January 08, 2013 at 11:00 AM EST
Parker Hannifin and WATT Fuel Cell Establish Strategic Licensing and Supply Agreement to Commercialize Fuel Cells

WATT Fuel Cell Corp., a developer and manufacturer of solid oxide fuel cell (SOFC) systems, announces the establishment of a strategic licensing and supply agreement with Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies. The agreement, established through Parker’s Energy Systems Business Unit, stipulates Parker’s production of a family of propane-driven, SOFC-based products for the RV, marine, over-the-road trucking and residential markets.

Combining Parker’s core expertise in controls, fluid management and product development with WATT’s cost-effective fuel cell technology, the agreement includes Parker’s exclusive license of WATT Fuel Cell’s innovative, low-cost balance-of-plant (BoP) technology and exclusive stack supply for use in 500- to 3000-watt RV, marine and over-the-road trucking markets. Parker will manufacture the BoP and controls and also integrate the fuel cell stacks into complete, packaged SOFC products.

“This agreement between Parker and WATT is a definitive step towards making fuel cells a reality for everyday commercial use,” said Dr. Caine Finnerty, president of WATT Fuel Cell. “Melding Parker’s longstanding expertise in motion and control technologies and systems and extensive market access with WATT’s economically scalable fuel cell products allows the combined strengths of both companies to shine.”

“Parker has been a key player in the sub system and components aspects of the fuel cell industry for more than a decade now,” said Steve Knight, Parker Energy Systems business unit manager. “We’re very excited to be integrating WATT’s technologies into our own fuel cell-based products focused on applications that are well-suited to leverage the quiet, lightweight and environmentally friendly benefits of fuel cells. We are currently focused on design verification, testing and certification as we prepare for select OEM testing in the near future.

“Cost and reliability have long been barriers to entry for a commercially viable fuel cell based product,” Knight said. “WATT Fuel Cell’s technologies were selected by Parker due to their cost-effective manufacturability, reliability and overall suitability to commercial markets, particularly their ability to run on readily available fuels.”

“We are very excited with the results of our initial 500-watt system tests with Parker Hannifin,” said Paul DeWald, director of systems for WATT Fuel Cell. “The momentum from this success has continued into our recent demonstration of a 1-kilowatt power output on propane fuel. Doubling the capacity of our technology in just four weeks, we’ve substantially widened the markets we can address.”

About Parker Hannifin

With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 60,000 people in 48 countries around the world. For more information, visit the company's web site at www.parker.com.

About WATT Fuel Cell

Located in Port Washington, N.Y., WATT Fuel Cell Corp. is a clean-tech company with a wide range of capabilities, including the fabrication of materials, components and sub-assemblies to support state-of-the art solid oxide fuel cell (SOFC) technology. WATT engineers its fuel cell products based on the “CORE” approach – Cost-Optimized, Reliable-Energy – which is focused on commercial viability and flexibility. WATT’s newly refined method to make complete SOFCs using additive manufacturing is a stand-out example of the company’s leadership in the industry with low-cost manufacturing.

For additional information, visit www.wattfuelcell.com or email info@wattfc.com.

Contacts:

Parker PR, Inc. (firm is not affiliated with Parker Hannifin)
Jennifer Parker, +1-716-316-2097
jparker@parker-pr.com
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