Edan Buys HyRadix

Australia-based Eden Energy has sold all the shares in its two US subsidiary companies including Eden Hydrogen, the parent company of HyRadix.

  • Eden had acquired US-based HyRadix, a company specialising in on-site autothermal reforming systems for the production of hydrogen from methane or LPG, in 2007.
  • The sale to an unnamed Australian company did not include any of the assets or liabilities of Hythane Company, which Eden set up in 2004. Hythane is a mix of hydrogen and natural gas.
  • The sale also did not include Eden’s wholly owned Indian subsidiary, Eden Energy (India) Private Limited, which will continue to actively market the Hythane and dual fuel technology in India.

The purchaser has agreed to supply to Eden and install in India, free of charge, the first HyRadix Aptus 100 hydrogen reformer which is currently being built in India and which is hoped to occur before the end of March 2009.

  • This reformer is planned to be used by Hythane Company to supply hydrogen to the first Hythane bus demonstration project in India which is now planned for some time around mid-2009.
  • The new owner also will supply to Eden any additional Aptus reformers required by Eden or its subsidiaries for a period of five years (with a right to renew) commencing from settlement at cost price plus 10%, provided that these reformers cannot be resold for production of hydrogen for industrial gas purposes.
  • The sale of assets raised A$7.6M (US$5 million), A$2 million of which was for Eden Hydrogen Eden Cryogenics, the other US subsidiary sold.

Source: Fuel Cell Today

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