SOURCE: AlumiFuel Power Corporation

AlumiFuel Power Corporation

June 25, 2014 10:00 ET

NovoFuel Announces Actions for Installation of Renewable Energy System for Cannabis Cultivation at Michigan Pilot Site

PHILADELPHIA, PA--(Marketwired - Jun 25, 2014) - Early production stage hydrogen generation company, NovoFuel, Inc. (NovoFuel), a wholly-owned subsidiary of AlumiFuel Power Corporation (PINKSHEETS: AFPW), today provided an update on its initiative to field a Renewable Energy System (RES) pilot site in Michigan in response to the rapidly expanding energy requirements of legal marijuana growers in the U.S. and Canada, an emerging multi-billion dollar market. (See AFPW news release of June 5, 2014).

The NovoFuel team is in discussions with specific Renewable Energy Systems engineering and integration firms in Michigan to find the best candidate for design fine-tuning, product procurement and leasing arrangements, as well as for such on-site activities as site surveys, obtaining necessary local permits, construction, installation, commissioning, and project management. The NovoFuel team is also talking to multiple vendors of wind turbines and solar panels to find the optimal products for the Michigan pilot site, integrating with the other selected RES components -- a large format 18kW lithium-ion battery and a real-time energy management and control system.

Michigan, one of the now 23 US states to legalize medical marijuana, offers tax rebates for the wind and solar systems. In the Michigan pilot site solution, off-grid Renewable Energy Systems would handle half of the total required energy load on site, reducing the power provided by the local utility grid; moreover, electricity generated by the RES configuration can be sold back to the local utility. Once the pilot configuration is installed and fully tested out, NovoFuel's customized RES solutions would be expanded to other locations and other states, as well as Canada.

This rapidly expanding industry has led to the introduction of entirely new marijuana product applications such as the use of the stalks and stems to make paper -- a cheaper and "greener" approach than using wood as the feed stock. This development has raised the stakes -- big players, such as the tobacco companies, are now exploring entering this arena, and traditional farmers are considering cannabis as a profitable and easy-to-grow new crop. The ability to get carbon credits from the federal government and tax credits under the Farm Bill for growing a new commodity, adds to the attractiveness of this new crop for farmers. From a power and energy standpoint, these larger scale operations are especially suited to total off-grid RES solutions.

Mr. David Cade, President and CEO of NovoFuel, said, "We are making excellent progress in moving this program from the design stage to the implementation stage. We are confident that our novel RES solutions will prove to be very attractive for these cultivation operations."

About NovoFuel,Inc.
NovoFuel, Inc., a wholly owned operating subsidiary of AlumiFuel Power Corporation, 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.

Contact Information

  • CONTACTS:
    AlumiFuel Power Investor Relations:
    AlumiFuel Power Corportion
    Tom Olson
    Corporate Secretary
    303-796-8940

    NovoFuel Technical Information & Marketing:
    Email Contact
    610-660-7775