NEWS: Strategic Alliance With TSE:GLEcf. https://www.Stockhouse.ca/bullboards/forum.asp?symbol=GLE&table=list
Suburban Propane Partners
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Suburban Propane Partners, L.P. Announces Strategic Alliance With
GlobalThermoelectric to Distribute Propane Powered Fuel Cells
9/5/01
WHIPPANY, N.J., Sep 5, 2001 /PRNewswire via COMTEX/ -- Suburban
Propane Partners, L.P. (NYSE: SPH), a leading marketer of propane gas
and related products and services nationwide, today announced that
Suburban Propane, L.P., the company through which it conducts
operations, has signed a Memorandum of Understanding (MOU) with
Global Thermoelectric Inc. of Calgary, Alberta, Canada, a leading developer
of solid oxide fuel cell technology.
The MOU establishes the first strategic alliance in North America to
develop and distribute solid oxide fuel cell power products in propane
markets. The program will target customers who, because of their remote
location, have unstable or expensive electricity supply and are therefore
more willing to access new technologies sooner than other customers.
Global's fuel cell technology will be modified to run on propane and
adapted to meet the operating requirements of Suburban's customers.
Following the announcement, Suburban's President and Chief Executive
Officer Mark A. Alexander said, "Fuel cells are a natural expansion of our
business and should provide Suburban with a distinct advantage in our
markets as well as increase the throughput of propane. Having evaluated
many of the technologies and technology vendors, we came to the
conclusion that Global's fuel cells fit best with propane and our customers'
needs."
Suburban Propane, L.P. has an extensive distribution network capable of
supporting the sale, installation and service of fuel cell products throughout
the United States. Suburban Propane Partners, L.P. is a publicly traded
Master Limited Partnership listed on the New York Stock Exchange.
Headquartered in Whippany, New Jersey, Suburban has been in the
customer service business since 1928 and is the nation's third largest
propane gas marketer. The Partnership serves over 825,000 residential,
commercial, industrial and agricultural customers through approximately
350 customer service centers in more than 40 states. Corporate news, unit
prices and additional information about Suburban are available 24 hours a
day, 7 days a week on the company's web site:
https://www.suburbanpropane.com. News releases are also available at:
https://www.prnewswire.com/comp/112074.html/
Global Thermoelectric Inc. is a world leader in the development of solid
oxide fuel cell (SOFC) products. The Company is also the world's largest
manufacturer and distributor of thermoelectric power generators for use in
remote locations. Global is developing SOFC products which can easily,
cleanly and economically obtain hydrogen from hydrocarbon fuels. The
Company is prototyping residential and remote power systems to be
fuelled by natural gas or propane. Global is listed on the Toronto Stock
Exchange (stock symbol: GLE).
SOURCE Suburban Propane Partners, L.P.
(C) 2001 PR Newswire. All rights reserved.
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