DES PLAINES, Ill., April 4, 2001 Mosaic Energy, LLC, announced today that Ishikawajima-Harima Heavy Industries (IHI), through its U.S. arm, IPA America, has acquired a 7 percent equity stake in the company.
IHI provided a package of cash, technology and strategic development and marketing services in exchange for the share of Mosaic Energy’s ownership and Pacific Rim distribution rights.
IHI is combining proton exchange membrane fuel cell stacks manufactured by Mosaic with IHI’s fuel processing and balance-of-plant technology, resulting in fuel cell system products targeted for the Japanese distributed generation market. Potential applications for these products include gas stations, convenience stores, supermarkets and apartment buildings.
IHI will join the Gas Technology Institute (GTI) and NiSource Energy Technologies, a subsidiary of NiSource Inc., (NYSE: NI) as owners of Mosaic. “We’re excited about IHI joining the Mosaic team,” said Gerry Runte, president of Mosaic.
“The IHI relationship gives us a major marketing channel to the Pacific Rim, consistent with our strategy of providing a standardized product platform of fuel cell stacks and fuel processors to key strategic partners with links to end-user markets.”
IHI (J.ISH: Tokyo) is a global, diversified corporation with business interests in the aerospace, ship building and energy generation equipment sectors.
Mosaic Energy, LLC, was established in 1999 as a joint venture between GTI and NiSource, Inc. to develop and commercialize proton exchange membrane fuel cell systems.
NiSource, Inc. is a holding company with headquarters in Merrillville, Ind., whose operating companies engage in virtually all phases of the natural gas business, from exploration and production to transmission, storage and distribution, as well as electric generation and distribution. NiSource companies serve a high-growth energy corridor from the Gulf of Mexico to the Midwest to New England.
GTI, based in the Chicago suburb of Des Plaines, offers research and technical services, R&D program management, technology commercialization, and education and training programs, with a focus on natural gas. More information about NiSource and GTI is available is available on the Internet at the companies’ web sites: http://www.nisource.com and http://www.gastechnology.org , respectively.
SOURCE Gas Technology Institute