Kronberg, Germany - (CZZ: FSE; CZ: NYSE): Celanese AG today announced that it has spun off its fuel cell activities to a consortium of investors led by Conduit Ventures. Henceforth, Celanese will hold a minority stake in the new venture which will be called PEMEAS Fuel Cell Technologies and continue to be based in Frankfurt. The venture is effective retroactively as of April 1, 2004.
“By teaming up with a network of partners in the fuel cell industry, Celanese has significantly strengthened efforts to successfully commercialize our fuel cell technology while minimizing our developmental expenditures,” explains Andreas Pohlmann, Celanese AG chief administrative officer and member of the board of management.
John Butt, Managing Partner of Conduit Ventures said “Celanese fuel cell activities represent many years of R&D efforts of the former Hoechst Group and is an enabling technology platform with the potential to address a wide range of different market applications. We are very pleased to be partners in the ongoing commercialization efforts.”
The venture has raised total financing of approximately € 18 million. Conduit Ventures Limited, a London-based venture capital company focused on fuel cells and related hydrogen technologies, backed by Danfoss A/S, Johnson Matthey plc, Mitsubishi Corp. and Shell Hydrogen, leads the consortium, consisting of Sustainable Asset Management of Zurich, CDP Capital of Quebec, Canada and InfraServ GmbH & Co. Höchst KG of Frankfurt, affiliate of Celanese AG that manages the industrial park Frankfurt-Höchst.
PEMEAS is the world’s sole supplier of membrane electrode assemblies for high-temperature polymer electrolyte membrane fuel cells, which are more cost-effective and technically reliable than conventional low-temperature fuel cells. High temperature technology has been cited by the US Department of Energy as an important element in the future commercialization of fuel cells.
Celanese AG is a global chemicals company with leading positions in its key products and world class process technology. The Celanese portfolio consists of four main businesses: Chemical Products, Acetate Products, Technical Polymers Ticona and Performance Products.
In 2003, Celanese generated sales of around € 4.1 billion and had approximately 9,500 employees. The company has 24 production plants and six research centers in 10 countries mainly in North America, Europe and Asia. Celanese AG shares are listed on the Frankfurt stock exchange (stock exchange symbol CZZ) and on the New York Stock Exchange (symbol CZ). For further information please visit our website (www.celanese.com)