PHILADELPHIA, PA — (Marketwired) — 10/16/14 — NovoFuel, Inc. (“NovoFuel”), a wholly-owned subsidiary of AlumiFuel Power Corporation (PINKSHEETS: AFPW), announced today that it has finalized a series of key strategic partnerships that are an integral part of the development and installation of a Michigan-based Renewable Energy System (RES) pilot site exclusively meant for the cultivation of legal medical cannabis.
NovoFuel has entered into formalized partnership agreements with several companies that each contribute specialized expertise towards the design and integration of renewable energy systems aimed at enhancing the production and optimizing the efficiency needed by medical cannabis cultivators. Implementing NovoFuel–s advanced proprietary renewable energy solution for cannabis cultivation facilities can improve the cost basis for energy consumption.
A summary of the companies that NovoFuel has partnered with to facilitate these installations are as follows:
ARE Telecom & Wind, Inc. (“ARE”) provides the systems engineering and integration of the RES Power Station encompassing a 10 kW mini wind turbine, a 12 kW solar panel array, and a site security monitoring module. To support all of these components, ARE has a patented highly cost-effective system featuring a self-rising pole and foundation structure.
A Michigan-based electrical contractor who will provide onsite systems engineering and project management.
An Italian Renewable Energy company which provides the optimal RES systems design solution based on the energy requirements and environmental position of a particular site, as well as a large format 18 kW lithium-ion battery for buffer, energy storage and backup power functions, and a real-time energy management & control module which assures fail-safe uninterruptable power to enable successful cultivation of the sensitive cannabis plant. A fuel cell using NovoFuel–s unique hydrogen generation technology is not required for the Michigan pilot site.
Under NovoFuel–s direction and oversight, all required steps for completing the installation of the Michigan-based RES project are underway. Anticipating the imminent commencement of the installation process, NovoFuel is currently engaged in a dialogue with local Michigan entities which would enhance the visibility of NovoFuel–s RES solution.
The average cost of utility grid power in the U.S. is $0.13 kWh; however, marijuana cultivators rely on diesel/gasoline generators to provide fail-safe backup power at a cost of $0.81 kWh. The NovoFuel Power Station off-grid RES solution has a cost ranging from $0.18-0.30 kWh depending on the particular site. In addition, the environmentally friendly RES components qualify for tax incentives which further reduce the cultivators– costs.
“We are pleased with the recent developments that have culminated in a suite of superior products that comprise the hybrid Renewable Energy Systems supporting the cannabis cultivation industry. The partnerships we have forged with leading-edge alternative energy companies give us the opportunity to work with individuals who bring a tremendous amount of value to NovoFuel,” commented Mr. David Cade, President and CEO of NovoFuel, Inc.
About NovoFuel,Inc.
NovoFuel, Inc., a wholly owned operating subsidiary of AlumiFuel Power Corporation, is an early production stage renewable 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. In addition, NovoFuel has embarked on a new initiative to design and field hybrid renewable energy solutions for medical marijuana cultivation. 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.
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.
Tom Olson
Corporate Secretary
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