NovoFuel, Inc. Highlights 23% Lower Lifecycle Cost of Its Hydrogen Generation Technology for Backup Power Applications
March 13 2014 - 7:00AM
Marketwired
NovoFuel, Inc. Highlights 23% Lower Lifecycle Cost of Its Hydrogen
Generation Technology for Backup Power Applications
PHILADELPHIA, PA--(Marketwired - Mar 13, 2014) - Early
production stage hydrogen generation company, NovoFuel, Inc.
(NovoFuel), the wholly-owned operating subsidiary of AlumiFuel
Power Corporation (OTCQB: AFPW) announced today that a study it has
completed in conjunction with a fuel cell partner reveals lower
lifetime costs of its cartridge-based hydrogen generation
technology as compared with other hydrogen generation/storage
systems deployed with backup power fuel cells.
Today, major renewable energy sources (wind turbines, solar
power systems, and hydrogen fuel cells) are being increasingly
employed for backup power and off-grid remote power applications,
replacing oil-, gasoline- and diesel-fueled generators which
produce harmful emissions. The variability of winds and the fact
that solar power is restricted to daylight hours reduce the utility
of these systems for around-the-clock operations. This leaves
hydrogen fueled PEM fuel cells as the technology of choice for many
backup power or off-grid users. The cost of fuel cells continues to
decrease as the technology matures, making them more attractive for
many stationary applications which traditionally have relied on
standard fossil-fuel-based generators (the mass automotive fuel
cell market is still some years away, but getting closer). One
drawback of hydrogen fuel cells has been the cost and
infrastructure of the hydrogen generation and storage systems
necessary to feed the fuel cells.
Today K-cylinders are the principal source of hydrogen for
backup power fuel cells; these heavy cylinders are under high
pressure and have a costly logistics chain of pickup and delivery.
The compressed hydrogen filling the K-cylinders is generated by
large, costly electrolysis or steam reforming systems. At the
backup power site, multiple K-cylinders are stored in close
proximity to the fuel cell. Telecom backup power users have
indicated a strong preference for fuel cell systems that do not
require highly pressurized hydrogen storage on site. One major
wireless telecom user believes that the NovoFuel cartridge-based
system, with the generation of hydrogen on site and on demand,
operating at ambient pressure, and with no hydrogen storage on
site, is far superior to the K-cylinder solution. In addition, the
NovoFuel system has a 90% lighter weight than the comparable
component of K-cylinders. This is especially important for rooftop
cell tower sites. But here is the clincher: the study revealed that
The NovoFuel solution enjoys a 23% lifecycle cost advantage over
the K-cylinder solution.
The same comparative parameters when applied to off-grid or
remote power applications around the world requiring power 24/7
increases the attractiveness of the NovoFuel solution. An ideal
recent application that has emerged is the energy required for
marijuana cultivation, which is expanding rapidly with the recent
legalization of marijuana in Colorado. (See AFPW news release of
March 5, 2014). David Cade, President of NovoFuel, said: "The
growing multi-billion dollar backup and remote power markets are
the prime target of NovoFuel as we move forward with the
commercialization of our unique technology."
About NovoFuel,
Inc. NovoFuel, Inc., a wholly owned operating subsidiary of
AlumiFuel Power Corporation, is an early production stage
alternative energy company that generates hydrogen gas and heat
through the chemical reaction of aluminum, water, and proprietary
additives. This technology is ideally suited for multiple
applications requiring on-site, on-demand fuel sources, serving
National Security and commercial customers. The Company's hydrogen
generation feeds fuel cells for backup and portable power, provides
lift gas for weather balloons, and can replace costly,
hard-to-handle and high pressure K-Cylinders. Its hydrogen/heat
output is also being designed and developed to power fuel
cell-based and turbine-based undersea propulsion and auxiliary
power systems. The Company has significant differentiators in
performance, adaptability, safety and cost-effectiveness in its
target market applications, with no external power required and no
toxic chemicals or by-products.
Safe Harbor for Forward-looking Statements
This news release may contain forward-looking statements that
are made pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. While these statements
are made to convey to the public the company's progress, business
opportunities and growth prospects, they are based on management's
current beliefs and assumptions as to future events. However, since
the company's operations and business prospects are always subject
to risk and uncertainties, the forward-looking events and
circumstances discussed in this news release might not occur, and
actual results could differ materially from those described,
anticipated or implied. For a more complete discussion of such
risks and uncertainties, please refer to the company's filings with
the Securities and Exchange Commission.
CONTACTS:
AlumiFuel Power Investor Relations: AlumiFuel Power Corporation Tom
Olson Corporate Secretary 303-796-8940 Novofuel
Technical Information & Marketing: Email Contact 610-660-7775
AlumiFuel Power (CE) (USOTC:AFPW)
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