SOURCE: AlumiFuel Power Corporation
PHILADELPHIA, PA--(Marketwire - May 18, 2011) - Early production stage hydrogen generation company AlumiFuel Power, Inc., the Philadelphia, Pennsylvania-based wholly owned operating subsidiary of AlumiFuel Power Corporation (OTCBB: AFPW), (the "Company"), announced today that in conjunction with its portable power partner and prime contractor, Ingenium Technologies of Rockford, Illinois, it has developed a system that can generate hydrogen for fueling UUVs using its proprietary AlumiFuel powders.
In June, 2010, the Ingenium-API team was awarded a U.S. Navy R&D contract for a novel new hydrogen fuel delivery system to power future fuel cell driven UUVs, with Ingenium as the prime contractor. The technology embodied in the Ingenium-API team is well suited for two major new-start multi-million dollar programs that the Navy intends to award this year as it seeks new operational UUV power sources other than batteries. The first is for a long endurance 21" UUV propulsion system, and the second is for a larger 54" UUV platform.
The overall global UUV market is expected to reach $12 billion over the next decade, encompassing commercial, naval and other national security applications. This number includes $1.2 billion for the power systems, with $400-$500 million related to the fuel modules. API and Ingenium are exploring a growing number of opportunities involving naval and commercial power plant applications with the US Navy, allied navies, major defense contractors, and deepwater services industry players worldwide.
API's Director of Engineering, Mr. Sean McIntosh, said, "We set a lot of very ambitious goals for ourselves in our recent undersea fuel source development programs and are very proud that we have accomplished all of these goals. Together with Ingenium we have made tremendous strides in developing components for a UUV power source which will allow us to aggressively pursue global commercial and military undersea vehicle opportunities."
About Ingenium Technologies, Inc.
Ingenium (www.ingeniumtech.com), located in Rockford, Illinois, provides world-class, cost-effective product development services and operations consulting services to a diverse client base. Ingenium's engineering staff of over 150 full-time seasoned professionals comes from a vast array of technical disciplines, with broad experience. Ingenium provides turnkey solutions for complex systems, from concept development to design, analysis, prototyping, and certification for both DoD and commercial customers. Ingenium's clients range in size from small businesses to Fortune 500 companies. Ingenium's customers' needs vary from firms that cannot maintain full-time senior engineering resources to businesses that are experiencing peak periods of activity and need to supplement their technical staffs.
About AlumiFuel Power, Inc.
API (www.alumifuelpowerinc.com), the Philadelphia, Pennsylvania-based wholly owned operating subsidiary of AlumiFuel Power Corporation, 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. API'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. API 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 AlumiFuel Power Corporation
AlumiFuel Power Corporation operates through its wholly owned subsidiary, AlumiFuel Power, Inc., a Philadelphia-based early production stage alternative energy company that generates hydrogen gas and steam for multiple applications requiring on-site, on-demand fuel sources.
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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.