AlumiFuel Power and Multinational Hybrid Power Sources Company, Genport srl, Provide Details on Genport Capabilities
December 12 2012 - 8:00AM
Marketwired
Early production stage hydrogen generation company AlumiFuel Power
Corporation (OTCBB: AFPW) today provided a more detailed overview
of Genport, srl (the "company"), the Italian based hybrid power
sources company with whom it has entered into a relationship.
AFPW's wholly owned operating subsidiary, Philadelphia-based
AlumiFuel Power Technologies, Inc., recently signed a Technology
Development Agreement contemplating a Joint Venture, with Genport
North America (GNA), the U.S. subsidiary of Genport srl (see AFPW
news release of November 28, 2012).
Genport is an award-winning spin-off of the Milan Polytechnic
University, one of the top technical universities in the world. It
was founded in 2009 and was ranked in the top 8 of European
Cleantech companies by the Eurecan European Venture Contest. The
company's headquarters is in the Vimercate Technology Park near
Milan, and has a U.S. subsidiary, Genport North America (GNA) at
the Purdue Research Park in West Lafayette, Indiana.
The Genport/GNA management team is comprised of:
- Paolo Fracas (CEO): electrical engineer; postgraduate
international studies at MIT; 25 years of managerial experience in
multinational companies; 10 years in the fuel cell industry; holder
of 10 patents;
- Giovanni Dotelli (CSO): chemical engineer, Associate Professor
at Milan Polytechnic University; 25 years experience in material
sciences; 80 publications; 16 years in fuel cells.
- Franco Fattorini (CFO): chemist, MBA at HMC (UK); entrepreneur;
25 years of managerial experience.
- Francesco Della Porta (President of Genport North America):
economist, MA Economics University of Cambridge (UK); Master's in
Industrial Management, Stanford University; 31 years managerial and
entrepreneurial experience in the high technology arena.
The management team is complemented by an advisory board which
includes Dr. Raffaele Petrone (Chairman of Petrone Group); Dr.
Franco Fattorini (Chairman Genport); and Prof. Riccardo Pietrabissa
(Full Professor at Milan Polytechnic University).
Genport makes lightweight portable electric energy sources based
on the combination of fuel cells, lithium batteries and solid
hydrogen. The value proposition is delivered through reliable, high
energy density, zero impact, power solutions designed to extend the
runtimes of electronics applications in any off-grid contest.
Genport is focusing its efforts on two key product lines: portable
fuel cells and custom smart lithium battery packs. Ancillary
products include portable hydrogen generators, portable hybrid
Photo-Voltaic/lithium-ion battery systems and portable solid
hydrogen storage systems. Target markets include military,
emergency, electro-medical, telecommunications backup and
industrial applications. All current off-grid backup power
applications have serious limitations: diesel generators have
logistics difficulties and high noise, heat and harmful emission
signatures. Lead acid batteries are extremely bulky, heavy,
inefficient, unreliable and costly to house in air-conditioned
rooms. These technologies are inadequate to fulfill the growing
needs of emerging portable and backup power users. The modular
configuration of Genport's product lines allow to provide a wide
range of solutions to these problems.
Genport offers portable hybrid fuel cell systems, which combine
lithium batteries, fuel cells and solid hydrogen. The G300 HFC is a
400W portable hybrid fuel cell; G300 HPS is a 1400W fuel
independent power source that integrates lightweight highly
efficient PV panels with a subsystem to regenerate and store
hydrogen until needed to generate electricity. The subsystem to
generate hydrogen "GenH2" is also offered separately to refill
hydrogen, as well as "GboxH2," a rechargeable thermo-regulated
canister to store and release the hydrogen fuel.
Besides offering hybrid energy generation systems and hydrogen
storage products, the company also designs customized high end
lithium-ion battery packs for battery-powered devices with strict
safety and reliability requirements, such as medical devices and
military equipment. Genport has developed proprietary smart power
electronic technologies for battery management systems. Genport has
solid patent coverage on all of its technologies. Genport's
technology and products have generated strong expressions of
interest in global market areas other than Europe and the U.S.,
including Asia/Pacific, the Middle East, and Australia.
A total of $2 million has been invested in Genport to date. The
company has orders in hand totaling more than $350,000 for 2012,
and orders in negotiation in excess of $1.5 million. The flagship
G300 HFC, which is fully compliant in Europe, is under production
and deliveries to customers have begun. There is a sizeable market
for this unique fuel cell product in Europe and the U.S., with
projected revenues exceeding $2 million in the next two years even
before UL listing is obtained in the U.S. in 2013. Genport's world
class custom lithium-ion smart battery packs have been in
production since 2009. Based on the current customer base, sales
over the next two years are projected to exceed $3 million, and
additional customers are being pursued in Europe and the U.S.
The prospective Joint Venture 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: APTI's
AlumiFuel powder and cartridge-based hydrogen generation for fuel
cell power, weather balloon lift gas and Unmanned Undersea Vehicle
power; and Genport/GNA's fuel cell power systems, hydrogen
generation and storage systems, solar cells and lithium-ion battery
packs. Genport considers the AlumiFuel hydrogen generation
technology an ideal fit for their fuel cell systems. In accordance
with the JV, the two companies would undertake 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 Hurricane Sandy in the Northeastern U.S.
Addressable target markets include $3.3 billion for portable
power and $5 billion for backup power, with CAGRs exceeding 25%.
The fuel cell market for the U.S. Department of Defense alone in
2013 is $33 million, growing to $625 million by 2017.
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
AlumiFuel Power (CE) (USOTC:AFPW)
Historical Stock Chart
From Jun 2024 to Jul 2024
AlumiFuel Power (CE) (USOTC:AFPW)
Historical Stock Chart
From Jul 2023 to Jul 2024