GreenVolt Power to Unveil First Commercial Fuel Cell Deriving Electrical Energy From Metal, Water, Salt and Air; Product Suitable for Emergency Power Supply Requirements

    ORILLIA, Ontario--March 15, 2001--GreenVolt Power Corp. (OTCBB:GVLT) today announced the introduction of a portable fuel cell that utilizes an electrolyte composed of water and table salt to produce up to 10 amperes of current at 13.5 volts DC for 50 hours on a single set of replaceable anodes.
    The lightweight unit, weighing less than five pounds, is self- contained and designed to operate without an external fuel supply source by utilizing energy contained in its lightweight metal anodes. The cathodes are constructed of a proprietary catalyzed carbon membrane.
    "The introduction of this patented innovative product, with an expected selling price of $120, represents a significant milestone for GreenVolt and is a major breakthrough in fuel cell technology," said Thomas Faul, chief executive officer of GreenVolt Power.
    The product is compact, measuring 5 inches wide, 6.25 inches high and 13.5 inches long, and will offer a practical, efficient, portable and ecologically neutral source of electric power.
    "The total energy output is comparable to a typical automobile battery, but is one-tenth the weight, easily portable and particularly appropriate for emergency automotive applications or as a power source to campers and boaters. The output voltage has been designed to automobile standards and allows owners to take advantage of numerous automotive accessories such as lights, fans and AC inverters," Faul said.
    The company has initiated marketing efforts for the MP-135 fuel cell unit and is now accepting orders. GreenVolt also noted that the company is on schedule in its efforts to develop and commercially introduce a portable 1.3 to 1.5 kilowatt fuel cell unit in the third quarter of 2001. This product is designed to provide an uninterrupted power supply to users that cannot tolerate a disruption in electric grid power.

    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, a development-stage company, is initially focused on the commercialization of alternative, efficient and affordable sources of energy through the utilization of unique frostproof and emission-free modular alkaline fuel cell ("AFC") systems and products, with a future commitment also to explore other alternative energy sources.
    An abundant, renewable power source, the AFC is designed to produce direct current electric power for use in stationary and portable power applications without pollution. For additional information, visit the company's Web site at www.greenvolt.com.

    This news 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.