GreenVolt Power Utilizing Electric Vehicle Powering System for Field Testing of Its Alkaline Fuel Cell Technology
ORILLIA, Ontario--Feb. 8, 2001--GreenVolt Power Corp. (OTCBB:GVLT) today announced it will commence field-testing of its alkaline fuel cell supercapacitor power system in a custom designed zero emission four-door electric vehicle.
The vehicle incorporates a compact supercapacitor to enhance the fuel cell power delivery when accelerating or hill climbing. The present 14 lead acid, deep discharge batteries, weighing approximately 950 lbs., are to be replaced by the fuel cell supercapacitor power system.
"Supercapacitors have five fold the specific energy of a battery, are considerably lighter, very long lasting and significantly more efficient. They will substantially enhance the marketability of our alkaline fuel cell unit. Equally important, these supercapacitors have been utilized by NASA and have proven to be reliable and effective in a variety of environmental conditions," said Thomas Faul, president and chief executive officer of GreenVolt Power Corp.
"By combining an alkaline fuel cell unit with a supercapacitor in an electric vehicle, we have essentially created a `traveling showroom' to demonstrate the viability of our exciting technology. Our primary focus is to commercially introduce an attractively priced 1.3-kilowatt alkaline fuel cell unit in the third quarter of 2001 and a pre-production model of a 5-kilowatt alkaline fuel cell unit, with a modular-design capable of supplying up to 350 kilowatts of energy during the second half of 2001," Faul added.
He noted several benefits by incorporating a supercapacitor into the system:
-- Immediate super power acceleration energy, with an additional 25-50 percent more power
-- Instant and effective storage of over 90 percent of regenerative braking energy when brakes are even lightly touched, compared with only 2 percent of energy storage from batteries, and an effective increase in range of approximately 45 percent.
-- Reduced battery power drain, resulting in longer life and reduced ownership costs.
-- A 20 percent reduction in weight through the removal of all power circuit batteries, representing net weight savings of approximately 500 lbs with a corresponding increase in range and performance.
GreenVolt will utilize its new 10,600-square foot manufacturing facility at the Forest Home Industrial Park complex located near Orillia, Ontario for the installation of alkaline power units in the zero emission test vehicles.
Background:
Fuel cells are electrochemical devices that enable the chemical energy of fuels to be converted directly into electricity, thereby avoiding the fundamental loss of efficiency and emission of air pollutants associated with traditional power sources.
Based upon a concept first demonstrated in 1839 by William R. Grove, a British scientist who discovered that the electrochemical union of hydrogen and oxygen generated electricity, NASA continues to use these two chemical elements in an alkaline fuel cell power source that began with Project Gemini in 1965.
Technically speaking, a fuel cell is an electrochemical device that combines oxygen from the air and hydrogen to produce electricity. Like conventional batteries or electrochemical cells, fuel cells generate electricity from reduction/oxidation reactions at the electrodes of the cells. They produce electricity as long as hydrogen and air are supplied.
About the Company:
GreenVolt Power Corp., a development stage company, is initially focused on the commercialization of alternative, efficient and affordable sources of energy through the utilization of unique frost-proof and emission-free modular alkaline fuel cell ("AFC") systems and products. An abundant, renewable power source, the AFC is designed to produce direct current electric power for use in stationary and portable power applications without polluting. For additional information, visit the company's Web site at www.greenvolt.com.
This press release contains forward-looking statements relating to future results of the company as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the successful commercialization of its alternative fuel cell technology; its ability to acquire and develop both new and existing forms of alternative energy technology; market acceptance and demand; pricing pressures and other competitive factors; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.