NovoFuel Signs Agreement to Apply Renewable Energy Solutions for Oilfield Operations
FOR IMMEDIATE RELEASE
NOVOFUEL SIGNS AGREEMENT TO APPLY RENEWABLE ENERGY SOLUTIONS FOR OILFIELD OPERATIONS
PHILADELPHIA, Pennsylvania, March 25, 2015 — NovoFuel, Inc. (“NovoFuel”), a wholly-owned operating subsidiary of AlumiFuel Power Corporation (OTC Pink: “AFPW”), announced today that it has signed a Memorandum of Agreement (MOA) with Fidelity Holding Corporation (“Fidelity”) (OTC: “FDHC”) to jointly pursue hybrid Renewable Energy Systems (RES) solutions for oilfield applications in the U.S., beginning with Fidelity’s own oilfield operations.
Under the terms of the MOA, Fidelity would identify one of the sites in its Kansas oilfield operations as the location for a pilot site to showcase how hybrid RES components can serve oilfield power and energy requirements, just as they can serve cannabis grow operations requirements. (See NovoFuel news release of March 12, 2015).
The two companies will work closely together to match power & energy requirements of various oil well sites with an optimal configuration of RES components for each site. NovoFuel’s hybrid RES solutions include a monopole tower-mounted wind turbine, a solar panel array, a large format 18.6kW lithium-ion battery, a hydrogen fuel cell when necessary, as well as a real-time energy management & control module, and a site security module.
Fidelity Holding Corporation, a general holding company based in Tucson, Arizona, focuses on opportunities in the oil and gas, and renewable energy sectors. The company, through its subsidiary, Rebel Resources, Inc., engages in the production of heavy oil. It primarily focuses on proprietary thermal technology to extract additional heavy oil out of mature oil fields worldwide. Rebel has established a competitive advantage within the industry by using the new technology and techniques to produce heavy oil in the Cherokee Basin in Kansas; the technology capitalizes on existing stranded natural gas reserves to optimize the economics of the heavy oil operations.
The parties will cooperate in developing joint strategies and plans to expand the use of hybrid RES solutions for all of Fidelity’s oil well operations, and then expand to other oilfield sites in the U.S. and overseas interested in supplementing or replacing grid power for their operations.
“We are very enthusiastic about this partnership since it will bring us into a large, new applications area for our renewable energy initiatives. While we will focus on oilfield applications in the U.S. at the outset, there is a large RES market for oilfields around the globe where grid power is lacking,” said Mr. David Cade, President and CEO of NovoFuel.
NovoFuel, Inc., a wholly owned operating subsidiary of AlumiFuel Power Corporation, is an early production stage renewable 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. In addition, NovoFuel has embarked on a new initiative to design and field hybrid renewable energy solutions for medical cannabis grow operations. 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.
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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 Corporation NovoFuel, Inc.
Thomas B. Olson, Corporate Secretary
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