Alternative Fuel Technologies Receives Order From Shanghai Diesel Engine Company
10 December 2009 - 1:30AM
Marketwired
Alternative Fuel Technologies, Inc. (PINKSHEETS: AFTC), an
innovator of clean energy fuel injection systems, announced today
that it has received an order from Shanghai Diesel Engine Company
("Shanghai Diesel"), a leading manufacturer of diesel engines in
the People's Republic of China ("China"), for twelve (12) dimethyl
ether (DME) fuel feed pumps. Shanghai Diesel indicated the majority
of the pumps will be used on DME-fueled buses operating in
Shanghai, the nation's largest center of finance, commerce and
transportation. The pumps are scheduled for deliveries over the
next 90 to 120 days.
AFTC's first generation feed pump is in use throughout Europe
and Korea. A second generation feed pump has been demonstrated and
is undergoing final development. AFTC CEO James McCandless said
that this second generation pump, now under development and
testing, "Further improves performance and significantly lowers
noise, making it ideal for public transportation systems, like
buses, passenger cars and mid- to heavy trucks."
"Shanghai Diesel Engine represents the ideal customer to
demonstrate the effectiveness of our pumps on public
transpiration," said AFTC CEO James McCandless. "China represents
an immense, emerging market for our low-cost, ultra-clean fuel
injection parts and systems. As the nation invests billions of
dollars into greener infrastructure projects, we foresee our
relationship with Shanghai Diesel and other Chinese customers to
expand in 2010," Mr. McCandless also stated.
A key component to China's 2008 stimulus plan calls for a $440
Billion investment in green energy in an effort to improve global
energy security. Presently, China relies on coal-powered plants for
about 75% of the nation's total energy needs. Industry analysts
estimate that by 2050, coal reserves will decline to 30-50% of
total energy consumption, as the country takes on a more
diversified approach to energy consumption. By 2010, the nation
expects to have 10% of all energy be from sustainable resources,
like biomass, renewable energy and other combination sources.
About Shanghai Diesel Engine Company
Through its subsidiaries and associates, Shanghai Diesel Engine
Company Limited primarily engages in the manufacture and sale of
diesel engines, fuel injection pumps, and components of diesel
engines. Shanghai Diesel Engine Company is a wholly-owned
subsidiary of Shanghai Automotive Industrial Corporation
(SAIC).
SAIC operates approximately 50 manufacturing plants in the
Shanghai area. SAIC makes passenger cars, tractors, motorcycles,
trucks, and buses. Through a joint venture with General Motors
(GM), Shanghai General Motors makes Buicks and other GM cars for
the Chinese market. Through Shanghai Volkswagen Automotive Company,
a JV with Volkswagen, SAIC also makes the Lavida. The Company's
other operations include car leasing, auto parts wholesale and
retail, and financing. It has production facilities across China,
as well as in Germany, Japan, South Korea, the UK, and the US.
Other automotive companies owned by SAIC include Shanghai-Sunwin
Bus Corporation; Shanghai-Huizhong Automotive Manufacturing and
Shanghai-Xingfu Motorcycle.
About DME
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 NOx emissions are lowered dramatically
without the use of expensive exhaust aftertreatment devices.
About AFTC
Alternative Fuel Technology Inc. is the 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. The Company sells complete DME fuel systems for
testing and research purposes, in addition to retrofit systems that
can be used with most diesel engines. The Company plans to launch a
series production of DME fuel systems to the global automotive
market by 2011. For more information, please visit
http://www.altfueltechnology.com/
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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
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industry, general economic conditions and other risk factors which
could cause actual results to differ materially from those
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believe the expectations reflected in the forward-looking
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CONTACT: InvestSource, Inc. Investor Relations: 714-847-2460
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