ChevronTexaco to acquire fuel cell developer

By OGJ editors
HOUSTON, Apr. 11 -- Major oil companies are continuing to step up their investment in alternative fuel initiatives.

ChevronTexaco Technology Ventures (CTV) announced Monday that one of its units, Analytic Energy Systems LLC (AES), will acquire certain assets from Odessa, Fla.-based Dais-Analytic Corp.'s (DAC) fuel processing and fuel cell group for an undisclosed sum. AES is a new subsidiary of ChevronTexaco Corp.

AES will acquire DAC's Woburn, Mass., facility, which develops and commercializes fuel reforming technology and fuel cell systems integration technology. AES said it would retain about 20 DAC employees at the facility. DAC is a privately owned energy technology company based in Odessa, Fla.

"This acquisition complements ChevronTexaco's proven strengths in fuel processing through the addition of an industry-recognized team experienced in all aspects of fuel cell and fuel processing system development," said Greg Vesey, president of CTV. "The ability to convert or process readily available hydrocarbons into hydrogen is a critical step in enabling widespread commercialization of fuel cells," Vesey added.

CTV will develop and commercialize new and emerging energy technologies, including fuel cells, fuel processing systems, hydrogen storage and infrastructure, hydrocarbons-to-liquids, and advanced batteries, ChevronTexaco said.