WESLEY CHAPEL, FL--(Marketwire - Aug 9, 2012) - HPEV, Inc. (OTCQB: WARM), and Thermacore, Inc., owner of over 100 patents related to thermal management and supplier to DARPA, NASA, Department of Energy, Department of Defense as well as Fortune 500 companies, finalized an exclusive agreement to commercialize HPEV's breakthrough thermal solutions for electric motors and generators as well as combining their respective technologies to create new products.
"HPEV's technology is innovative, effective and unique, which aligns with our main business objectives," said Jerome E. Toth, Thermacore President and CEO. "HPEV technology will allow Thermacore to enhance the solutions we can offer our customers, who require high performance, custom-engineered thermal management solutions for critical electric motor applications."
"We founded HPEV knowing that we had a better solution for thermal management and that the markets for those solutions were both lucrative and large. At the end of the day, it's really about controlling heat and by combining our breakthrough technologies with Thermacore's vast reach in diverse markets, we can rapidly accelerate our business model globally, driving revenues much more quickly," commented Timothy Hassett, HPEV Chairman and CEO.
The initial products to be designed and manufactured will be advanced heat pipe and heat exchanger assemblies for electric motors with ratings from 1 to 100,000 horsepower. These products will increase output, efficiency and longevity in motors used by a broad range of industries, including military, aerospace, automotive, transportation, marine and electrical power.
About HPEV, Inc.
HPEV, Inc. is an intellectual property and product development company with expertise in thermal dispersion technologies and their application to various product platforms. The Company is currently commercializing its patented thermal technology and has additional patents-pending for various applications of its proprietary heat removal technologies. The markets that will be addressed by these technologies include myriad industries such as pumps, fans, compressors, batteries, motors, generators and bearings. In addition, management believes that the Company's thermal technology will eventually be implemented in almost all components of the motor vehicle market including: motor control, battery, axle and brakes.
About Thermacore, Inc.
Founded in 1970, Thermacore specializes in the custom design, development, and manufacturing of highly engineered thermal management systems and components for a variety of OEM applications across a diversified set of global markets that includes Military/Aerospace, Computer, Communication, Energy Conversion, Medical, Transportation, Test Equipment, and Automotive. With over 40 years of experience in the design, development, and manufacturing of advanced solid conduction assemblies, passive two-phase systems, and active pumped systems, Thermacore brings unparalleled engineering design expertise and thermal solution performance, quality, and reliability to these markets. Thermacore employs more than 185 employees at 5 facilities located in the United Kingdom (Ashington, Northumberland) and the United States (Lancaster, Pennsylvania; Langhorne, Pennsylvania; Jefferson Hills, Pennsylvania; and Ronkonkoma Long Island, New York). For information about Thermacore, visit www.thermacore.com.
Safe Harbor Statement. This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on plans and expectations of management and are subject to uncertainties and risks that could affect the company's plans and expectations, as well as results of operations and financial condition. A listing of risk factors that may affect the company's business prospects and cause results to differ from those described in the forward-looking statements can be found in company reports and documents filed with the Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.