Hydrogen fuel cell developer Altergy Systems has settled a dispute with lead-acid battery maker Enersys, which resolves the outstanding legal challenges tied to an arbitrational panel award issued in May.
On May 13, 2014, the American Arbitration Association issued a $58m award in Altergy’s favour over claims Enersys had tortiously interfered with the sales of its products.
Under the terms of the term sheet, Enersys will pay Altergy $40m, while Altergy will pay Enersys $2m to repurchase its entire interest in Altergy.
Enersys was Altergy’s former exclusive distributor for certain markets in the United States.
