DGAP-News: AlumiFuel Power International Inc.: ALUMIFUEL POWER SIGNS TECHNOLOGY COOPERATION AGREEMENT WITH MULTINATIONAL HYBRID POWER SOURCES COMPANY
(firmenpresse) - DGAP-News: AlumiFuel Power International Inc. / Key word(s): Alliance
AlumiFuel Power International Inc.: ALUMIFUEL POWER SIGNS TECHNOLOGY
COOPERATION AGREEMENT WITH MULTINATIONAL HYBRID POWER SOURCES COMPANY
07.12.2012 / 06:00
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FOR IMMEDIATE RELEASE
ALUMIFUEL POWER SIGNS TECHNOLOGY COOPERATION AGREEMENT WITH MULTINATIONAL
HYBRID POWER SOURCES COMPANY
First Step in Forming Joint Venture with Global Reach
PHILADELPHIA, Pennsylvania, 7 December 2012. - Early production stage
hydrogen generation company AlumiFuel Power Corporation (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: Technical Information&Marketing:
AlumiFuel Power Corporation info(at)alumifuelpowertech.com
Thomas B. Olson, Corporate Secretary 610-660-7775
303-796-8940
Genport srl Genport North America Corp.End of Corporate News
Via Lecco, 61 1281 Win Hentschel Blvd.
20871 Vimercate (MB) - Italy West Lafayette, IN 47906
info(at)genport.it info(at)genportna.com
+39 039 639 6500 765-237-3393
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