Prior to the action, FuelCell Energy owned approximately 39% of Versa.
FuelCell Energy Inc. a global leader in the design, manufacture, operation, and service of ultra-clean, efficient and reliable fuel cell power plants, today announced that it has acquired the remaining shares of Versa Power Systems Inc. Versa is a leading solid oxide fuel cell developer with research facilities in Littleton, CO, and Calgary, Canada. The addition of solid oxide fuel cell technology strengthens the global leadership position of FuelCell Energy. Prior to this action, FuelCell Energy owned approximately 39% of Versa.
Versa development activities include participation with FuelCell Energy in the U.S. Department of Energy Solid State Energy Conversion Alliance (SECA) coal-based systems program. In addition, Versa is a supplier to The Boeing Co. under a U.S. Defense Advanced Research Projects Agency (DARPA) program to develop long endurance unmanned aircraft. Versa's specialized solid-state SOFC technology is paired with solar equipment to provide an on-board source of power for propulsion and communication equipment. This system includes an energy storage mode, where the SOFC produces hydrogen by electrolysis from solar power during daylight charging periods and produces power by consuming stored hydrogen in fuel cell mode during night-time discharge periods. Versa technology is also being used in FuelCell Energy's unmanned submarine project, funded by the U.S. Office of Naval Research, in which a high power density SOFC powerplant power system is used for large displacement undersea vehicle propulsion.
FuelCell Energy exchanged approximately 3.5 million shares of its common stock, valued at approximately $3.3 million, as the total consideration for the remaining Versa shares held by other Versa shareholders.