Alternative Fuel Technologies Completes Submission of Its Innovative Advanced Propulsion Solution for the US Navy
01 July 2009 - 11:45PM
Marketwired
Alternative Fuel Technologies Inc. (PINKSHEETS: AFTC) responded to
an SBIR invitation (Topic number NO 92-122 - Navy) by submitting
its proposal to develop an innovative advanced propulsion solution
for future combatant craft with breakthrough technology for
multi-fuel engines weighing three to five times less than
conventional diesel engines of the same horsepower.
The US NAVY, and its NAVY SEALS in particular, utilize assault
craft and combatant patrol vessels that rely on speed,
acceleration, and maneuverability to protect the lives of the
troops and secure multi-mission success. The increasing demand to
carry greater "payloads" (e.g. combat troops, weapons, and
ballistic armor) inherently reduces the current craft's overall
performance, including speed, agility, even survivability of the
troops. The US NAVY is in need of an alternative to current diesel
fuel propulsion systems; one that allows for increased payloads
without sacrificing speed and acceleration. More specifically, an
innovative solution that decreased "weight to power ratios"
significantly, thereby enabling increases in mission system payload
weight and personnel transport capability.
Alternative Fuel Technologies, Inc. (AFTC) has over 40 years of
engine design experience, including diesel and alternative fuels,
with its core business in the development and prototype
manufacturing of advanced fuel systems that burn Dimethyl Ether or
"DME." Alternative Fuel Technologies, Inc. (AFTC) submitted its
proposal on June 15, ahead of schedule, and expects an answer in
the next 60 to 90 days. The project includes three phases. Phase
one could generate a total $100,000; Phase two could exceed
$1,000,000, and Phase three which includes the completion of a full
prototype engine installed in a marine craft, would likely approach
$20,000,000. The US NAVY defines only the scope of the work rather
than the contract dollar amount.
CEO Jim McCandless reported that, "All of us here in management
at AFTC feel really solid about the proposal we submitted. Our
proposal is not only extremely competitive, but we believe our
technological ingenuity and ability to provide the next generation
of fuel solutions can satisfy the Navy objectives of hauling
greater weight without putting our troops lives at risk. Gaining
this opportunity would be a win for the company of course, but a
project we would be elated to be a part of."
DME is a new ultra-clean diesel fuel replacement that can be
produced from abundant resources. These include natural gas,
landfill methane, coal and biomass. At current oil prices, DME can
be produced and distributed at less than 1/2 the cost of
conventional fuel. When burned in a diesel engine, all soot
emissions are eliminated and NO emissions are lowered dramatically
without the use of expensive exhaust after treatment devices.
About AFTC:
Alternative Fuel Technology Inc. is a research & development
organization engaged in the design, development and prototype
manufacturing of advanced fuel systems for use with a new
alternative fuel -- dimethyl either (DME). AFTC has developed
practical, low-cost fuel injection equipment for DME fueled
vehicles and currently provides complete DME fuel systems for
testing and research purposes in addition to retrofit systems that
can be used with most diesel engines.
Safe Harbor Statement: Statements contained in this release,
which are not historical facts, including statements about plans
and expectations regarding business areas and opportunities,
acceptance of new or existing businesses, capital resources and
future business or financial results are "forward-looking"
statements. You should not place undue reliance on these
forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties, including, but not limited to,
customer acceptance of our products, our ability to raise capital
to fund our operations, our ability to develop and protect
proprietary technology, government regulation, competition in our
industry, general economic conditions and other risk factors which
could cause actual results to differ materially from those
projected or implied in the forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, they relate only to events as of the
date on which the statements are made, and our future results,
levels of activity, performance or achievements may not meet these
expectations. We do not intend to update any of the forward-looking
statements after the date of this press release to conform these
statements to actual results or to changes in our expectations,
except as required by law.
Further information on Alternative Fuel Technologies Inc. is
available at: http://www.altfueltechnology.com/
CONTACT: InvestSource, Inc. Investor Relations: 714-847-2460
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