Elcogen signed agreements with two research institutions

On September 18, 2001, Elcogen AS signed exclusive agreements with two leading research institutions of Estonia - the National Institute of Chemical Physics and Biophysics, and the Institute of Physical Chemistry of the University of Tartu. Agreements cover fundamental and applied research in the area of fuel cell technology.

According to these agreements Elcogen will finance research in the National Institute of Chemical Physics and Biophysics in the amount of EEK 6 million in 2001-2003, and in the Institute of Physical Chemistry of the University of Tartu in the amount of EEK 4 million in 2001-2002.

"The agreements we have signed today are the first step in our long-term strategic partnership, combining great scientific potential and solid business strategy. This enables us, as an equal partner, to participate in the global process of technological development aiming to satisfy the global need for new environmentally clean and efficient energy technologies," Mr. Enn Õunpuu, the CEO of Elcogen AS said after signing contacts with Prof. Jaak Aaviksoo, the Rector of the University of Tartu and Prof. Endel Lippmaa, the Chairman of the Science Board of the National Institute of Chemical Physics and Biophysics.

Elcogen is a company based on Estonian capital that was founded in 2001 with the objective to develop technological solutions for a SOFC system application. The National Institute of Chemical Physics and Biophysics is an autonomous public research institution. The Institute of Physical Chemistry is part of the University of Tartu, Estonia's national university established in 1632.