systems. In addition to its R&D activities, GES builds and sells prototypes and custom fuel cell products.
The company operates from a 25,000 square foot facility in Newton, Massachusetts, with over 40 employees. It has the internal capabilities to design, build, test and integrate all basic components of fuel cell and electrolyzer devices.
Kevin Fitzgerald, Ener1’s chairman and CEO, said, Our acquisition of GES fits our strategy of partnering with successful companies that will accelerate the achievement of our business objectives. GES is a recognized leader in the fuel cell industry. GES is a strong complement to our fuel cell subsidiary, EnerFuel, and an excellent fit for us.
The total market for stationary fuel cell sources has been estimated to reach $10 billion plus worldwide within 10 years. PEM fuel cells and their direct methanol variants (DMFCs), which do not require a separate hydrogen source, are expected to be competitive in this market.