AlumiFuel Power International Inc.
AlumiFuel Power International Inc.: ALUMIFUEL POWER SIGNS TECHNOLOGY COOPERATION AGREEMENT WITH MULTINATIONAL HYBRID POWER SOURCES COMPANY
AlumiFuel Power International Inc. / Key word(s): Alliance FOR IMMEDIATE RELEASE ALUMIFUEL POWER SIGNS TECHNOLOGY COOPERATION AGREEMENT WITH MULTINATIONAL HYBRID POWER SOURCES COMPANY First Step in Forming Joint Venture with Global Reach PHILADELPHIA, Pennsylvania, 7 December 2012. – Early production stage hydrogen generation company AlumiFuel Power Corporation (the 'Company'), announced today that its wholly owned operating subsidiary, Philadelphia-based AlumiFuel Power Technologies, Inc., has signed a Technology Development Agreement with Genport North America (GNA), the U.S. subsidiary of the Italian hybrid power sources company, Genport srl. The provisions of the TCA include the establishment of a U.S.-based Joint Venture (JV) which would combine and integrate the technologies, Intellectual Property, products, revenues, engineering staffs, manufacturing operations, marketing, sales and services activities of both companies. The focus of the JV is to synergistically pursue and capture backup and portable power applications and business opportunities in the U.S., Europe, and other market areas – multi-billion dollar markets. The JV would encompass the following capabilities of both companies: (1) APTI's AlumiFuel powder and cartridge-based hydrogen generation for fuel cell power, weather balloon lift gas and Unmanned Undersea Vehicle power; and (2) Genport/GNA's fuel cell power systems, hydrogen generation and storage systems, solar cells and lithium-ion battery packs. Genport/GNA's current flagship product is the G300 Hybrid Fuel Cell, a CE marked 400 Watt system that can take energy inputs from hydrogen, solar panels and lithium-ion battery packs and deliver electricity for a variety of applications including military, emergency, telecommunications, PCs, battery charging, electro-medical devices, stationary micro-grids, and auxiliary power. In accordance with the JV, the two companies would commit to the engineering development of an integrated 5kW backup power system for telecom facilities, using APTI's hydrogen generation technology to provide the fuel for GNA's fuel cell power systems, also in conjunction with GNA's other renewable power sources. Smaller scale units (300W-1kW) based on the existing G300 Hybrid Fuel Cell would also be developed for emergency services/first responder applications aimed at natural disasters, homeland security, anti-terrorist operations, and dismounted soldiers. The fielding of such backup and portable power systems would help ease the severity of telecommunications power outages such as those recently experienced during Superstorm Sandy in the Northeastern U.S. AlumiFuel Power Technologies' President & CEO, Mr. David Cade, said: 'We are very excited and enthusiastic about establishing this partnership arrangement. The powerful and synergistic combination of technologies provides a tremendous new launch pad into a variety of advanced alternative energy applications and products that will have worldwide applicability.' GNA's Chief Executive Officer, Mr. Paolo Fracas, said: 'We are establishing a unique partnership in the US as well as in Europe, and I believe our collaboration will have a relevant impact for the rest of the world. Portable electronics and micro-grids users are strongly demanding power solutions which the integration of GNA and APTI technologies make possible. Going forward, introducing our new combined power extended run-time fuel cells for various critical mission applications offers tremendous new market opportunities for us.'
About AlumiFuel Power Corporation (www.alumifuelpowercorp.com)
About Genport/GNA (www.genport.it)
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