Energy Research Corporation has announced its plans to change the company's name to Fuel Cell Energy. This change will reflect the company's emphasis on the commercialization of its Direct Fuel Cell technology.
The name change has been approved by the board of directors, but is still subject to approval by shareholders. The company intends to mail proxy statements to shareholders for a special shareholders meeting, which is expected to be in September, to discuss and vote on the name change.
In addition, the company plans to ask shareholders to approve proposals to change the company's State of Incorporation from New York to Delaware and to increase the company's authorized common shares from eight to 20 million shares.
"Historically, Energy Research Corporation has been a leader in the research and development of electrochemical technologies, fuel cells and batteries," Jerry D. Leitman, president and CEO said. "With the recent spin-off of our battery group, ERC is now totally dedicated to the commercialization of fuel cells. While research constantly continues at the company, there are no more technical hurdles to overcome, and our principal focus is now on the manufacture and marketing of fuel cell products for clean and efficient generation of energy, both electricity and heat. We believe the company name should more directly communicate the product we sell, rather than our ongoing research efforts."
In February, ERC completed the spin-off of Evercel, formerly a wholly-owned subsidiary, to its stockholders in order to focus on the fuel cell business. As a result, ERC will be able to more aggressively pursue commercialization of its fuel cell technology.
The company expects to initiate commercial field trials for its one and two megawatt power plants next year. The company also plans commercial field trials of 250-kilowatt power plants designed in collaboration with its European partner, MTU, a subsidiary of DaimlerChrysler (DCX).
ERC's stock will continue to trade on the American Stock Exchange, but ERC plans to obtain a new trading symbol concurrent with its name change.