The Department of Science & Technology through its Technology Innovation Agency, Anglo Platinum through its Platinum Group Metals Development Fund, and California-based Altergy Systems have agreed to establish a fuel cell marketing, distribution and manufacturing entity, Clean Energy Inc, under a license arrangement.
Both the Technology Innovation Agency and the PGMD Fund will invest in the transaction, and along with Altergy, will each receive an equity position in Clean Energy. The equity allocation creates a ‘partnering model’ that aligns all shareholder objectives in Clean Energy to be channeled for success.
‘This initiative is in line with the DST’s goal of promoting South Africa as a source of world-class, high-technology transfer and infrastructure opportunities,’ says Naledi Pandor, Minister for Science & Technology in South Africa.
The new company will ensure that South Africa enjoys the economic returns on beneficiation of its large platinum group metals reserves, and can promote the growth of its knowledge economy in line with the National Hydrogen & Fuel Cells Research, Development & Innovation Strategy (HySA). The DST-initiated HySA strategy is a culmination of various national DST policies in respect of R&D.