WELLINGTON - Hamilton technology development firm Power Beat will sell up to 20 per cent of its United States-based commercialisation unit to American investors for $US5 million ($10.17 million).
Money raised from the stock sale will be spent on research and development at Power Beat's Hamilton site, focussing on a super-lightweight natural gas power cell which at 1.5kg would produce 300w of electricity for 14 hours.
The company would also fund a wide bandwidth technology allowing households to share high speed access to the internet, play videos to each other or through a neighbourhood and allow for integrated community security initiatives.
Power Beat said it would need more technical staff for the projects.
The Delaware commercialisation unit, Powerbeat Technologies, would establish its operations in Connecticut following an "attractive invitation" from officials.
Power Beat recently rejected a bid by Auckland-based technology investor IT Capital for the purchase of its shareholding in Deep Video Imaging, a company established to commercialise Power Beat's depth of field video screens.
- NZPA
Power Beat cash flow
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