Texaco bought a 20% equity stake in hydrogen storage specialistand fuel cell developer Energy Conversion Devices, Inc. (ECD)yesterday for $67.3 million. While the major producer has not lostsight of the importance of its upstream and downstream businessesnor the surge in mergers among its major competitors, it has chosento focus on a variety of new technologies that it believes willdetermine the future of the automobile and electric powerindustries.
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Big IPP Calpine Tackling Gas Management
One of the nation’s fastest growing nonutility power plantdeveloper/operators, Calpine Corp., San Jose, CA, is taking ahands-on approach to building a diversified natural gas portfolioto fuel what it eventually hopes is a network of highly efficient,environmentally clean combined-cycle power plants with a collectivecapacity of 25,000 megawatts.
Energy Solutions Bought by Danes
Houston-based Energy Solutions Inc. (ESI), the developer of gasand risk management software GASMAN, has been acquired byLICENERGY of Denmark. The deal is intended to create a company witha larger market presence in the transaction management andconsulting arena. Energy Solutions will be renamed Energy SolutionsInternational.
AES Grabs IL Foothold with $885M CILCORP Buy
International power generation developer AES Corp. continued anaggressive acquisition strategy yesterday with the purchase of all13.6 million shares of Peoria, IL-based CILCORP, parent of CentralIllinois Light Co., for $65 per share, a 22% premium. The value ofthe transaction is about $885 million.
WWP’s Avista Gets Fuel Cell Grant
Washington Water Power affiliate Avista Laboratories Inc., adeveloper of fuel cells with proton exchange membrane (PEM)technology for distributed power markets, announced the receipt ofa $2 million technology development award from the Department ofCommerce’s National Institute of Standards and Technology (NIST)Advanced Technology Program (ATP).
Syntroleum, SLH Merging for Capital
Syntroleum Corp., the developer and owner of a proprietaryprocess for converting natural gas into synthetic crude oil, andSLH Corp., which owns about 31% of Syntroleum, agreed to merge in astock-for-stock deal, which has been approved by the boards of bothcompanies.