NovoFuel Announces Agreement to Produce New State-of-the-art Lithium-Ion Batteries in Response to Market Opportunities
FOR IMMEDIATE RELEASE
NOVOFUEL ANNOUNCES AGREEMENT TO PRODUCE NEW STATE-OF-THE-ART LITHIUM-ION BATTERIES IN RESPONSE TO MARKET OPPORTUNITIES
PHILADELPHIA, Pennsylvania, November 19, 2015 — NovoFuel, Inc. (“NovoFuel”), a wholly-owned operating subsidiary of AlumiFuel Power Corporation (OTC Pink: AFPW), announced today that it has signed a Collaboration Agreement (Agreement) with Lithium Battery Engineering, LLC (LBE) and Custom Electronics, Inc.(CEI). Under the terms of the Agreement, a new line of state-of-the-art Lithium-ion batteries would be designed, produced, and sold under the NovoFuel brand in response to significant market opportunities.
LBE (www.lithiumbatteryenginering.com) brings advanced battery assembly and production expertise to the partnership, along with extensive contract R&D experience on the latest cell chemistries, cell structures, and battery assembly techniques. The combined patented and proprietary technologies and products of NovoFuel and LBE are ideally suited and well positioned to capture selected Renewable Energy Systems (RES) and advanced battery opportunities in North America and Europe, as well as in Africa and other regions where vital off-grid or grid-supplementing power is needed. NovoFuel’s custom medium capacity Lithium-ion batteries (2.5kW-20kW), designed by LBE, will be efficiently assembled with cost-effective large format prismatic cells instead of the typical small cylindrical cells. In addition to this much cheaper battery assembly process, market differentiators include superior quality and reliability, as well as special safety attributes provided by advanced cell chemistry.
NovoFuel would market these batteries as a stand-alone product for backup power, and as part of its overall hybrid RES solution strategy — which also includes wind turbines on patented monopole towers, solar panels, energy management & control systems, and hydrogen fuel cells fed by NovoFuel’s patented and proprietary hydrogen generation technology and products. Target markets include large North American opportunities such as cannabis grow operations, and U.S. sponsored Power Africa rural and remote electrification. The stand-alone market for this type of battery is estimated at over $300,000,000 in North America, and $5 billion worldwide, and we have identified significant near-term customer opportunities. The proposed NovoFuel 2.5kW battery will be designed to provide critical backup power for a variety of applications, including homes, and telecom cell sites — replacing old-technology lead acid batteries which have numerous disadvantages in cycle life, energy density, size, battery management system, and cleanliness of operations.
CEI (www.customelec.com) will provide the manufacturing and assembly of Lithium-ion batteries for NovoFuel.
The CEI facility in Oneonta, NY has a 50-year track record as a manufacturer of a wide variety of capacitors and electronic assemblies for global commercial, medical, and defense markets — with a product reputation for reliability and quality. Their integrated hybrid energy storage solutions involving supercapacitors and other electronics capabilities including special small format cells/batteries, can supplement NovoFuel’s hybrid RES solutions. Responding to a defense customer, LBE and CEI have developed a new generation of small format Lithium-ion batteries for certain sophisticated military applications.
“This is a major milestone for NovoFuel’s Renewable Energy Systems strategy. Discussions with potential customers have validated our new Lithium battery initiatives,” said NovoFuel President & CEO, David Cade.
About NovoFuel, Inc.
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 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. In addition, NovoFuel has embarked on a new initiative to design and field hybrid renewable energy and advanced Lithium battery solutions for a variety of backup power and off-grid applications.
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 Corporation||NovoFuel, Inc.|
|Thomas B. Olson, Corporate Secretary||Technical Information & Marketing:|