Emera Buys Shares In Atlantic Hydrogen Inc.
Monday, July 06, 2009Atlantic Hydrogen Inc. (AHI) is pleased to announce that Emera Inc. (EMA: TSX) has purchased the shares of AHI previously held by Kyoto Planet Group, making Emera one of the largest single shareholders. With this transaction, Atlantic Hydrogen moves closer to the mainstream energy market as AHI prepares to demonstrate the environmental advantages of CarbonSaverâ,,¢ clean-energy technology. Several demonstration projects are in place or are currently being negotiated.
"I expect our upcoming demonstrations will be closely watched," said C. William (Bill) Stanley, Chairman of AHI. "We are pleased to welcome Emera to our company. Their positive reputation and experience in the energy field will help us as our CarbonSaverâ,,¢ technology evolves from the demonstration stage to a commercial product as a part of the natural gas transmission and distribution grid."
"We are interested in testing CarbonSaverâ,,¢ in our gas-fired power plants," said Chris Huskilson, President and Chief Executive Officer of Emera Inc. "Using this leading edge technology is one more way to participate in development that could result in cleaner production of electricity."â€
Emera will hold one seat on the Board of Directors of AHI and has appointed Chief Financial Officer Nancy Tower to the seat.
Emera will finance the acquisition from its balance sheet. The transaction closed June 26, 2009.
Emera will finance the acquisition from its balance sheet. The transaction closed June 26, 2009.