GARDNERVILLE, NV--(Marketwire - 02/18/10) - SymPowerco Corporation (Pinksheets:SYMW - News) CEO John Davenport announced today that the company's wholly owned subsidiary, Polygenic Power Corp. ("PPC"), has launched its Hybrid Electric Vehicle ("HEV") prototype project. The HEV project will be advanced concurrently with SymPowerco's recently announced Flowing Electrolyte Direct Methanol Fuel Cell ("FEDMFC") prototype project. Both projects will be completed in-house and all intellectual property associated with the projects will remain with SymPowerco Corporation.
The Hybrid Electric Vehicles developed in the program will serve as future test platforms for SymPowerco's FEDMFC and for retrofit Hybrid Power Systems of varying designs. The original scope of the project has been expanded to include multiple power sources for the electric drive systems including multi-fuel small-displacement internal combustion engines. The electric vehicle prototypes will be designed to be compatible with virtually any prime power source. SymPowerco's power sources will be designed to be interchangeable with each other in response to varying consumer demands and applications.
SymPowerco has identified extensive markets for Hybrid Electric Drive Systems including golf carts, small industrial vehicles, three-wheeled taxis in the Far East (Tuk-Tuks), motorbikes and similar small vehicles. It is anticipated that Hybrid Electric Vehicles will require as much as 70% less battery weight compared to plug-in electric vehicles. With batteries being constantly recharged by SymPowerco's FEDMFC or other mobile power source, a golf cart could weigh as much as 200 pounds less than a plug-in golf cart and would operate indefinitely by occasional refueling with a liquid fuel such as methanol, an abundant and economical alcohol.
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets that are being created by today's energy and environmental challenges.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
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