PAISLEY, FL -Turbine Truck Engines, Inc. (TTE) announced that as part of the ongoing evolution of completing the joint venture between TTE and Energy Technology Services Co., Ltd (ETS) the filing of documents to form a new joint venture company have been approved by both companies. The companies have named the new entity Global Hydrogen Energy Co., Ltd. (a Taiwan corporation) with company headquarters located in Taipei, Taiwan.
As announced on January 12, 2012, TTE is entering into a joint venture with ETS, parent company of Hydrogen Union Energy Co., Ltd. Taiwan (HUE) to jointly develop and market Hydrogen Energy business "worldwide for both commercial and industrial applications".
Alan Chen, currently CEO of Energy Technology Services Co., Ltd, will be CEO of Global Hydrogen Energy, Corporation. Michael Rouse, CEO Turbine Truck Engines, Inc. will be appointed to the new company Board of Directors. Final ownership, capital structure, cost-revenue sharing and other financial terms of the joint venture are currently being settled with the joint venture expected to become operational in the next 60 days. Additionally, Turbine Truck Engines will maintain its status as the Exclusive Agent in North America for the hydrogen production technology of Hydrogen Union Energy Co., Ltd. Taiwan (HUE) under the terms of its Cooperation Agreement, dated June 16, 2011.
Michael Rouse, Turbine Truck Engines CEO said, "Our company, Turbine Truck Engines, continues to evolve with an unwavering vision focused on development, manufacture and world-wide distribution of its energy efficient and environmentally-friendly products. This joint venture is the next step forward in combining the complementary talent, expertise and capabilities of both parent companies, TTE and ETS, to accelerate the development of innovative green-energy solutions in the way the world generates and consumes 'clean fuel' to produce power".
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