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BUSINESS NEWS - Electricité de France (EDF) signs services and investment agreement with World Energy Labs
3rd Jan 2006
World Energy Labs (WEL), an emerging leader in advanced diagnostics for energy storage devices and electrochemical systems, announced today that they have entered into an agreement with Electricité de France (EDF), the world's largest utility. EDF operates a diverse portfolio of 100,000+ megawatts of generation capacity in Europe , and overseas, and serves 45 million customers in over 24 countries worldwide. Though the details of the agreement are not being made public, EDF is providing support and services to WEL and WEL expects them to become an investor and shareholder in WEL in 2006.
"Electricité de France is the perfect investor for WEL in the development of new markets. ", said Sean Salloux, Chief Executive Officer of WEL. The agreement was signed based on WEL's Interrogator flagship product that employs the company's CEL-Scan™ ( Chemical Electric Layer – Scanning) technology that tests not only the electrical, but also the chemical properties of batteries and fuel cells. “ EDF brings experience and understanding of the European and global markets to develop and support the execution of our business plan for rapid growth of WEL's CEL-Scan™ technology. EDF's experience supporting emerging energy technologies will help WEL reach a global customer base.”
“We are pleased to be working with World Energy Labs, whose technology holds the promise of significant advances in the area of battery backup and fuel cell testing and monitoring – important operational areas for EDF today and in the future”, said Francois Bergasse, CEO of Easenergy the US-based EDF subsidiary that facilitated the deal. “The ability to apply such innovative diagnostic technologies to battery and fuel cell testing and monitoring, is very exciting for the EDF Group. At Easenergy we are always looking for ways to work with innovative companies and support them on a global level through our experience and expertise.”
ABOUT EDF
Electricité de France is the world's largest power utility, operating a diverse portfolio of 100,000+ Megawatts of generation capacity in 24 countries serving 46 million consumers across Europe , Latin America , Asia , the Middle-East and Africa . EDF's 2003 sales were approximately $59 Billion. Its subsidiary EASENERGY, Inc., located in the Silicon Valley , is designed to detect and evaluate opportunities for the EDF Group in the field of new technologies and services in North America .