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NOVOFUEL
SIGNS AGREEMENT TO APPLY RENEWABLE ENERGY SOLUTIONS FOR OILFIELD
OPERATIONS
PHILADELPHIA, PA -- March 25, 2015 -- InvestorsHub NewsWire --
NovoFuel, Inc. (“NovoFuel”), a wholly-owned operating subsidiary of
AlumiFuel Power Corporation (OTC Pink:
"AFPW"), announced today that it has signed a Memorandum of
Agreement (MOA) with Fidelity Holding Corporation ("Fidelity")
(OTC: "FDHC") to jointly pursue hybrid Renewable Energy Systems
(RES) solutions for oilfield applications in the U.S., beginning
with Fidelity's own oilfield operations.
Under the terms of the MOA, Fidelity would identify one of the
sites in its Kansas oilfield operations as the location for a pilot
site to showcase how hybrid RES components can serve oilfield power
and energy requirements, just as they can serve cannabis grow
operations requirements. (See NovoFuel news release of March 12,
2015).
The two companies will work closely together to match power
& energy requirements of various oil well sites with an optimal
configuration of RES components for each site. NovoFuel's hybrid
RES solutions include a monopole tower-mounted wind turbine, a
solar panel array, a large format 18.6kW lithium-ion battery, a
hydrogen fuel cell when necessary, as well as a real-time energy
management & control module, and a site security
module.
Fidelity Holding Corporation, a general holding company based in
Tucson, Arizona, focuses on opportunities in the oil and gas, and
renewable energy sectors. The company, through its subsidiary,
Rebel Resources, Inc., engages in the production of heavy oil. It
primarily focuses on proprietary thermal technology to extract
additional heavy oil out of mature oil fields worldwide. Rebel has
established a competitive advantage within the industry by using
the new technology and techniques to produce heavy oil in the
Cherokee Basin in Kansas; the technology capitalizes on existing
stranded natural gas reserves to optimize the economics of the
heavy oil operations.
The parties will cooperate in developing joint strategies and
plans to expand the use of hybrid RES solutions for all of
Fidelity's oil well operations, and then expand to other oilfield
sites in the U.S. and overseas interested in supplementing or
replacing grid power for their operations.
“We are very enthusiastic about this partnership since it will
bring us into a large, new applications area for our renewable
energy initiatives. While we will focus on oilfield
applications in the U.S. at the outset, there is a large RES market
for oilfields around the globe where grid power is lacking,” said
Mr. David Cade, President and CEO of NovoFuel.
About NovoFuel,Inc.
NovoFuel, Inc., a wholly owned operating subsidiary of AlumiFuel
Power Corporation, is an early production stage renewable 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. In addition, NovoFuel
has embarked on a new initiative to design and field hybrid
renewable energy solutions for medical cannabis grow
operations. 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 Corporation
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NovoFuel, Inc.
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Thomas B. Olson, Corporate Secretary
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Technical Information & Marketing:
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303-796-8940
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info@alumifuelpowertech.com
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Investor Relations:
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South Street Media, Inc.
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Melissa Diaz
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917-937-8968
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info@southstreetmedia.com
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