Daido Metal and DCH Technology Demonstrate First JV Fuel Cell
VALENCIA, Calif., Nov. 28 /PRNewswire/ -- DCH Technology, Inc. (Amex: DCH), a leading innovator of hydrogen fuel cells and hydrogen-specific safety and measurement equipment, announced that Daido Metal, Ltd., of Nagoya Japan and DCH's wholly owned subsidiary, Enable(TM) Fuel Cells Corporation, have finalized their joint venture agreement. The announcement was made to the Asian press in Nagoya, Japan.
DCH Chairman David Haberman and Daido President Segio Hanji formally launched the NeWave(TM) Fuel Cell Corporation in conjunction with the 41st Battery Symposium taking place in Nagoya. Several newspapers attended the press conference and received a first look and demonstration of a prototype NeWave(TM) fuel cell. The same fuel cell drew considerable attention as the only operating fuel cell at the Battery Symposium.
"It was very important for the JV to have a working fuel cell at the Battery Symposium, both for the audience it drew and because it took place in Nagoya, where NeWave(TM) will be headquartered," said Mr. Hanji. "We are extremely pleased to have gone from product concept to a demonstrable fuel cell in less than six months. It indicates, we believe, the competency and urgency with which we will bring fuel cells to strategic markets in Japan and the rest of Asia."
The first NeWave(TM) product will be a small portable PEM (proton exchange membrane) fuel cell providing up to 50 watts of electric power for the commercial market. Daido, a highly respected and well-integrated supplier to several major Japanese manufacturers, will market the fuel cell in Japan, China, and the rest of Asia and the Pacific Rim. Details are still confidential. First sales are targeted for the second quarter of 2001.
DCH, through Enable(TM) Fuel Cells Corporation, and Daido each holds 50 percent equity in the NeWave(TM) Fuel Cell Corporation, which will be headquartered in Nagoya. Daido is expediting completion of a $25 million (USD) 50,000-square foot automated manufacturing facility to produce the JV product. Enable(TM) is contributing fuel cell technology and marketing resources. Both companies will team on continuous design improvements and new product platforms.
Daido has approximately 3,000 employees worldwide utilizing over five-million square feet of facility space throughout Japan, Korea, Taiwan, Thailand, Singapore, Indonesia, England, France and the US, with more than $290 million in sales annually. A partial list of customers includes Honda, Toyota, Nissan, Subaru, Mitsubishi, Mazda, Isuzu, Hino Motors, Caterpillar, Daimler Chrysler, and Hyundai of Korea.
This press release includes statements that are considered "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect DCH Technology's current views about future events and performance. Investors should not rely on these statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from expectations. These factors include, but are not limited to, the cost of development and market acceptance of Enable(TM) fuel cell systems, competition, the cost and availability of materials, governmental regulations, and other factors detailed in DCH Technology's filings with the Securities and Exchange Commission.
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