June 25, 2007
Distributed Energy books two deals
Wallingford-based Distributed Energy Systems said it's closed a deal to build a hydrogen-generation and storage system for a new electric power plant in Africa, and that it's completed installing a hydrogen vehicle fueling station in Florida. Terms of the two projects were undisclosed. Shareholders of the company, which earlier this month received a $12.5 million bail out loan from a private equity company, will vote in August whether to authorize a second, $15 million loan from that same company, and authorize directors to effect a reverse stock split. Shares of the company have are trading at less than 80 cents per share, down from $10 just over a year ago. For this week's cover story on Distributed Energy's troubles, click here.
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