CENTENNIAL, CO -- (Marketwire) -- 08/18/10 -- Early production stage hydrogen generation company AlumiFuel Power, Inc. ('API'), the Philadelphia, Pennsylvania-based wholly owned operating subsidiary of AlumiFuel Power Corporation (OTCBB: AFPW) (the 'Company'), announced today that it has developed a new AlumiFuel cartridge configuration for Unmanned Undersea Vehicle (UUV) applications. This new cartridge configuration will generate a similar amount of hydrogen as the cartridges used in the PBIS-1000 Portable Balloon Inflation System (which produces 1,000 liters of hydrogen in 20 minutes), but releases the hydrogen over a much longer time period, making it ideally suited for driving a fuel cell powered UUV.
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 and its portable power partner, Ingenium Technologies, Inc. of Rockford, Illinois, are exploring a growing number of opportunities involving naval and commercial power plant applications with the US Navy, major defense contractors, and deepwater services industry players. Ingenium has already submitted several UUV power proposals to the US Department of Defense using API's fuel source technology.
This new cartridge design was configured in connection with the Navy R&D contract recently awarded to Ingenium and API for a novel new fuel source for a fuel cell powered UUV. The short term objective is to provide continuous power up to 2kW for 72 hours. The new cartridge configuration uses the same type of aluminum cartridge as the PBIS-1000, but with a different external physical design, different ratios of proprietary additives, and a modified internal cartridge structure. This new cartridge configuration leads to a much slower generation of hydrogen, matching UUV long mission duration requirements.
Ingenium and API are also exploring several types of hybrid UUV power sources using API's unique and flexible technology, involving superheated steam to drive turbines for underwater propulsion as well as hydrogen powered fuel cell systems -- all of which equate to significant increases in range and operating time for critical Navy missions over present battery power sources. Each type of generator would be activated at different times, depending on the specific mission requirements and profile.
API's Chief Technology Officer, Mr. John Boyle, said: 'For quite some time now we have been focused on optimizing our unique technology for UUV applications, and we are gratified that we now have concrete data and viable designs to make this a reality.'
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.
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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.
AlumiFuel Power Corporation
Thomas B. Olson
The Investor Relations Group (IRG)
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