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Tokuyama Develops Low-Cost Fuel Cell Component

Japan’s Tokuyama Corp. has developed a low-cost electrolyte membrane for high- efficiency direct-methanol fuel cells. The chemical- maker is supplying sample products to automakers and consumer electronics manufacturers, aiming for commercialization in 2006. Its new electrolyte membrane is based on hydrocarbon, instead of fluorine, which is currently the mainstream material for such membranes. While fuel cells using fluorine-based membranes are costly and have low power-generation efficiency because the methanol penetrates the membranes, Tokuyama’s product cuts the cost to between a fifth and a tenth that of fluorine-based products and reduces the amount of methanol penetration to one-tenth. For the time being, Tokuyama will concentrate on electrolyte membranes for fuel cells for cellular phone handsets. It targets revenue of 4 billion to 5 billion yen from the whole fuel cell business in 2010.

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Caraustar Expects to Raise $325 Million

Caraustar Industries, Inc. (Nasdaq: CSAR) has filed a Form S-3 shelf registration statement with the US SEC. When declared effective by the SEC, the registration statement will permit Caraustar to issue from time to time up to an aggregate of $325 million in common stock, preferred stock, depositary shares, debt securities, including convertible debt, warrants and guarantees of debt securities. The net proceeds of any sale of securities by Caraustar may be used for general corporate purposes, including, without limitation, repayment or repurchases of indebtedness, strategic investments or acquisitions. Caraustar, a recycled packaging company, is one of the world’s largest integrated manufacturers of converted recycled paperboard. Caraustar serves the four principal recycled boxboard product end-use markets: tubes, cores and composite cans; folding cartons; gypsum facing paper; and miscellaneous “other specialty” products.

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AES to Acquire SeaWest Wind Company

The AES Corporation has entered into an agreement to acquire SeaWest Holdings Inc., a move which will make AES one of the top developers and operators of wind farms in the U.S. AES will purchase SeaWest for approximately $60 million in cash. The acquisition is expected to close by the end of the first quarter of 2005, subject to regulatory approvals. AES also announced plans to acquire and construct SeaWest’s 120 megawatt (MW) Buffalo Gap wind generation project near Abilene, Texas, at an estimated cost of $165 million. AES plans to begin construction in early 2005 and the facility is expected to become operational in the fourth quarter of 2005. SeaWest is a privately-owned wind generation operating and development company based in San Diego, California. SeaWest operates over 500 MW of wind facilities in California, Wyoming and Oregon and has 1,800 MW of development sites in ten states in the western United States. The company has been in the wind energy business since it was formed in 1982 and employs 175 people. AES’s acquisition of SeaWest, combined with its recent investment in US Wind Force, LLC, advances AES’s goal to become a strong competitor in wind generation. Upon closing, AES […]

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