New Environmental Technologies Inc. agreed to acquire Keystone Energy Services Inc. The new company will be called Keystone Energy Services. In an alliance with New Energy Ventures Inc., it plans to target the $22.5-billion California electric market. Keystone will re-sell part of the $500 million worth of power New Energy Ventures recently agreed to buy from the Bonneville Power Administration. Keystone will focus on small- to medium-sized electric consumers while its partner will target industrial, commercial and government accounts.
American Superconductor Corp., a maker of high-temperature superconductor products, acquired Superconductivity Inc., a low-temperature superconductor product manufacturer. American Superconductor issued $9.35 million worth of common stock to Superconductivity shareholders and took on about $6.4 million in liabilities. Superconductivity Inc. will operate as a wholly owned subsidiary.