PHILADELPHIA, PA / ACCESSWIRE / April 26, 2016 / NovoFuel, Inc. ("NovoFuel"), a wholly-owned operating subsidiary of AlumiFuel Power Corporation (OTC Pink: AFPW), announced today that the first two of its high capacity lithium-ion battery products are now in production and will be available for purchase by customers shortly. (See NovoFuel news release of November 19, 2015).
Through NovoFuel's world-class partners, Lithium Battery Engineering, LLC (www.lithiumbatteryengineering.com) and Custom Electronics, Inc. (www.customelec.com), state-of-the-art high capacity lithium-ion batteries are now being produced under the NovoFuel brand in response to rapidly expanding backup and portable power market opportunities. NovoFuel's custom lithium-ion product line includes a 2.5kWh 24V battery, a 3.5kWh 48V battery, and a 5kWh-7.5kWh 48V battery. The first product is the 2.5kWh battery -- available for customer orders in high power and high energy versions. Photos and technical specifications of these batteries, along with ordering information, will be posted shortly on the AlumiFuel Power website (www.alumifuelpowercorp.com).
The NovoFuel batteries can be used for numerous portable and backup power applications. Portable applications include first-responder, military mission-critical field operations, job sites, and camping. For backup power applications, NovoFuel will market the batteries as a stand-alone product, and as part of our overall hybrid RES solution strategy. This is a huge and rapidly growing market, as there is increasing global recognition of the role of large lithium-ion batteries for energy storage as a backup power source. According to a 2015 forecast by Lux Research, the stationary energy storage market will climb from $1.5 billion in 2016 to $6.5 billion in 2020.
Target market applications include: small business & home backup and supplemental power; telecom cell sites; rapidly expanding and power-hungry legal cannabis grow operations; medical device emergency power; new technology LED streetlights now being installed in many municipalities; and a variety of outdoor and remote applications where grid power is unavailable or insufficient -- including farming, mining, construction sites and oilfield operations, as well as rural and remote off-grid electrification needs in developing countries.
"NovoFuel batteries have a strong value proposition vis-à-vis the competition," said NovoFuel President and CEO, David Cade. "We are very excited to be entering such a large and growing marketplace with this new generation of reliable, safe, long-life, high capacity lithium-ion batteries. This is a game-changer for the backup power market," concluded Cade.
About NovoFuel, Inc.
NovoFuel, Inc., a wholly owned operating subsidiary of AlumiFuel Power Corporation, is a renewable energy company in the late development/early production stage which applies advanced energy technologies to replace fossil-fuel based systems for a wide variety of backup, emergency, and portable power applications. NovoFuel's patented and proprietary in-house technology generates hydrogen gas through the chemical reaction of aluminum powder, water, and proprietary additives. This technology can feed fuel cells for backup power; provide lift gas for weather balloons; replace costly, hard-to-handle and high pressure K-Cylinders; and power unmanned undersea vehicles. NovoFuel is also pursuing a number of hybrid Renewable Energy Systems (RES) opportunities. Target market applications include small business & home backup power, telecom cell sites, power-hungry medical cannabis grow operations, and a variety of outdoor applications where grid power is unavailable or insufficient -- including farming, mining, construction sites, and oilfield operations, as well as rural and remote off-grid electrification needs in developing countries.
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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.
AlumiFuel Power Corporation
Thomas B. Olson, Corporate Secretary
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SOURCE: AlumiFuel Power Corporation