Aug 30 2010
Altergy Systems (Altergy) announced that Altergy, Anglo Platinum's Platinum Growth Metals Development Fund (PGM) and the government of the Republic of South Africa, through its Department of Science and Technology (DST), have formed Clean Energy Investments, a company headquartered in South Africa whose principal objective is to manufacture and market Altergy fuel cell systems in the Republic of South Africa and other Sub-Saharan countries.
PGM and DST each invested undisclosed amounts in Clean Energy Investments, which will be jointly owned by Altergy, PGM and the South African government.
In a related development, PGM also invested an undisclosed amount in Altergy.
This collaboration marks the launch of the South African government's Hydrogen South Africa (HYSA) strategy to develop a manufacturing based "hydrogen economy" and transform and expand uses for the country's national resources, including platinum. South Africa holds 75 percent of the world's platinum group metals reserves. Anglo Platinum is the world's largest producer of platinum group metals and accounts for 40 percent of the world's newly mined platinum. Platinum is used in fuel cells as a catalyst for the conversion of hydrogen into electricity.
Following a worldwide review of fuel cell technologies, Altergy was identified as the company with the business, technology, intellectual property, and strategic focus that will best help the nation of South Africa achieve its HYSA objectives.
"This initiative is in line with the DST's goal of promoting South Africa as a source of world class, high technology transfer and infrastructure opportunities, said Naledi Pandor, the Minister for Science and Technology, in South Africa. "Altergy's technology is a key component in the development of a sustainable energy supply."
Anglo Platinum led the search for the best fuel cell technology which the government could leverage over the entire economy. "We are pleased that our partnership with government and industry is bearing tangible results. We believe this will go a long way in ensuring that we further develop the PGM market and is a boost for local beneficiation," says Anthea Bath, Head: Market Development and Research, Anglo Platinum.
Altergy's fuel cells are used by telecommunications companies to provide backup power at cell sites as an alternative to battery systems or diesel generators, and in some cases the grid. Altergy's fuel cells are reliable, easier to maintain, and can cost less than existing solutions. Altergy's unique, patented technology also can be adapted to a wide range of other uses wherever clean, distributed power is needed.
Clean Energy Investments initially will establish a distribution network for Altergy's Freedom Power™ fuel cell products throughout the Sub-Saharan region. Following the successful launch of the market, Clean Energy will establish a fuel cell manufacturing and assembly plant in South Africa under license from Altergy. That facility will supply the Sub-Saharan markets with high quality Altergy fuel cell products manufactured locally.
"Africa is one of the fastest growing markets in the world. The telecommunications market is exploding across the continent. The need for electrical power in all sectors of the economy is growing exponentially. As the need for abundant, clean, low cost power grows, and society's focus on environmental protection is increasing, many governments are turning to the use of hydrogen as a carrier of energy, and fuel cells as a source of electricity. Altergy is proud to have been chosen by Anglo Platinum, PGM, the South African Government's Department of Science and Technology and industry to bring its fuel cell solutions to the region. We could not ask for better partners, both from a strategic and personal perspective.
Source: http://www.altergy.com