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Tuesday May 22, 1:44 pm Eastern Time
Greenvolt Power's Unique Reverse Fuel Cell Makes Hydrogen on the Spot -- Fits in with Bush-Cheney Energy Plan
Refcell(TM) Uses Less Energy to Produce Hydrogen and Oxygen From Water and Alleviates Need for Costly, Inefficient Transport of Hydrogen Gas
ORILLIA, Ontario--(BUSINESS WIRE)--May 22, 2001-- Greenvolt Power Corp (OTCBB:GVLT - news), a development stage company specializing in alternative energy sources, today announced its new Refcell(TM), a reverse fuel cell that can be energized by wind or photovoltaic power sources and is capable of splitting water into its component gasses (hydrogen and oxygen) for multiple, cross-industry needs.
Whereas fuel cells catalytically combine hydrogen and oxygen into water to generate electricity, the Refcell(TM) separates the two gasses, essentially releasing them for other purposes. The advent of the Refcell(TM), which can also supply the hydrogen needed to fuel other fuel cells, has cross-industry implications and answers the fuel needs of any company that needs hydrogen and oxygen.
The Greenvolt announcement is serendipitous in light of President Bush's recent energy plan, which, though controversial, points to a near-future need for a ``hydrogen economy''. The plan also mentions possible use of hydrogen in furnaces, as well as fuel for all major modes of transport. In addition, the report suggests tax breaks for buyers of fuel cell-powered and hybrid gas-electric vehicles.
``We're very pleased that the Bush government has recognized the value of hydrogen as an ecologically convenient and efficient fuel,'' stated Thomas Faul, President and CEO of Greenvolt Power Corp, whose new Refcell(TM) produces hydrogen from water, the earth's most abundant natural resource, and alleviates the need for costly, inefficient transport of liquid and/or highly compressed hydrogen.
Bush's attention to hydrogen, he continued, ``is a great boon to the whole question of reduction of carbon dioxide emissions and we are very encouraged that the government is considering supporting such activities.''
As a result of the energy task force's recommendations, fuel cell companies' stock has shown a sharp rise in the past few days. FuelCell Energy (FCEL:Nasdaq) was up $5.41, or 6.3% to $90.69, while PlugPower (PLUG:Nasdaq) jumped $4.32 or 14.8%, to $33.46. Ballard Power Systems (BLDP:Nasdaq) was up 0.7% to $57.84 while H Power Corp. stock rose $2.32 to $12.97, a 22% increase.
How Greenvolt Refcell(TM) Meets Energy Demand
Typically, hydrogen and oxygen are electrically separated from water with water-alkali electrolyzer devices. The GVLT Refcell(TM) requires 20% less electrical energy and features a system weight and bulk that is 6 to 9 times smaller than equivalent devices. In addition to considerable energy savings, the explosion-proof Refcell(TM) also boasts long-term durability while lowering generating costs and requiring substantially less in system capital. This is due in part to the fact that water produced in the hydrogen and oxygen-driven fuel cell is re-used by the Refcell(TM), and both gasses can be delivered to storage pressure vessels at 80 to 3000 psi without the need for compressors.
The Refcell(TM) is ecologically neutral, uses no alkali or asbestos and requires only distilled water to produce 99.5% pure hydrogen and oxygen.
``After studying a number of hydrogen -- and oxygen-producing technologies, we believe we have settled on the best solution,'' stated Faul. ``It is less costly, and it is proven, compact, light, competitively priced -- and it is available now. We now have a simple and immediate 'fuel supply' for our Alkaline Fuel Cells as well as for most other types of fuel cells.''
Commercial Market Applications
The Refcell(TM) has broad applicability and can be used to provide a high purity supply of oxygen for:
-- laboratory and basic research -- medical and hospital applications -- altitude chambers, space vehicles and submersibles (pre-compressed
Also useful as a sensor for hydrogen and other gasses, the Refcell(TM) can supply hydrogen for:
-- technical uses and scientific research -- production of ceramic components in electronics -- fueling fuel cells -- hydrogen welding and certain types of metallurgical processing -- dividing hydrogen isotopes to remove deuterium and hyson out of
cooling circuits of nuclear reactors
Additional uses involving simultaneous supply of hydrogen and oxygen include storage of surplus energy generated by PVA (solar panels) and/or wind propeller-driven generators.
The Refcell(TM) comes in three different sizes: the Ref-25, which can deliver up to 100 liters/hr. of hydrogen and up to 50 liters/hr. of oxygen; the Ref-500, which will deliver up to 2500 liters/hr. of hydrogen and up to 1250 liters/hr. of oxygen; and the Ref-1700, with delivery capability of up to 100,000 liters/hr. of hydrogen and up to 50,000 liters/hr. of oxygen. Greenvolt Power Corp welcomes inquiries via email: firstname.lastname@example.org or telephone: 705-326-1117. Or send to: 71 Line 15 S. R.R.I., Orillia, Ontario L3V 6H1, Canada.
About Greenvolt Power Corp
Greenvolt Power Corp, a development stage company, focuses 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, with a future eye on exploring other alternative energy sources such as Solid Polymer fuel cells and Magnesium Air Water fuel cells.
An abundant, renewable power source, fuel cells are designed to produce non-polluting, direct current electric power for use in stationary and portable power applications. For additional information, visit the company's website 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.
Ken Lowman, 215/923-8600
Greenvolt Power Corp.
Thomas Faul, 705/326-1117