|By Marketwired .||
|March 13, 2014 07:00 AM EDT||
PHILADELPHIA, PA -- (Marketwired) -- 03/13/14 -- Early production stage hydrogen generation company, NovoFuel, Inc. (NovoFuel), the wholly-owned operating subsidiary of AlumiFuel Power Corporation (OTCQB: AFPW) announced today that a study it has completed in conjunction with a fuel cell partner reveals lower lifetime costs of its cartridge-based hydrogen generation technology as compared with other hydrogen generation/storage systems deployed with backup power fuel cells.
Today, major renewable energy sources (wind turbines, solar power systems, and hydrogen fuel cells) are being increasingly employed for backup power and off-grid remote power applications, replacing oil-, gasoline- and diesel-fueled generators which produce harmful emissions. The variability of winds and the fact that solar power is restricted to daylight hours reduce the utility of these systems for around-the-clock operations. This leaves hydrogen fueled PEM fuel cells as the technology of choice for many backup power or off-grid users. The cost of fuel cells continues to decrease as the technology matures, making them more attractive for many stationary applications which traditionally have relied on standard fossil-fuel-based generators (the mass automotive fuel cell market is still some years away, but getting closer). One drawback of hydrogen fuel cells has been the cost and infrastructure of the hydrogen generation and storage systems necessary to feed the fuel cells.
Today K-cylinders are the principal source of hydrogen for backup power fuel cells; these heavy cylinders are under high pressure and have a costly logistics chain of pickup and delivery. The compressed hydrogen filling the K-cylinders is generated by large, costly electrolysis or steam reforming systems. At the backup power site, multiple K-cylinders are stored in close proximity to the fuel cell. Telecom backup power users have indicated a strong preference for fuel cell systems that do not require highly pressurized hydrogen storage on site. One major wireless telecom user believes that the NovoFuel cartridge-based system, with the generation of hydrogen on site and on demand, operating at ambient pressure, and with no hydrogen storage on site, is far superior to the K-cylinder solution. In addition, the NovoFuel system has a 90% lighter weight than the comparable component of K-cylinders. This is especially important for rooftop cell tower sites. But here is the clincher: the study revealed that The NovoFuel solution enjoys a 23% lifecycle cost advantage over the K-cylinder solution.
The same comparative parameters when applied to off-grid or remote power applications around the world requiring power 24/7 increases the attractiveness of the NovoFuel solution. An ideal recent application that has emerged is the energy required for marijuana cultivation, which is expanding rapidly with the recent legalization of marijuana in Colorado. (See AFPW news release of March 5, 2014). David Cade, President of NovoFuel, said: "The growing multi-billion dollar backup and remote power markets are the prime target of NovoFuel as we move forward with the commercialization of our unique technology."
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.
AlumiFuel Power Investor Relations:
AlumiFuel Power Corporation
Novofuel Technical Information & Marketing:
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