CENTENNIAL, CO--(Marketwire - 08/06/10) - Early production stage hydrogen generation company AlumiFuel Power, Inc. ("API"), the Philadelphia, Pennsylvania-based wholly owned operating subsidiary of AlumiFuel Power Corporation (OTC.BB:AFPW - News) (the "Company"), announced today that it has begun execution of a U.S. Department of the Navy R&D contract for a new hydrogen source to power future Unmanned Undersea Vehicles (UUVs). API is a subcontractor to Ingenium Technologies, Inc. of Rockford, Illinois, a turnkey systems integrator with special engineering expertise in advanced power and energy systems.
The overall global UUV market is expected to reach $12 billion over the next decade, encompassing commercial, naval and other national security applications. This number includes $1.2 billion for the power systems, with $400-$500 million related to the fuel modules. API has been interacting with selected defense contractors in the design of novel energy generators (including superheated steam as well as hydrogen) to power U.S. Department of Defense (DoD) and commercial UUVs and submersibles for over two years. In fact, apart from this Navy R&D contract, API's technology for underwater applications has been incorporated into three other proposals to DoD customers by three separate major defense contractors.
API's President & CEO, Mr. David Cade, stated, "We view this Navy R&D contract as the first step towards development and commercialization of our multiple power source approach for UUVs. We and Ingenium are confident that the ultimate fielding of this API technology will represent a force multiplier for the Navy, offering substantial mission duration and range benefits over current UUV power sources which rely on battery technologies. Ingenium and API also intend to apply this same technology to other UUV customer requirements involving commercial gas, oil and pipeline applications as well as Homeland Security port inspection applications."
In this new R&D contract, the Navy is seeking a novel hydrogen source to power air independent fuel cells for future UUV missions, which is one of API's primary target applications. The Phase I research of the contract will focus on developing a refuelable hydrogen generating system using solid fuel cartridges (similar to those developed and used by API for other applications) and to demonstrate the continuous delivery of fuel-cell grade hydrogen for eight hours. As the prime contractor, Ingenium has developed the overall system design, with API's hydrogen generation technology as the key fuel source component of the proposed design.
API and Ingenium recently signed an exclusive partnership agreement in which API's technology provides the energy to drive turbines and fuel cells in power plants designed, engineered and integrated by Ingenium.
About AlumiFuel Power, Inc.
API (www.alumifuelpowerinc.com) is an early production stage alternative energy company that generates hydrogen gas and superheated steam through the chemical reaction of aluminum, water, and proprietary additives. This technology is ideally suited for multiple niche applications requiring on-site, on-demand fuel sources, serving National Security and commercial customers. API's hydrogen feeds fuel cells for portable and back-up power, fills inflatable devices such as 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 drive turbine-based underwater propulsion systems and auxiliary power systems, and as the fuel for Flameless Ration Heaters. API 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. For more news and information on API, please visit www.irgnews.com/coi/AFPW.
About AlumiFuel Power Corporation
AlumiFuel Power Corporation operates through its wholly owned subsidiary, AlumiFuel Power, Inc., a Philadelphia-based early production stage alternative energy company that generates hydrogen gas and steam for multiple niche applications requiring on-site, on-demand fuel sources.
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.
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