NOVOFUEL EXPANDS ITS CANNABIS GROW RENEWABLE ENERGY INITIATIVES
INTO KEY STATE OF COLORADO
PHILADELPHIA, PA -- June 17, 2015 -- InvestorsHub NewsWire
-- NovoFuel, Inc. (NovoFuel), a wholly-owned operating
subsidiary of AlumiFuel Power Corporation (OTC Pink: AFPW),
announced today that it has expanded its initiatives to field
hybrid Renewable Energy Systems (RES) solutions for medical
cannabis grow operations. (See NovoFuel News Release of April 14,
2015.) While pilot site preparation continues at the Oceana County,
Michigan, NovoFuel has now established a number of contacts in
Colorado, where there is a tremendous need for off-grid and
grid-supplementing renewable energy solutions.
At the ten acre Michigan pilot site, refurbishing of buildings
is underway in preparation for installation of the wind, solar,
large format lithium-ion battery, and site security components
later this year. Meanwhile, many different Colorado entities have
expressed considerable interest in NovoFuel's RES approach. County
Sustainability and other governmental offices in Denver and Boulder
have assisted NovoFuel in identifying contacts to explore the
possible installation of a hybrid RES pilot site in Colorado. As a
result, NovoFuel has had extensive discussions with Cannabis grow
industry associations, and with individual growers. The most
promising venue is the Boulder area, where grow operations are
generally of a smaller scale than Denver, and thus are more
appropriate for a pilot site. NovoFuel has communicated with 14
grow operations in the Boulder area; of these, so far four have
registered interest, and NovoFuel is assessing the specific power
and energy requirements of two as possible candidates for a pilot
site. Both of these companies have stated that if we were to enter
into a business arrangement with them, they would endorse and
publicize NovoFuel's RES solution on their websites, and through
other media. Colorado offers a tax rebate of $1.00 per kilowatt
hour for use of renewable energy components up to a cap of
$10,000.
In addition, NovoFuel has established important contacts at the
Department of Energy's National Renewable Energy Laboratory (NREL)
in Golden, Colorado. Among these is the Commercialization
Assistance Program, which can perform test and measurement of
system performance and assist in assessing overall technological
performance and market analysis. Upon validation/qualification of
NovoFuel's hybrid RES solution, this office would publicize such on
the NREL website.
We are excited about the interest we have generated in Colorado,
which today represents the epicenter of medical cannabis grow
operations, said NovoFuel President & CEO, David Cade.
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 cannabis grow operations. 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.
Safe Harbor for Forward-looking Statements
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 companys progress, business
opportunities and growth prospects, they are based on managements
current beliefs and assumptions as to future events. However, since
the companys 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.
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