Texaco Purchases 5% Interest in Acumentrics Corporation
WESTWOOD, Mass., Nov. 15 /PRNewswire/ -- Acumentrics Corporation announced today the execution of a share purchase agreement for Texaco to purchase an approximately five percent equity interest in Acumentrics for $10 million.
Acumentrics, privately owned and based in Westwood, Mass., is a leading developer of new technologies for the distributed power generation market. The company is uniquely positioned to provide on-site power generation with their proprietary natural gas fueled, tubular solid oxide fuel cell systems, and to enhance power quality with their line of high-speed, flywheel-based uninterruptible power supplies.
"Texaco's investment is particularly significant to Acumentrics in that it can enable our technology and products to reach into global locations around the world," said Gary A. Mook, President & CEO of Acumentrics. "We also see many potential technological synergies with Texaco's other partners," added Mook.
Acumentrics, founded in 1994, is a leading manufacturer of innovative power protection and energy products. The company's technologies are applicable to homes, telecommunications, commercial businesses, industrial facilities and the auto industry. More information on Acumentrics is available on the company's home page at http://www.acumentrics.com
Texaco's Technology Ventures (TTV) business unit will manage the company's overall relationship with Acumentrics Corporation. TTV, formed in August 2000, is responsible for overseeing the development of Texaco's advanced energy strategies.
Technical support for the new relationship with Acumentrics will be provided by Texaco Energy Systems, Inc. (TESI). TESI, a wholly owned subsidiary of Texaco Inc., is focused on commercialization efforts in fuel cells and other advanced energy technologies, including the development of viable fuel-processing technology for fuel cells. Earlier this year, Texaco acquired a 20-percent equity interest in Energy Conversion Devices, Inc. for $67.4 million. The two companies have since formed two joint venture companies and announced their intention to form a third. These companies are engaged in the development and commercialization of fuel cell, battery and hydrogen storage technologies. For more information on Texaco, visit the company's website at http://www.Texaco.com.
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