Mississauga-based blutip Power Technologies Ltd. ('blutip Power') has begun to actively market its blutip Controls and Power3 technology through its newly established external industrial sales network of Master Distributors.
The Company has developed a hydrogen generating system ('HGS®') that enriches the fuel-air charge of an internal combustion engine with hydrogen produced through electrolysis. The result is improved fuel economy and reduced opacity (particulates).
The Hy-Drive HGS® is a hydrogen generator system that injects small amounts of hydrogen gas, on demand, into the combustion chamber of a vehicle's engine. The enriched air/fuel mixture burns more efficiently, extracting more clean energy from the fuel while reducing harmful greenhouse gas emissions.
The company has entered into letters of intent with two major end users for initial system installations over the next 30 to 60 days of blutip's technology products. At the successful completion of the initial systems installation, blutip Power and its customers will negotiate the 'cost-of-use' or technology licensing pricing and deployment schedule.
To date, letters of intent have been entered into with:
- A large Canadian aggregate operator that is currently operating initial blutip systems on large implements. Initial results are positive. The deployment opportunity is for a total of approximately 10 mega watts of installed capacity.
- A large private American trucking services operator has agreed to begin initial blutip system installations this month. Success in the initial installation should result in deployment to an initial 40 tractors. Success with these tractors is expected to facilitate a fleet-wide rollout to the equivalent of approximately 100 mega watts of installed capacity.
While these agreements do not necessarily commit blutip Power's customers to full deployment, the company believes that developing 'shared savings' relationships with its customers. blutip Power's Shared Savings Plan will generate ongoing, or recurring revenue, for blutip Power from its customers for as long as blutip Power's customers utilize its fuel saving and emissions reduction technologies.
blutip's President and CEO - Robert H. Bucher - brings a substantial amount of public CEO and growth-stage company experience, having previously been the CEO of three publicly-listed TSX and NASDAQ companies - Adept Technology, Inc. (NASDAQ: ADEP), Norsat International, Inc. (TSX: NII), and Sustainable Energy Technologies (TSX Venture: STG).
By establishing a foothold in the long range trucking market for this clean energy technology, blutip Power will position itself as an innovator to watch.