New Distribution Agreement with ACME

 

TIDMIDA 
 
RNS Number : 5318C 
IdaTech PLC 
16 November 2009 
 

For Immediate Release16 November 2009 
 
 
IdaTech plc 
 
 
(the "Company") 
 
 
 
 
New Distribution Agreement with ACME 
 
 
IdaTech plc (AIM IDA.L), a global leader in the development and manufacture of 
clean and reliable extended run backup power fuel cell products for 
telecommunication applications today announces an update on the status of the 
supply agreement between IdaTech, ACME Group ("ACME") and Ballard Power Systems 
Inc. ("Ballard") signed in October 2008 ("Supply Agreement"). 
 
 
On 23 September 2009, the Company announced that a milestone in the product 
acceptance process, due in October 2009, was likely to be missed. The Supply 
Agreement allowed an extension of the product acceptance process of up to 6 
months if IdaTech elected to submit an acceptable remediation plan by 15 
November 2009. IdaTech did not submit such a plan and today announces that the 
Supply Agreement between IdaTech, ACME and Ballard terminated effective on 15 
November 2009. 
 
 
In place of the Supply Agreement, IdaTech and ACME have entered into a 
Distribution Agreement ("Distribution Agreement") for ElectraGen(TM) backup 
power products. Under the terms of this agreement, ACME and IdaTech will work 
together to develop the Indian telecom market for back up fuel cell systems and 
in particular for the large scale deployment of the natural gas fuel cell 
system, which was the focus of the original Supply Agreement.  The natural gas 
fuel cell system will incorporate the Ballard liquid cooled FCgenTM 1300 stack 
 
 
IdaTech's ElectraGen(TM) products can be powered by hydrogen gas or by its 
proprietary fuel reformer system which converts liquid fuel into high-purity 
hydrogen onsite as needed, or in the case of the natural gas product, uses that 
fuel to produce and supply hydrogen on demand. The ability of IdaTech to be able 
to provide multi-fueling options was key in ACME's decision to partner with 
IdaTech. 
 
 
Commenting on the update, Hal Koyama, CEO said: 
"IdaTech is making very good progress with the development of the natural gas 
fuel cell product and is delighted to continue working with ACME. The 
Distribution Agreement gives both IdaTech and ACME greater flexibility and 
allows the companies to continue to collaborate on a number of projects. Our new 
agreement is a sign of the strong interest in the large scale market for fuel 
cell products in India and the collaboration with ACME. Working together, we 
plan continue to develop and grow the market. 
 
 
As previously announced, in the development of the natural gas product, IdaTech 
has broken through a significant number of the cost barriers and added 
significant new technology to the Company's portfolio. Much of this new 
capability will also be leveraged in IdaTech's next generation methanol/water 
fueled systems, due for launch in late 2010." 
 
 
 
 
Atul Sabharwal, Chief Operating Officer of ACME commented: 
"ACME sees a great interest in IdaTech's fuel cell systems for its key markets 
in the near future. The replacement of the Supply Agreement with the 
Distribution Agreement allows both ACME and IdaTech greater flexibility in 
working together and ensures ACME will be able to supply its customers with the 
fuel cell products they need." 
 
 
Commenting on the update, John Sheridan, Ballard CEO said: 
"We are encouraged by the prospects for IdaTech's ElectraGenTM family of 
products in the Indian market and beyond. We look forward to our continued 
collaboration in developing leading edge products and to supply IdaTech with our 
FCgenTM-1300 fuel cell for its natural gas based system." 
 
 
For further information please contact: 
 
 
+----------------------------------------+----------------------------------+ 
| IdaTech plc                            |                  [phone] | 
+----------------------------------------+----------------------------------+ 
| Harol Koyama, Chief Executive Officer  |                                  | 
+----------------------------------------+----------------------------------+ 
| James Cooke, Chief Financial Officer   |                                  | 
+----------------------------------------+----------------------------------+ 
|                                        |                                  | 
+----------------------------------------+----------------------------------+ 
| Numis Securities Limited               |             [phone] | 
+----------------------------------------+----------------------------------+ 
| Michael Meade                          |                                  | 
+----------------------------------------+----------------------------------+ 
|                                        |                                  | 
+----------------------------------------+----------------------------------+ 
| Buchanan Communications                |             [phone] | 
+----------------------------------------+----------------------------------+ 
| Charles Ryland / Catherine Breen       |                                  | 
+----------------------------------------+----------------------------------+ 
 
 
About IdaTech 
 
 
IdaTech plc is an advanced fuel cell products company which is operationally 
headquartered in Bend, Oregon, USA and is listed on AIM with the ticker code 
IDA. 
 
 
IdaTech designs, develops, and manufactures extended run backup power fuel cell 
products for Telecom applications requiring 100 W to 15 kW of backup power. 
IdaTech's unique PEM fuel cell technology provides solutions for a wide range of 
applications to directly support efforts towards sustainable energy. 
IdaTech's portfolio of industry-certified fuel cell products are based on the 
company's fuel processing, purification and fuel cell system integration 
capabilities. With the support of strategic partners and customers, the 
company's extended run backup power products are being deployed worldwide for 
stationary applications. 
 
 
Additional information may be obtained by contacting the company direct or by 
visiting its website at http://www.idatech.com. 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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