Methanex Corp. (MEOH) signed an agreement to work with DaimlerChrysler AG (DCX), BP Amoco PLC (BP), BASF AG (BF), Statoil and XCellsis to evaluate the implementation of methanol fuel cell vehicles.

In a press release Tuesday, Methanex said to companies will evaluate what would be required to make and sell the vehicles.

Methanex said the goal of the study is to establish a joint position following data analysis, which will include health, safety and environmental issues.

BP, Methanex and Statoil have all worked work methanol production; with BP and Statoil also having experience in fuel retailing.

BASF works with catalyst technology required for the use of methanol in fuel cells. DaimlerChrysler and XCellsis have both worked on development of methanol fuel cell vehicles.

Methanex produces and sells methanol.