Sanyo, Nippon Oil Partner on Residential Fuel Cell Venture
Moriguchi, Japan-based Sanyo Electric (OTC: SANYY) and Tokyo's Nippon Oil said today they would set up a joint venture to develop residential fuel cells.
Nippon Oil will take an 81 percent stake in the new venture, which will be capitalized with 100 million yen, or $908,100. The remaining 19 percent of the venture will be held by Sanyo.
"Having collaborated closely in the past with Nippon Oil, a major player in the industry, on developing the world's first home-use fuel cell system employing liquefied petroleum gas, we are proud to have this new opportunity to work even closer with them on the establishment of this new joint venture," said Tadao Shimada, Sr. VP at Sanyo.
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