SOURCE: HydroPhi Technologies Group, Inc.

October 30, 2014 10:00 ET

HydroPhi Technologies Europe Receives Preliminary Grant Approval in Poland Subject to EU Final Approval for Implementation of HydroPlant™ on Heavy Duty Vehicles

National Fund for Environmental Protection and Water Management in Poland Confirmed the Funding for Development of Water-Based Hydrogen Fuel Catalyst Systems

ATLANTA, GA and WROCLAW, POLAND--(Marketwired - October 30, 2014) - HydroPhi Technologies Group, Inc. (OTCQB: HPTG), a developer of water-based, clean energy technology that delivers improved fuel economy and reduced greenhouse gas emissions, today announced that the Company's distribution partner, HydroPhi Technologies Europe S.A. (HTE), has submitted an application for the European Union's LIFE Program to fund its project named "Demonstration of innovative technology using hydrogen for emissions reduction from engines of heavy duty vehicles." The aim of the project is to develop an innovative water-based hydrogen catalyst system to improve the efficiency and reduce greenhouse gas emissions of diesel engines on heavy duty trucks and buses in Poland and throughout Europe.

In July 2014, HTE filed its initial application to the National Fund for Environmental Protection and Water Management in Poland to co-finance the project from domestic sources. HTE received confirmation of the funding in the amount of 148,890 EUR, subject to the positive evaluation of the application under the LIFE Program. LIFE is the European Union's financial instrument supporting environmental protection, nature conservation and climate action projects throughout the European Union. The program is intended to advance innovative ways of improving energy efficiency and reducing greenhouse gases emission in such areas as transportation, industry, services, buildings, lighting and equipment.

The total project budget is 1,027,858 EUR, of which, grant subsidies from the EU for the LIFE Program, if approved, would be EUR 577,813, representing approximately 60% of the eligible project costs. Combined with funding from national funds in Poland, the total requested level of support for the project led by HTE is approximately 75% of the eligible project costs.

Wojciech Grzegorczyk, President of HydroPhi Technologies Europe S.A., commented, "We are pleased to report preliminary approval in Poland of our grant application, subject to final evaluation by the EU under the LIFE Program. This funding, if ultimately approved, will mark a significant milestone for both HydroPhi Technologies Europe and HydroPhi Technologies Group towards rollout of the technology across Poland and Europe. We believe the technology provides a compelling value proposition for fleet operators as it helps reduce fuel consumption, while helping meet new strict environmental regulations."

Roger M. Slotkin, CEO of HydroPhi Technologies Group, Inc., stated, "We hope that the combination of European Union and national funds will help to accelerate implementation of our system within vehicles across Europe, which tend to be smaller than those in the USA. We look forward to initially launching in Poland and then across Europe as the HydroPlant™ system supports the European Union's initiatives to advance emission reduction technologies."

About HydroPhi

HydroPhi Technologies Group, Inc. ("HPTG") is a developer of water-based hydrogen fuel catalyst systems. The Company's technology isn't a fuel cell, nor is it a hydrogen alternative to traditional hydrocarbon fuels. The system utilizes distilled water for the production of hydrogen and oxygen, which is then injected into the air intake of an engine utilizing carbon-based fuels such as diesel, unleaded gasoline and natural gas. HPTG's technology, (HydroPlant™), has been tested on transit buses in Mexico with reduced vehicle operating costs by improved fuel efficiency up to 20%, while lowering greenhouse gas emissions up to 70%. By using an on-board, on-demand electrolysis system, the technology eliminates the need for high-pressure hydrogen storage or hazardous chemicals while producing a stable, inexpensive alternative fuel source. By offering a real-time monitoring system as part of a hydrogen fuel solution with retrofit capability into standard vehicle engines, HPTG provides fuel efficiency to a potentially broad spectrum of users, including logistics, trucking, heavy equipment, marine and agriculture. Additional information about the Company and the technology is available at: www.hydrophi.com.

Contact Information

  • Contact:
    David K. Waldman
    Crescendo Communications Europe Sp. z o.o.
    Tel : +1-212-671-1021
    e-mail: hte@crescendo-ir.com