SymPowerco Receives Grant Approval for Fuel Cell Project
28 May 2009 - 3:30AM
Marketwired
SymPowerco Corporation (PINKSHEETS: SYMW) CEO John Davenport
announced today that the company's majority-owned subsidiary,
Polygenic Power Systems ("PPS"), has been notified that its
application for grant funding from a major North American
Government Agency has been approved. The funding, when received by
PPS and its partners, will support SymPowerco's Flowing Electrolyte
Direct Methanol Fuel Cell (FEDMFC) advanced development program.
SymPowerco's extensive grant application included detailed
development plans for the FEDMFC project including engineering
objectives, scalability testing as well as detailed manufacturing
and marketing plans. As a result of the funding approval,
SymPowerco intends to complete and implement its development plans
with its project partners, Hybrid Energy Technologies, Inc. and
Carleton University in Ontario, Canada. Development activities
under this project are expected to start in late summer or early
fall of 2009.
Stated SymPowerco President and CEO, John Davenport, "We at
SymPowerco are very pleased that our grant application has been
approved. Like all such applications, our application was subject
to rigorous academic and industrial peer reviews before final
acceptance. We have successfully completed that process and we can
now move forward with our plans. We believe that our Flowing
Electrolyte Direct Methanol Fuel Cell will be a strong candidate
for a wide variety of Hybrid Power System and Fuel Cell
markets."
SymPowerco Corporation develops advanced fuel cell and power
delivery systems for the rapidly growing personal transportation
and portable power system markets being created by today's energy
and environmental challenges.
Except for historical information contained herein, the matters
set forth above may be forward-looking statements that involve
certain risks and uncertainties that could cause actual results to
differ from those in the forward-looking statements. Words such as
"anticipate," "believe," "estimate," "expect," "intend" and similar
expressions, as they relate to the Company or its management,
identify forward-looking statements. Such forward-looking
statements are based on the current beliefs of management, as well
as assumptions made by and information currently available to
management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of
certain factors such as the level of business and consumer
spending, the amount of sales of the Company's products, the
competitive environment within the industry, the ability of the
Company to continue to expand its operations, the level of costs
incurred in connection with the Company's expansion efforts,
economic conditions in the industry and the financial strength of
the Company's customers and suppliers. The Company does not
undertake any obligation to update such forward-looking statements.
Investors are also directed to consider all other risks and
uncertainties.
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