AlumiFuel Power Signs Technology Cooperation Agreement With Multinational Hybrid Power Sources Company
November 28 2012 - 8:00AM
Marketwired
Early production stage hydrogen generation company AlumiFuel Power
Corporation (OTCBB: AFPW) (the "Company"), announced today that its
wholly owned operating subsidiary, Philadelphia-based AlumiFuel
Power Technologies, Inc., has signed a Technology Development
Agreement with Genport North America (GNA), the U.S. subsidiary of
the Italian hybrid power sources company, Genport srl.
The provisions of the TCA include the establishment of a
U.S.-based Joint Venture (JV) which would combine and integrate the
technologies, Intellectual Property, products, revenues,
engineering staffs, manufacturing operations, marketing, sales and
services activities of both companies. The focus of the JV is to
synergistically pursue and capture backup and portable power
applications and business opportunities in the U.S., Europe, and
other market areas -- multi-billion dollar markets. The JV would
encompass the following capabilities of both companies: (1) APTI's
AlumiFuel powder and cartridge-based hydrogen generation for fuel
cell power, weather balloon lift gas and Unmanned Undersea Vehicle
power; and (2) Genport/GNA's fuel cell power systems, hydrogen
generation and storage systems, solar cells and lithium-ion battery
packs. Genport/GNA's current flagship product is the G300 Hybrid
Fuel Cell, a CE marked 400 Watt system that can take energy inputs
from hydrogen, solar panels and lithium-ion battery packs and
deliver electricity for a variety of applications including
military, emergency, telecommunications, PCs, battery charging,
electro-medical devices, stationary micro-grids, and auxiliary
power.
In accordance with the JV, the two companies would commit to the
engineering development of an integrated 5kW backup power system
for telecom facilities, using APTI's hydrogen generation technology
to provide the fuel for GNA's fuel cell power systems, also in
conjunction with GNA's other renewable power sources. Smaller scale
units (300W-1kW) based on the existing G300 Hybrid Fuel Cell would
also be developed for emergency services/first responder
applications aimed at natural disasters, homeland security,
anti-terrorist operations, and dismounted soldiers. The fielding of
such backup and portable power systems would help ease the severity
of telecommunications power outages such as those recently
experienced during Superstorm Sandy in the Northeastern U.S.
AlumiFuel Power Technologies' President & CEO, Mr. David
Cade, said: "We are very excited and enthusiastic about
establishing this partnership arrangement. The powerful and
synergistic combination of technologies provides a tremendous new
launch pad into a variety of advanced alternative energy
applications and products that will have worldwide
applicability."
GNA's Chief Executive Officer, Mr. Paolo Fracas, said: "We are
establishing a unique partnership in the US as well as in Europe,
and I believe our collaboration will have a relevant impact for the
rest of the world. Portable electronics and micro-grids users are
strongly demanding power solutions which the integration of GNA and
APTI technologies make possible. Going forward, introducing our new
combined power extended run-time fuel cells for various critical
mission applications offers tremendous new market opportunities for
us."
About AlumiFuel Power Corporation (www.alumifuelpowercorp.com)
AlumiFuel Power Corporation, operating through its wholly owned
subsidiary, AlumiFuel Power Technologies, Inc., is an early
production stage alternative energy company that generates hydrogen
gas and steam/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 feeds fuel cells for portable and back-up power;
fills inflatable devices such as weather balloons; can replace
costly, hard-to-handle and high pressure K-Cylinders; and provides
fuel for flameless heater applications. Its hydrogen/heat output is
also being designed and developed to drive fuel cell-based and
turbine-based undersea propulsion systems 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.
About Genport/GNA (www.genport.it) Genport srl is an alternative
energy advanced power solutions company based nearby Milan, Italy,
with a U.S. subsidiary, Genport North America Corp. (GNA), located
in West Lafayette, Indiana. Genport/GNA is focused on providing
clean, safe, reliable and high performance portable power sources
for medical, defense, emergency, telecommunications, and industrial
applications. Genport/GNA's solutions are designed to store and
generate electrical energy anytime, anywhere. Genport combines
solid hydrogen PEM fuel cell, lithium ion battery and solar cell
technologies to: provide a constant, reliable source of power;
maximize power and energy density; eliminate noise, emissions and
operate in extreme environmental conditions. Genport/GNA's
technology partners include Milan Polytechnic, Texas Instruments,
Arbin Instruments, four European companies, and Purdue
University.
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 Thomas B. Olson Corporate Secretary
303-796-8940 Technical Information & Marketing: Email
Contact 610-660-7775 Genport srl Via Lecco, 61 20871
Vimercate (MB) - Italy Email Contact +39 039 639 6500 Genport
North America Corp. 1281 Win Hentschel Blvd. West Lafayette, IN
47906 Email Contact 765-237-3393
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