IMW Industries Secures Long-Term Agreement from UTC Power To Provide Key Fuel Cell Modules on Exclusive Basis
Chilliwack BC, Canada (October 5, 2011) — IMW Industries announced today that it has signed a long-term agreement with UTC Power, a unit of United Technologies Corp., to be the exclusive provider of natural gas reforming and CSA cooling modules for its PureCell® Model 400 stationary fuel cell production. No contract value was disclosed for the agreement, which lasts through the end of 2014.
“We have worked with UTC Power to provide best-in-class natural gas processing technology for its stationary fuel cells and are pleased to be chosen as sole supplier for its market-leading system,” said Brad Miller, president and CEO of IMW. “This agreement complements our growth in the expanding market for natural gas compression equipment for fueling transportation in North America and worldwide.”
The PureCell solution from UTC Power uses fuel cell technology to generate 400 kW of electric power using natural gas as input fuel. In a fuel cell, no fossil fuel combustion takes place. The only byproduct is heat that can be easily harnessed to provide space heating or domestic hot water, or with the addition of an optional absorption chiller, can produce cooling. More than half of the energy potential in traditional, centralized power generation goes up the stack as exhaust heat. UTC Power fuel cell systems convert heat exhaust into cooling and heating, turning potential waste into useable energy. While central powerplants achieve energy conversion percentages in the mid-30-percent range, the PureCell system can attain energy conversion efficiencies as high as 90 percent.
UTC Power is part of United Technologies Corp. (UTC), which provides energy-efficient products and services to the aerospace and building industries. UTC is a founding member of the U.S. Green Building Council and the Pew Center on Global Climate Change and has been named to the Dow Jones Sustainability Index each year since it was launched in 1999. Based in South Windsor, Conn., UTC Power is the world leader in developing and producing fuel cells that generate energy for buildings and for transportation, space and defense applications. For more information, please visitwww.utcpower.com.
IMW Industries manufactures and services advanced natural gas fueling compressors and related equipment that is sold to station operators and commercial fleets, and has provided more than 1,200 installations in 24 countries. The company operates a manufacturing facility at its headquarters near Vancouver, BC, Canada, a second manufacturing facility near Shanghai, China, and a third manufacturing facility near Ferndale, Washington, USA. IMW is a subsidiary of Clean Energy Fuels Corp. For more information, visit www.imw.ca.
Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market. It has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, biomethane production, vehicle conversion and compressor technology. For more information, visit www.cleanenergyfuels.com
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors. The forward-looking statements made herein speak only as of the date of this news release and, unless otherwise required by law, the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, reports and other documents Clean Energy Fuels Corp. (the company’s corporate parent) files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
