LG Buys 51% Stake in Rolls-Royce Ohio Fuel Cell Unit, Forming New JV

28 Jun 2012

Rolls Royce & LGLONDON - Rolls-Royce Holdings PLC (RR.LN), the power systems company, Thursday announced that LG Electronics Inc, the electronics, chemicals and telecommunications conglomerate, invested 45 million dollars in a 51% stake in Rolls-Royce's fuel cell unit, and said the unit will change its name to LG Fuel Cell Systems Inc.


- North Canton, Ohio-based unit was called Rolls-Royce Fuel Cell Systems (US) Inc.

- LG Fuel Cell Systems Inc. will continue R&D into solid oxide fuel cell technology for distributed power generation for industrial, commercial, and electric utility markets and applications.

- It will have access to Rolls-Royce technical expertise and continue to engage with the US Department of Energy's SECA (Solid State Energy Conversion Alliance) Program.

- Shares closed Wednesday at 847 pence valuing the company at GBP15.9 billion.

- For more information write to Ed Ballard at ed.ballard@dowjones.com

Source: Dow Jones Newswires


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