"This is a very exciting time for us," said Tom Brown, President of Hy-Drive. "We have spent a considerable amount of time and money on the development of this new and innovative technology. As it was based on space-age technology, where the presence of atmosphere is greatly restricted, we had already witnessed a number of laboratory demonstrations that proved how 'efficiently' the electrolyzer could run. However, the past few months have been devoted to making the units rugged and truck-ready. Consequently, having now seen the results of these efforts, we are very encouraged by the possibilities that are in store for us as we complete this round of final testing.
"Furthermore, the past few months have proven to us that due to the inherent efficiency of the EloFlux(R)-based electrolyzer, which can be configured to produce up to 75% more hydrogen for the same power consumption, these units can be re-sized and downsized, opening up some exciting new potential markets for us."
Even though a number of customers in various geographic locations have offered to help with the testing of these units, locations close to the company's Toronto office have been earmarked, for ease of monitoring. Installation will begin in the next few weeks with results to start flowing in soon thereafter.
Patent protection has been applied for and will be announced in the near future.
About Gaskatel
Founded by Prof. Dr. August Winsel, physicist, and his students, Dr. Hans-Joachim Kohnke and Joachim Helmke, of the University of Kassel, Germany, in 1997, Gaskatel specializes in research and development in the field of electrochemistry, such as electrochemical electrodes, electrochemical converters, electrochemical sensors, electrolyzers, fuel cells, batteries and gas diffusion electrodes for various chemical processes, as well as scientific consulting in these areas.
Awarded the Existenzgruenderpreis der Wirtschaftsregion Kassel prize for company foundation in 1998, Gaskatel has since earned international respect for its development of electrodes and sensors for the electrochemical industry and for its scientific consulting and support of projects with electrochemical requirements.
The development of the EloFlux(R) electrolyzer began during the European Space Agency's space shuttle program in the late '80s. The design was made for high electrical efficiency and high reliability at low volume.
Through its close relations with the German scientific community, Gaskatel has access to more than 40 years' experience of leading German scientists. Its development team today consists of physicists, chemists, mechanical engineers and programmers.
About Hy-Drive
Hy-Drive's HGS technology significantly extends the consumption of fuels, and thereby generates considerable fuel cost savings, delivers horsepower improvements, decreases harmful emissions and reduces maintenance costs. The first commercial applications are being marketed to the trucking and commercial bus transportation sectors and have resulted in a number of significant initial orders from customers that are spread throughout North America. Information and electronic brochures about Hy-Drive and the company's products can be obtained by contacting info@hy-drive.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits will be derived therefrom.
Hy-Drive Technologies Ltd.
© 2004 PR Newswire
