NovoFuel Expands Its Cannabis Grow Renewable Energy Initiatives Into Key State of Colorado
FOR IMMEDIATE RELEASE
NOVOFUEL EXPANDS ITS CANNABIS GROW RENEWABLE ENERGY INITIATIVES INTO KEY STATE OF COLORADO
PHILADELPHIA, Pennsylvania, June 17, 2015 — NovoFuel, Inc. (“NovoFuel”), a wholly-owned operating subsidiary of AlumiFuel Power Corporation (OTC Pink: AFPW), announced today that it has expanded its initiatives to field hybrid Renewable Energy Systems (RES) solutions for medical cannabis grow operations. (See NovoFuel News Release of April 14, 2015.) While pilot site preparation continues at the Oceana County, Michigan, NovoFuel has now established a number of contacts in Colorado, where there is a tremendous need for off-grid and grid-supplementing renewable energy solutions.
At the ten acre Michigan pilot site, refurbishing of buildings is underway in preparation for installation of the wind, solar, large format lithium-ion battery, and site security components later this year. Meanwhile, many different Colorado entities have expressed considerable interest in NovoFuel’s RES approach. County Sustainability and other governmental offices in Denver and Boulder have assisted NovoFuel in identifying contacts to explore the possible installation of a hybrid RES pilot site in Colorado. As a result, NovoFuel has had extensive discussions with Cannabis grow industry associations, and with individual growers. The most promising venue is the Boulder area, where grow operations are generally of a smaller scale than Denver, and thus are more appropriate for a pilot site. NovoFuel has communicated with 14 grow operations in the Boulder area; of these, so far four have registered interest, and NovoFuel is assessing the specific power and energy requirements of two as possible candidates for a pilot site. Both of these companies have stated that if we were to enter into a business arrangement with them, they would endorse and publicize NovoFuel’s RES solution on their websites, and through other media. Colorado offers a tax rebate of $1.00 per kilowatt hour for use of renewable energy components up to a cap of $10,000.
In addition, NovoFuel has established important contacts at the Department of Energy’s National Renewable Energy Laboratory (NREL) in Golden, Colorado. Among these is the Commercialization Assistance Program, which can perform test and measurement of system performance and assist in assessing overall technological performance and market analysis. Upon validation/qualification of NovoFuel’s hybrid RES solution, this office would publicize such on the NREL website.
“We are excited about the interest we have generated in Colorado, which today represents the epicenter of medical cannabis grow operations.”, said NovoFuel President & CEO, David Cade.
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.
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