NiSource Inc. and Acumentrics have signed two agreements which will allow NiSource the exclusive rights to distribute Acumentrics proprietary fuel cell products.

According to a statement released this week, under the terms of a stock purchase agreement, NiSource Energy Technologies Inc., a subsidiary of NiSource, will acquire an approximately 3 percent stake in Acumentrics, a privately held company based in Westwood, Mass. In a separate agreement, NiSource has agreed to purchase up to $10 million of Acumentrics proprietary tubular solid-oxide fuel cell products for commercial and residential customers and was granted exclusive rights to distribute the products, primarily in the Mid-Atlantic and Midwest markets where NiSource’s gas distribution subsidiaries operate.

The purchase and distribution agreement will take effect after Acumentrics’ initial production of commercial fuel cell products and will run for up to five years, the statement said. Those fuel cell products are “designed for on-site power generation and premium power.”

Said NiSource Energy Technologies President Mark Wyckoff, “We view our relationship with Acumentrics as a major step in our continued commitment to provide NiSource customers with environmentally clean and cost-effective distributed generation products. Solid-oxide fuel cells are one of the best long-term energy solutions and we look forward to creating additional value for our customers and shareholders by working closely with Acumentrics to develop, distribute, and service superior residential and commercial products.”

Said Acumentrics President/CEO Gary Mook, “As one of the nation’s largest natural gas distribution companies, NiSource provides us with an unparalleled product distribution, service/support, and commercialization network. NiSource Energy Technologies is a recognized leader in the development of combined power and heat technologies, which are a natural complement to the fuel cell. We are looking forward to the additional opportunities this relationship will provide.”

Posted 1/18/2002