SOURCE: AlumiFuel Power Corporation
PHILADELPHIA, PA--(Marketwired - Dec 6, 2013) - Early production stage hydrogen generation company AlumiFuel Power Corporation (OTCQB: AFPW) (the "Company"), provided today a general corporate update on recent activities.
The Company's wholly owned subsidiary, Novofuel, Inc., and Genport, srl of Italy are continuing to conduct face-to-face meetings to discuss optimal ways of integrating their synergistic technologies, and pursuing huge new market opportunities for alternative energy in the U.S., Europe and elsewhere. (See AFPW news release of November 4, 2013). Genport's unique hybrid power modules -- combining fuel cells, NovoFuel hydrogen generation technology, smart Lithium battery packs, and leading edge state-of-the art energy management systems -- can provide ultra-reliable, clean, off-grid and on-grid power anytime, anywhere. Typical applications involve 300W-5kW fuel cell units for telecom, agriculture, industrial and other customers. Preliminary planning is already underway to determine the most viable near-term specific opportunities in the U.S. and Europe based on ongoing discussions with customers on both continents. The 300W hybrid power system will be in final prototype form, ready for demonstrations, in March, 2014. Scaling up to a modular 1kW system will follow shortly thereafter, while the larger 5kW system is expected to be available in prototype form within the next 12 months or so. Meanwhile, the two companies are actively working with their New York-based financial advisor to determine the best corporate structure and transaction parameters for the combination of the technologies, assets, and operations. Discussions with a number of potential investor groups are also underway.
The Company also announced that its wholly-owned subsidiary, AlumiFuel Power Technologies, Inc., recently participated in the Meteorological Technology World Expo in Brussels, Belgium, which reaffirmed the uniqueness of AlumiFuel's Portable Balloon Inflation System and its potential to become the technology of choice and worldwide standard for portable and mobile lift gas requirements. Mr. Ed Figelman, AlumiFuel Power's meteorological marketing lead, met with a wide range of potential partners and customers at the Expo. His interaction with fellow attendees affirmed that interest in the PBIS system and technology remains strong within the upper air community. Many participants were well aware that The U.S. Air Force Special Operations Command is continuing to conduct field testing of the PBIS-2000 unit (see AFPW news release of September 18, 2013), and are closely following the progress. Manufacturers and distributors of complimentary equipment advise that end-users are still having difficulties related to helium sourcing and pricing, and they reconfirm that there is a need in the market to replace high pressure hydrogen K-cylinders for filling weather balloons. The PBIS offers an ideal solution to both of these difficulties. One manufacturer of radiosonde systems has even offered to use the PBIS at their facility in Europe for the purpose of generating sales interest.
About Genport,srl (www.genport.it)
Genport srl is an advanced power solutions company based near Milan, Italy. Genport is focused on providing clean, safe, reliable and high performance portable power sources for medical, defense, emergency, telecommunications, and industrial applications. Genport's solutions are designed to store and generate electrical energy anytime, anywhere. Genport combines solid hydrogen PEM fuel cell, lithium ion battery and renewable energy systems 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, VTT (Finland), Texas Instruments, Linear Technologies, Arbin Instruments, four European companies, and Purdue University.
About AlumiFuel Power Corporation
AlumiFuel Power Corporation, through its wholly-owned subsidiary, NovoFuel Power, 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.