Last checked at 28 Jun 2012 07:00
28th June 2012 ROLLS-ROYCE AND LG ANNOUNCE INVESTMENT TO ADVANCE SOLID OXIDE FUEL CELL TECHNOLOGY DEVELOPMENT
Rolls-Royce, the global power-systems company, and LG, the electronics, chemicals and telecommunications conglomerate, are pleased to announce that LG has invested US$45m to acquire a 51% shareholding in Rolls-Royce Fuel Cell Systems (US) Inc.
Rolls-Royce Fuel Cell Systems (US) Inc., which is based in North Canton in the State of Ohio, U.S.A., has changed its name to LG Fuel Cell Systems Inc.
LG Fuel Cell Systems Inc. will continue to further the research, development, testing and commercialisation of solid oxide fuel cell technology aimed at megawatt-scale distributed power generation for industrial, commercial, and electric utility markets and applications.
LG Fuel Cell Systems Inc will have access to Rolls-Royce technical expertise and continue to engage with the US Department of Energy's SECA (Solid State Energy Conversion Alliance) Program.
Notes to Editors:
1. Rolls-Royce is a world-leading provider of power systems and services for
use on land, at sea and in the air, and has established a strong position
in global markets - civil aerospace, defence aerospace, marine and energy.
2. As a result of this strategy, Rolls-Royce has a broad customer base
comprising more than 500 airlines, 4,000 corporate and utility aircraft and
helicopter operators, 160 armed forces, more than 4,000 marine customers,
including 70 navies, and energy customers in more than 80 countries.
3. Annual underlying revenues were £11.3 billion in 2011, of which more than
half came from the provision of services. The firm and announced order book
stood at £62.2 billion at 31 December 2011, providing visibility of future
levels of activity.
4. Rolls-Royce employs over 40,000 people in offices, manufacturing and
service facilities in over 50 countries. Over 11,000 of these employees are
engineers.
5. In 2011, Rolls-Royce invested £908 million on research and development, two
thirds of which had the objective of further improving the environmental
performance of its products, in particular reducing emissions.
6. Rolls-Royce supports a global network of 28 University Technology Centres,
which connect the company's engineers with the forefront of scientific
research.
7. The Group has a strong commitment to apprentice and graduate recruitment
and to further developing employee skills.
For further information, please contact:
Investors: Simon Goodson Director - Investor Relations Rolls-Royce plc Tel: +44 (0)20 7227 9237 simon.goodson@rolls-royce.com Media: Josh Rosenstock Director of External Communications Rolls-Royce plc Tel: +44 (0)20 7227 9163 josh.rosenstock@rolls-royce.com
www.Rolls-Royce.com
XLON