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Swatch chairman in joint venture to develop 'clean' car fuel cell engine
Publication Date:23-Aug-2007
12:00 PM US Eastern Timezone 
Source:AFX News
ZURICH (Thomson Financial) - Swatch Group has confirmed a report in magazine L'Hebdo saying chairman Nicolas Hayek is planning to set up a joint venture with Swiss energy company Groupe E and the Paul Scherrer Institute to develop a fuel cell-powered engine for cars.

Hayek will be involved in the scheme on a personal basis, and he and his partners plan to invest 20-30 mln sfr.

Hayek had been planning a tie-up with DaimlerChrysler AG's Smart unit, but it was cancelled just before it was finalized and is still interested in developing a 'clean' car.

 
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