Acquisition Strengthens IdaTech's Position as Leader in PEM Fuel Cell Solutions
BEND, OR -- (MARKET WIRE) -- July 20, 2006 -- IdaTech, LLC, a global fuel cell solutions developer and manufacturer, announces the news that IdaTech UK Limited, whose ultimate parent is Investec PLC (Investec), has completed the acquisition of 100% of the IDACORP, Inc. (IDACORP) ownership in IdaTech, LLC. This acquisition represents the validation of IdaTech's leading position in PEM fuel cell solution development and fuel reformation technologies and provides a significant opportunity to achieve the next level of commercial growth.
Investec is a specialty banking group that provides a diverse range of financial products and services to a niche client base internationally. The group was established in 1974 and currently has approximately 4,400 employees. Investec has a strong financial position with approximately $1,719.7 million in net operating income for the year ending March 31st, 2006, and a track record of growth through insightful investments and quality management. The acquisition of IdaTech is in line with Investec's strategy of investing in world-class energy technology assets.
IdaTech's previous parent company, IDACORP, Inc. recently embarked on a "back to basics" strategy of focusing on the higher priority capital requirements of their core utility business.
"We are very grateful for IDACORP's past support and look forward to bringing our fuel cell solutions to the global market thanks to Investec and their existing network of relationships," said Claude Duss, IdaTech president and chief executive officer. "This transaction validates IdaTech's potential and position as a leader in the fuel cell industry for stationary PEM systems. I believe Investec and IdaTech are well aligned in the objective to grow IdaTech into a highly successful company and a market leader."
"IdaTech has a number of truly outstanding attributes that led us to believe it was the right company with which to align. In our opinion, the company has been able to accomplish the development and launch of critical backup power products in a very short time frame at a fraction of the cost to others," said Michael Lacey-Solymar of Investec. "Additionally, IdaTech's ability to reform fuels into hydrogen onsite and as needed is solving a critical challenge to the adoption of fuel cells systems -- how to get the hydrogen. We see this as a key differentiator."
About IdaTech
IdaTech's fuel cell solutions are based on a flexible modular design, supporting interchangeable components, which enables IdaTech to accelerate product development incorporating proven components and subsystems into customized configurations. Additionally, IdaTech's fuel cell solutions incorporate its patented fuel processing technology and operate on a variety of fuels.
IdaTech's portfolio of fuel cell solutions is based on its proprietary multi-fuel fuel processing technology, its own fuel cell stack and power module, and fuel cell system integration capabilities. With the support of strategic partners, the company's solutions are being deployed on a global scale for stationary and portable applications.
About Investec
Investec is an international specialist banking group that provides a diverse range of financial products and services to a niche client base in three principal markets: the United Kingdom, South Africa and Australia, as well as certain other countries. The group was established in 1974 and currently has approximately 4,400 employees.
Investec focuses on delivering distinctive profitable solutions for its clients in five core areas of activity, namely: Private Client Activities, Treasury and Specialised Finance, Investment Banking, Asset Management and Property Activities.
In July 2002, the Investec group implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. Management and staff own approximately 16% of the equity share capital of the group. The combined group's current market capitalisation is approximately $5.5 billion.
Contact:
Amy Clem
Marketing Communications Manager
541-322-1022
aclem@idatech.com
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