NERGY VENTURES INC. PRESS RELEASE
FOR IMMEDIATE RELEASE Contact: Terry B. Kimmel Tel. (613)
990-9373
Thursday, July 20th 2000
Terry.Kimmel@nrc.ca
or Wayne Hartford
hartford@energyvi.com
ENERGY VENTURES AND SAMMER TO ACCELERATE DIRECT METHANOL FUEL CELL
DEMONSTRATION
TORONTO, July 20, 2000 Energy Ventures Inc. ("EVI") [OTCBB:NASDAQ, "EGYV"]
and Sammer Power Systems, Inc. of New Jersey and Sammer Engineering Gmbh of
Austria (collectively "Sammer") announced today that they have entered into
a joint development agreement to build demonstration units of EVI's
proprietary Direct Methanol Fuel Cell ("DMFC"). EVI has been working with
Dr. Karl Kordesch and Dr. Victor Hacker to advance the development of EVI's
breakthrough DMFC system that is designed to increase the efficiency and
reduce the cost of fuel cells. EVI's DMFC employs Methanol directly without
the need for a costly fuel reformer and resolves the Methanol "crossover"
problem. EVI feels that its novel engineering concept can also improve the
power and cost of other fuel cell systems.
EVI believes that a DMFC operating on Methanol, a liquid fuel, will lead to
a more rapid commercialization of the technology for transportation and
stationary applications because it will simplify the on-board system
requirements as well as utilize the existing fuel distribution
infrastructure.
Under the terms of the agreement, Sammer will provide the materials and
expertise required to assist EVI in the construction and testing of single
cell samples and to construct these single cells into a three cell stack.
The aim of the project is to produce a 150W demonstration DMFC. Testing of
the cells will take place at Sammer Power System's New Jersey facility, at
the Technical University of Graz and at EVI's laboratory in Ottawa. As part
of the agreement, Sammer has granted EVI the use of Sammer's patented fuel
cell assembly design for the life of the patent. With the successful
completion of the project, Sammer will be granted a stock option to purchase
up to 50,000 EVI common shares.
Wayne Hartford President of EVI stated, " We chose Sammer as the contractor
on this project because we were very impressed with the knowledge and
experience in all types of fuel cells that they bring to the venture. With
Sammer's help, we will be in a position to demonstrate three cell stacks as
early as this fall." Otto Adlhart, President of Sammer stated "We have years
of experience with virtually every fuel cell system and we decided to work
with EVI because we feel that their unique approach to direct Methanol has a
great opportunity to accelerate the commercialization of Fuel cells in
general. The major issues that need to be addressed are fueling
infrastructure and cost and we feel that this approach has the potential to
solve both of these problems."
We note that statements made in this release which are not historical facts
are forward-looking statements, and as such, are based upon our objectives,
expectations, intentions and assumptions. Such statements cannot be
guaranteed, and involve a number of risks and uncertainties, including, but
not limited to, general economic conditions and our ability to successfully
complete our R&D programs already in progress.
Energy Ventures Inc. is a portable power technology developer and integrator
with activities in fuel cell and rechargeable battery technology. It
develops and commercializes technology products that produce reliable and
economical portable power and reduce pollution. For further information
please contact Wayne Hartford at 416-733-2736 or Terry Kimmel at (613)
990-9373 . EVI's website is at energyvi.com.
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Terry Kimmel
Vice President & General Manager
Energy Ventures Inc.
Tel. 613-990-9373 Fax. 613-990-9464
e-mail; Terry.Kimmel@NRC.CA
energyvi.com |
