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.
Pacificorp subsidiary PacifiCorp Holdings Inc. acquired TPC Corp. through a cash tender offer to buy outstanding shares of TPC common stock for $13.41 per share. Some 99.4 percent of the outstanding shares (em or 17,899,424 (em were tendered and accepted for payment. TPC's core business is gas gathering systems and natural gas marketing to Midwest and Northeast utilities.
American Electric Power has changed the name of its subsidiary, AEP Energy Services. The new name is AEP Resources Engineering & Services Co.
SEMCO ENERGY INC. is the new name of the former Southeastern Michigan Gas Enterprises Inc., the parent of three gas distribution companies and marketing company. The name change is pending approval from the Michigan Commerce Department.