Celling Like Hot Cakes
Texaco yesterday announced a sizable investment in fuel-cell technology, agreeing to pay $67.3 million for a 20 percent stake in Energy Conversion Devices Inc., an alternative energy company. Texaco plans to work with ECD to develop fuel cells, which combine hydrogen and oxygen to make power, as well as other alternative fuel technologies. Fuel cells are expected to become a clean power source for cars and buildings, though most analysts say their widespread use is at least a decade away. Texaco is getting involved in advanced energy technologies so its earnings won’t be so dependent on oil. Read a Grist investment tip about another fuel-cell company that may partner with ECD.