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Akron Steel Treating site to be leased to firm to Ovonics for hydrogen fuel project

Publication Date:25-January-2006
11:12 PM US Eastern Timezone
Source: John Higgins-Beacon Journal

Akron will buy the old Akron Steel Treating Co. site for $680,000 and lease it to a Michigan company that wants to test hydrogen fuel storage tanks for a new generation of nonpolluting cars and other applications.

Akron City Council approved the purchase Monday night. The city will lease the building on South Broadway Street to Ovonics Hydrogen Systems LLC for five years free of charge; after that, Ovonics could buy or lease the facility.

Ovonics founder and Akron native Stanford Ovshinsky has committed to testing the storage tanks in Akron.

The building has about 32,000 square feet of floor space. Akron Steel Treating, a commercial heat-treating business, has moved and expanded at 336 Morgan Ave. in Akron.

Testing could lead to making the tanks in Akron and could produce 300 jobs in four years, said Jeffrey Wilhite, Akron's deputy director of planning and urban development.

A San Francisco investment banking firm last week began organizing a private stock offering to raise $40 million to $60 million. Merriman Curhan Ford & Co. is handling the details. Investors would hold a minority interest with Ovonics in a limited liability corporation called Ovonics Hydrogen Akron LLC, Wilhite said.


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