General Electric (GE) announced Thursday it has entered into ajoint venture with Plug Power, a Latham NY-based company dedicatedto the development and manufacturing of fuel cells, to market fuelcells worldwide. Terms of the transaction were not disclosed. Thetwo companies will combine efforts to form a new company called GEFuel Cell Systems. GE will own 75% of the new company, with PlugPower owning the rest. GE also acquired 10% of Plug Power ownershipin the deal.
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Thanks to energy industry deregulation, Sempra Energy Solutions,a Sempra Energy subsidiary, entered into a contract Thursday to actas energy consultant to W.W. Grainger Inc., a leading distributorof maintenance, repair, and operating supplies. “We recognize thatenergy is no longer a one-point, one-choice, one-price service,”said Craig Kozak, real estate project manager for W.W. GraingerInc., “For this reason, we have contracted with Sempra EnergySolutions to assist us through the landscape of today’s competitivemarketplace.”
Metrocall Inc. of Alexandria, VA, announced it has entered intoa new two-year strategic marketing agreement with Washington Gas tooffer Metrocall pagers and services to the utility’s customer basein the Washington, D.C. and parts of Maryland.
The June Nymex contract inched 2.4 cents higher to $2.159 onThursday, as traders entered a slight buying mode following the 8.0cent decline June turned in the previous session. “Today was a bigday in that the contract held technical support at $2.11,” ananalyst told GPI. Total estimated volume came in at 47,753contracts.