Avista Labs Forms New Company Focused on Hydrogen Production for Fuel Cells
SPOKANE, Wash., March 1 /PRNewswire/ -- Avista Corp. (NYSE: AVA) today announced that its fuel cell affiliate, Avista Labs, has formed a new company, H2fuel LLC, to develop and commercialize a new technology for manufacturing hydrogen for fuel cells.
Avista Labs owns a 70 percent interest in H2fuel. The remaining interest is owned by Unitel Fuels Technologies, LLC, whose members have a substantial track record in fuel processing and in the design and construction of pilot and mini-plants for manufacturing hydrogen. Avista Labs will transfer its ongoing fuel processor development work to H2fuel. The company's principal offices will be located in Spokane, Wash.
"Hydrogen is essential for fuel cells to function but it has always been expensive," said Serge Randhava, chief executive officer of Unitel Fuels Technologies, LLC. "H2fuel's technology provides new opportunities to manufacture low cost hydrogen."
"H2fuel's mission is to bring clean, reliable and affordable hydrogen production technology to market," said J. Michael Davis, chief executive officer of Avista Labs and chairman of H2fuel LLC. "H2fuel will focus its considerable talent on fuel-flexible technology to serve the entire fuel cell industry, in addition to other applications requiring hydrogen. Avista Labs will maintain its focus on manufacturing and marketing its patented, modular, cartridge-based fuel cells and integrated fuel cell systems."
About Avist Corp.
Avist Corp. is an energy, information and technology company whose utility and subsidiary operations focus on delivering superior products and providing innovative solutions to business and residential customers throughout North America.
Avista Corp.'s affiliate companies include Avista Utilities, which operates the company's electric and natural gas generation, transmission and distribution business. Avista's non-regulated businesses include Avista Advantage, Avista Labs, Avista Communications, Avista Energy, Avista Energy Canada, Ltd., Avista Power and Avista Ventures.
Avista Corp.'s stock is traded under the ticker symbol "AVA." For more information about Avista Corp. and its affiliate businesses, visit the corporate website at www.avistacorp.com.
NOTE: Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation. All other trademarks mentioned in this document are the property of their respective owners.
This news release contains forward-looking statements regarding the company's current expectations. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company's annual report on Form 10-K for the year ended Dec. 31, 1999, and quarterly reports on form 10-Q for the quarters ended March 31, 2000, June 30, 2000 and Sept. 30, 2000.
SOURCE Avista Corp.
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