Dynetek Industries Ltd. (TSE: DNK) is pleased to formally announce the entering into of a multi-year Purchase and Supply Arrangement, effective on August 21, 2000, under which Dynetek will supply compressed hydrogen tanks to Ford for Ford’s fuel cell vehicle programs. In return, the relationship includes an equity incentive program that will earn the carmaker a minority interest in Dynetek.
“This new alliance with Ford fits perfectly with Dynetek’s global strategy as Dynetek continues to expand its relationships with vehicle manufacturers around the world,” said Heinz Portmann, Dynetek’s President and Chief Executive Officer.
Dynetek develops, produces and markets fuel storage systems for
storing compressed natural gas (CNG) for low emission CNG vehicles and for compressed hydrogen for zero emission hydrogen fuel cell vehicles. The Dynetek fuel storage system is marketed under the DyneCell(R) brand name. Dynetek’s common shares trade under the symbol DNK on the Toronto Stock Exchange.
The DyneCell fuel storage system utilizes proprietary, patent-pending technology, developed by Dynetek to produce cylinders built with a seamless thin wall aluminum liner and a full carbon fiber overwrap. The liner technology provides ultra lightweight, high storage capacity and non- permeability while the corrosion resistant overwrap maximizes strength-to- weight ratios and operational performance under harsh automotive environments.