Acquisition could help company in the fuel cell market

Ener1 recently announced that it signed letters of intent to acquire Giner Electrochemical Systems (GES), a privately held Newton, Mass., company that specializes in the development of fuel cell technologies and products. GES is currently owned by Giner, Inc. and General Motors (GM) and will maintain its existing multi-year contracts as well as its research and development relationship with GM.

The GES senior management team will remain in place though consulting and employment agreements that will extend over the next several years. Completion of the transaction will be subject to various conditions, negotiation, and execution of definitive transaction agreements.