GEI Global Energy Corp. (OTCBB:GEIG), a fuel cell electric power generation company, announced the JV partnership execution with the Italian firm Associazione Italiana per lo Sviluppo Economico (AISVEC) to leverage the expanding global natural gas supply infrastructure to deploy its fuel efficient electric power generation devices within Italy and Europe.
Alessio Montanarini, AISVEC Vice President, states: "The competitive advantage of the GEI hybrid fuel cell electric power generation technology will address the paramount need to decrease the high energy costs in Europe, whose market amounts to 500 million people. Initially, the partnership will focus on the Italian market and later on Europe, the Balkans and CIS countries, addressing the 3000 public authorities and private companies connected to AISVEC. To this end, AISVEC is negotiating with governmental authorities in Central and Eastern Europe with regards to fuel supply, power requirements, and economic development".
"The GEI goal is to remove the fuel infrastructure as a commercialization barrier, and to provide the GEI hybrid fuel cell electric power generation technology to large scale potential consumers and thereby lowering manufacturing costs", stated Dr. K. J. Berry, GEI Chairman and CEO. "The partnership between the two firms will enable European companies to install the GEI hybrid fuel cell cogeneration power system, and take advantage of the new EU Policy on Climate Change. Also, companies will be able to leverage the large scale methane and natural gas infrastructure system presently in Italy and the rest of Europe to become grid independent", concluded Berry.
A pilot plant and technology showcase will launch in October 2014 providing over 6,000 kW-hr per month of combined heat and power (CHP) to a small municipality in Northern Italy. The partnership will focus on clean, efficient and environmentally friendly electric power systems within public owned buildings, shopping malls, commercial real estate, and industries.
AISVEC is an Italian economic association with a worldwide presence, supporting public authorities and private enterprises with easy access to credit facilities, investments, lobbying and bilateral agreements with foreign authorities and/or private partners.
About GEI Global Energy Corp.
GEI Global Energy Corp is a fuel cell electrical power generation company leveraging a menu of novel and innovative fuel cell power systems technologies to provide clean and inexpensive energy solutions for developing economies.
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for fiscal year 2012 and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events.
Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of paper and other raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace including the ability to attract and retain customers, results of continuous improvement and other cost-containment strategies, and the Company's success in attracting and retaining key personnel. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information, since these statements may no longer be accurate or timely.
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GEI is a part of the Fuel Cell and Sustainable/Alternative Energy industry market that includes portable and on-board power generation.
Fuel Cells have existed since 1800's and have provided power to space program since 1950's.
Fuel cells provide a clean and pure source of energy with by-products of heat and water.
German Aerospace presented the first manned airplane that can start and fly exclusively with a fuel cell. The technology is based on the high temperature CELTEC MEA's by BASF and employed by GEI.
Three startups win more than $500,000 seed money
by Gary Gosselin | Oakland Business Review Monday July 07, 2008, 11:56 AM
Startup companies in Flint, Midland and Novi have landed more than $500,000 in pre-seed money to give their efforts a boost.
Flint's Global Energy Innovations, Inc. received $250,000; Novi's 3IS got $92,499 and Fulcrum Composites in Midland received $200,000.