CENTENNIAL, CO--(Marketwired - Mar 5, 2014) - Early production stage hydrogen generation company AlumiFuel Power Corporation (OTCQB: AFPW) (AlumiFuel or the "Company") announced today that it has formed a Specialized Energy Applications Group ("SEAG"), to target commercialization opportunities. SEAG's initial focus will be on commercial marijuana cultivation operations.
Cannabis growth facilities require large amounts of energy. A 2011 study on energy use in the industry shows that the energy consumption will be over 1% of national electricity consumption and create greenhouse gas pollution equivalent to that of 3 million automobiles. This can expect to increase as the industry becomes more fully developed.
Some communities have already taken steps to require cannabis grow operations to be powered by renewable energy sources to lessen the industry's carbon footprint. As the state of Colorado moves forward and the state of Washington gears up for the launch of recreational marijuana programs, and as Canada implements the Marijuana for Medical Purposes Regulations (MMPR) program, warehouses and secure indoor gardening facilities are expanding operations to meet the industry's expected growth.
There are approximately 735 medical marijuana cultivation facilities in Colorado according to the Colorado Medical Marijuana Enforcement Division (MED). In November 2013, the Washington State Liquor Board issued a ruling to limit the total amount of growing space to 2 million square feet statewide, of which a good portion will be outdoors and in greenhouses. Canada's new program restricts cultivation strictly to indoor facilities that are highly energy intensive.
SEAG intends to sponsor a feasibility study to evaluate and determine the best renewable energy solutions for these applications that NovoFuel's hydrogen generation technology could provide. NovoFuel, through its many energy industry partners, will seek the best combination of advanced energy technologies to configure modular, reliable off-grid hydrogen power units; these backup/auxiliary power generators will encompass hybrid fuel cells using NovoFuel-generated hydrogen, lithium batteries, photovoltaic systems and real-time energy management and control. These emission-free units would replace costly and polluting diesel generators.
AFPW President and CEO Henry Fong said, "After 4 1/2 years of research and development, the AFPW hydrogen technology is now ready for commercialization and the Specialized Energy Applications Group will quickly target the potential opportunities. The current public focus and growth potential for the marijuana industry makes it an outstanding candidate."
NovoFuel President David Cade said, "NovoFuel is in a unique position to bring together a broad array of advanced energy technologies and systems to support this newly formed AFPW Group."
About AlumiFuel Power Corporation
AlumiFuel Power Corporation, through its wholly-owned subsidiary, Novofuel, Inc., is an early production stage alternative energy company that generates hydrogen gas and heat through the chemical reaction of aluminum, water, and proprietary additives. This technology is ideally suited for multiple applications requiring on-site, on-demand fuel sources, serving National Security and commercial customers. The Company's hydrogen generation feeds fuel cells for backup and portable power, provides lift gas for 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 power fuel cell-based and turbine-based undersea propulsion and auxiliary power systems. The Company 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.
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.
CONTACTS:
AlumiFuel Power Investor Relations:
AlumiFuel Power Corporation
Henry Fong
Chief Executive Officer
561-514-9042
Novofuel Technical Information & Marketing:
Email Contact
610-660-7775
Source: Marketwired (March 5, 2014 - 8:30 AM EST)
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