Toshiba, UTC Plan Fuel Cell Venture
Tuesday, September 19th 2000, 12:00 am
By: News On 6
TOKYO (AP) â€” Toshiba Corp. said Tuesday it will establish a joint venture involving United Technologies Corp. to develop, manufacture, sell and maintain fuel cells.
Fuel cells generate electricity through a reaction of hydrogen and oxygen with water as the main emission, and are expected to replace regular engines in powering cars, for example, over the next several decades.
Toshiba's fuel cell systems division will form the core of the new company, which will be based in Tokyo and start operations in April 2001.The new entity's name, president and capitalization are not yet decided, Toshiba said.
It will be joint venture with International Fuel Cells, a joint venture set up in 1985 between Toshiba and UTC, a Hartford, Conn.-based company specializing in technology in aviation and building systems.
The new company will target Japanese and other Asian markets for residential and industrial use. The two parent companies will market products separately.