PHILADELPHIA, PA -- (Marketwire) -- 12/12/12 -- Early production stage hydrogen generation company AlumiFuel Power Corporation (OTCBB: AFPW) today provided a more detailed overview of Genport, srl (the 'company'), the Italian based hybrid power sources company with whom it has entered into a relationship. AFPW's wholly owned operating subsidiary, Philadelphia-based AlumiFuel Power Technologies, Inc., recently signed a Technology Development Agreement contemplating a Joint Venture, with Genport North America (GNA), the U.S. subsidiary of Genport srl (see AFPW news release of November 28, 2012).
Genport is an award-winning spin-off of the Milan Polytechnic University, one of the top technical universities in the world. It was founded in 2009 and was ranked in the top 8 of European Cleantech companies by the Eurecan European Venture Contest. The company's headquarters is in the Vimercate Technology Park near Milan, and has a U.S. subsidiary, Genport North America (GNA) at the Purdue Research Park in West Lafayette, Indiana.
The Genport/GNA management team is comprised of:
- Paolo Fracas (CEO): electrical engineer; postgraduate international studies at MIT; 25 years of managerial experience in multinational companies; 10 years in the fuel cell industry; holder of 10 patents;
- Giovanni Dotelli (CSO): chemical engineer, Associate Professor at Milan Polytechnic University; 25 years experience in material sciences; 80 publications; 16 years in fuel cells.
- Franco Fattorini (CFO): chemist, MBA at HMC (UK); entrepreneur; 25 years of managerial experience.
- Francesco Della Porta (President of Genport North America): economist, MA Economics University of Cambridge (UK); Master's in Industrial Management, Stanford University; 31 years managerial and entrepreneurial experience in the high technology arena.
The management team is complemented by an advisory board which includes Dr. Raffaele Petrone (Chairman of Petrone Group); Dr. Franco Fattorini (Chairman Genport); and Prof. Riccardo Pietrabissa (Full Professor at Milan Polytechnic University).
Genport makes lightweight portable electric energy sources based on the combination of fuel cells, lithium batteries and solid hydrogen. The value proposition is delivered through reliable, high energy density, zero impact, power solutions designed to extend the runtimes of electronics applications in any off-grid contest. Genport is focusing its efforts on two key product lines: portable fuel cells and custom smart lithium battery packs. Ancillary products include portable hydrogen generators, portable hybrid Photo-Voltaic/lithium-ion battery systems and portable solid hydrogen storage systems. Target markets include military, emergency, electro-medical, telecommunications backup and industrial applications. All current off-grid backup power applications have serious limitations: diesel generators have logistics difficulties and high noise, heat and harmful emission signatures. Lead acid batteries are extremely bulky, heavy, inefficient, unreliable and costly to house in air-conditioned rooms. These technologies are inadequate to fulfill the growing needs of emerging portable and backup power users. The modular configuration of Genport's product lines allow to provide a wide range of solutions to these problems.
Genport offers portable hybrid fuel cell systems, which combine lithium batteries, fuel cells and solid hydrogen. The G300 HFC is a 400W portable hybrid fuel cell; G300 HPS is a 1400W fuel independent power source that integrates lightweight highly efficient PV panels with a subsystem to regenerate and store hydrogen until needed to generate electricity. The subsystem to generate hydrogen 'GenH2' is also offered separately to refill hydrogen, as well as 'GboxH2,' a rechargeable thermo-regulated canister to store and release the hydrogen fuel.
Besides offering hybrid energy generation systems and hydrogen storage products, the company also designs customized high end lithium-ion battery packs for battery-powered devices with strict safety and reliability requirements, such as medical devices and military equipment. Genport has developed proprietary smart power electronic technologies for battery management systems. Genport has solid patent coverage on all of its technologies. Genport's technology and products have generated strong expressions of interest in global market areas other than Europe and the U.S., including Asia/Pacific, the Middle East, and Australia.
A total of $2 million has been invested in Genport to date. The company has orders in hand totaling more than $350,000 for 2012, and orders in negotiation in excess of $1.5 million. The flagship G300 HFC, which is fully compliant in Europe, is under production and deliveries to customers have begun. There is a sizeable market for this unique fuel cell product in Europe and the U.S., with projected revenues exceeding $2 million in the next two years even before UL listing is obtained in the U.S. in 2013. Genport's world class custom lithium-ion smart battery packs have been in production since 2009. Based on the current customer base, sales over the next two years are projected to exceed $3 million, and additional customers are being pursued in Europe and the U.S.
The prospective Joint Venture would combine and integrate the technologies, Intellectual Property, products, revenues, engineering staffs, manufacturing operations, marketing, sales and services activities of both companies. The focus of the JV is to synergistically pursue and capture backup and portable power applications and business opportunities in the U.S., Europe, and other market areas -- multi-billion dollar markets. The JV would encompass the following capabilities of both companies: APTI's AlumiFuel powder and cartridge-based hydrogen generation for fuel cell power, weather balloon lift gas and Unmanned Undersea Vehicle power; and Genport/GNA's fuel cell power systems, hydrogen generation and storage systems, solar cells and lithium-ion battery packs. Genport considers the AlumiFuel hydrogen generation technology an ideal fit for their fuel cell systems. In accordance with the JV, the two companies would undertake the engineering development of an integrated 5kW backup power system for telecom facilities, using APTI's hydrogen generation technology to provide the fuel for GNA's fuel cell power systems, also in conjunction with GNA's other renewable power sources. Smaller scale units (300W-1kW) based on the existing G300 hybrid fuel cell would also be developed for emergency services/first responder applications aimed at natural disasters, homeland security, anti-terrorist operations, and dismounted soldiers. The fielding of such backup and portable power systems would help ease the severity of telecommunications power outages such as those recently experienced during Hurricane Sandy in the Northeastern U.S.
Addressable target markets include $3.3 billion for portable power and $5 billion for backup power, with CAGRs exceeding 25%. The fuel cell market for the U.S. Department of Defense alone in 2013 is $33 million, growing to $625 million by 2017.
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 Investor Relations:
AlumiFuel Power Corporation
Thomas B. Olson
Technical Information & Marketing:
Via Lecco, 61
20871 Vimercate (MB) - Italy
+39 039 639 6500
Genport North America Corp.
1281 Win Hentschel Blvd.
West Lafayette, IN 47906