Proton Energy Systems Announces Sale of Commercial Products.ROCKY HILL Rocky Hill, town (1990 pop. 16,554), Hartford co., central Conn., a suburb of Hartford, on the Connecticut River; settled c.1650, inc. 1843. Chemical coatings and synthetic textiles are made there. Rocky Hill was an important river port from 1700 to 1820. , Conn.--(BUSINESS WIRE)--Nov. 18, 1998--Proton Energy Systems, Inc., Rocky Hill, has entered into an agreement with Idaho Power, a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of IDACORP (NYSE NYSE
See: New York Stock Exchange :IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. ), for the sale of an advanced Proton Exchange Membrane A proton exchange membrane (PEM) is a semipermeable membrane generally made from ionomers and designed to conduct protons while being impermeable to gases such as oxygen or hydrogen. (PEM (Privacy Enhanced Mail) A standard for secure e-mail on the Internet. It supports encryption, digital signatures and digital certificates as well as both private and public key methods. Not widely used, work on PEM later evolved into S/MIME. See MIME. ) hydrogen generator system. This large-scale system utilizes PEM technology to produce high purity and high-pressure hydrogen and oxygen from water and electricity. Delivery of the unit is scheduled for late 1998 or early 1999.
PROTON has several demonstration units in service; the agreement with Idaho Power represents one of the company's first commercial sales. PROTON systems have been in development for nearly two years, and have undergone extensive successful testing. Idaho Power intends to use the system to evaluate its suitability for a number of commercial and energy-related applications.
Walter (Chip) Schroeder, PROTON's president stated that "this important step with Idaho Power confirms the convergence between PEM technology and the electric power marketplace. Idaho Power is a leader in its industry, with very low cost hydroelectric power hydroelectric power: see power, electric; water power.
Electricity produced from generators driven by water turbines that convert the energy in falling or fast-flowing water to mechanical energy. and a strong interest in renewable power systems. PROTON's hardware offers the means to convert electricity into chemical energy (as hydrogen). The hydrogen can then be stored and used either as a commodity chemical or as a fuel to regenerate power. In the latter mode, our system offers a solution to the problem of how to make electricity at night from a solar power system."
PROTON's system, labeled a HOGEN (for Hydrogen/Oxygen GENerator), will make 300 standard cubic feet per hour of hydrogen utilizing 50 kW of power and about two gallons of water per hour.
PROTON Energy Systems Inc. located in Rocky Hill, CT, is focused on commercializing PEM technology. For the past three decades, PEM technology has been widely deployed in a variety of military and aerospace life-support functions. Founded in 1996, PROTON has raised nearly $ 8 million of venture capital and now employs 21 people.