Ceramic Fuel Cells signed a distribution agreement with UK energy services company iPower Energy, the company announced Tuesday.
Ceramic, a developer of generators which use fuel cell technology to convert natural gas into electricity and heat for homes and buildings, will provide BlueGen units, which supplies efficient energy.
iPower was granted limited exclusivity for the product on the basis of a minimum 200 BlueGen deliveries this year and a further 200 in 2014.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The product will be used in UK social housing estates to cut carbon emissions and reduce energy bills.
iPower will be able to offer discounts on electricity tariffs to tenants where BlueGen is installed, Ceramic said.
The deal reflects a demand for efficient electricity in the social housing market where costs savings are most needed.
"We are delighted to have concluded this initial agreement with iPower and we look forward to developing some key opportunities together in the future," Chief Executive Officer of Ceramic, Bob Kennett, said.
Jon Cape, Chief Executive of iPower, added: "iPower is excited about this opportunity to work with CFCL. The use of BlueGen in social housing offers real scope to bring down fuel bills for the least well off in society.
"We are already at the detailed design stage with the first large project under this agreement and are attracting expressions of interest from a number of councils and housing associations across the UK."
RD
-
Adidas, Nike or Jordans - could collectable trainers make you rich?The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
-
Early bird ISA investors flock to global funds, India and the USThere’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
