BUY BAAT.... owns SSPC
Press Release
Southern States Power Company
April 15, 1999, 9:00AM EST
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Fuel Cell Breakthrough to be Demonstrated
by Southern States Power Co. in Mini-Van
Carbon-X Fuel Cell Technology
Doubles Power to Size Ratio
SHREVEPORT, La., April 15 - Southern States Power
Company (OTC BB: SSPC), announced today that its joint venture
company, Global Fuel Cell Corporation and its R&D partner,
Anuvu, Incorporated will be able to make 300+ mile range, zero
emission cars a reality very soon. Manufacturing of fuel cells
is expected next year.
To demonstrate progress to date, Global Fuel Cell
Corporation will conduct a public demonstration at the
beginning of May of an advanced fuel-cell powered minivan. The
demonstration will provide the first public viewing of Anuvu's
new high efficiency, high-availability Carbon-X fuel cell and
will be followed by several medium and long-distance and urban
driving demonstrations in the following months.
"According to new Zero Emission Vehicle (ZEV)
regulations, at least 4% of the new cars - approximately 65,000
vehicles - in California, New York and Massachusetts will be
electric or fuel-cell powered in 2003. Another 6% or 95,000
vehicles must either be zero emission vehicles or earn ZEV
credits from putting a much greater number of super ULEV,
hybrid electric or other vehicles on the road. Alternative fuel
fleet requirements now affect 90% of new utility vehicle
purchases, and 25-75% of local, state and federal government
purchases. This is a major opportunity for Southern States
Power Company and its joint venture, Global Fuel Cell
Corporation," says Joe LaStella, president of BAT International
(BAAT: OTC Bulletin Board) which is the largest shareholder
in SSPC.
Until recently, many experts have predicted that
fuel-cell technology would be too complex, bulky, heavy and
costly to be used in commercial passenger vehicle applications
in the near future. Technology advancements have progressed
much faster than was once predicted. Recent highly publicized
announcements have been made by major auto companies, including
a statement by Daimler-Chrysler (NYSE: DCX) that it plans to
produce 100,000 fuel-cell-powered cars by 2005. According to
a CNN (NYSE: TWX) report last month, Daimler-Chrysler unveiled
an experimental fuel-cell powered car that would seat five
passengers. Other auto manufacturers working on fuel-cell
models include Ford Motor Company (NYSE: F), General Motors
(NYSE: GM) and Honda Motor Co. (NYSE: HMC)
For this first demonstration, Global Fuel Cell
Corporation will be using a new compact proton exchange
membrane (PEM) fuel cell that is specifically designed for
mobile applications. Anuvu Incorporated's Carbon-X technology
enables the size of the fuel cell to be cut in half while
delivering sustained power output and much higher volumetric
efficiency. By using very thin bipolar plates (less than
.1 inch thick) made with Carbon-X that facilitate temperature
and humidity management in each plate, the Carbon-X fuel cell
is able to achieve much better performance, longer duty life
and lower production and operating costs. The plates are very
strong with excellent chemical compatibility to ensure long
fuel cell life and are less than one half the size of competing
fuel cells. This allows Carbon-X fuel cells to go in small
spaces such as those in passenger vehicles.
"Global Fuel Cell's latest technological advancements
represent a huge opportunity for us. According to recent market
estimates, the fuel cell market could be has huge has several
billion dollars annually within 10 years (source: Alliail
Business Intelligence)," explains LaStella.
Global Fuel Cell Corporation (GFC) plans to bring
'Carbon-X' fuel cells into production next year. GFC will be
one of the first companies to produce viable fuel cells for
commercial vehicles and stationary fuel cell applications.
Anuvu's fuel-cell technology reduces lead time and tooling
costs to manufacture viable fuel-cells because they have
focused R&D efforts on designing highly efficient and very
compact fuel cells that can easily be mass-produced. As a
result, GFC will be able to introduce commercial fuel cells
into the commercial market years ahead of competitors' fuel
cells at a much lower cost.
Global Fuel Cell Corporation will then be in a position
to sell competitively priced fuel cells to auto companies when
Zero Emission Vehicle mandates go into effect in 2003 (60 -
140,000 vehicles). By 2010 industry auto executive surveys
suggest that between 5-10% of the total global vehicle market
will be electric or hybrid electric vehicles (source:
Automotive Industries).
In addition to transportation, fuel cells could
revolutionize the way homeowners get their power, backers say.
In the future, instead of buying both electricity and gas, you
may instead buy only gas and produce electricity from a small
on-site generator that creates no pollution and requires no
power lines. The benefits include electricity at half the cost
and no power outages from downed power lines.
A fuel cell is a mechanism that can convert chemical
fuels into electricity. Unlike a battery, whose capacity is
eventually used up and must be electrically recharged, fuel
cells can produce electricity as long as fuel is supplied. The
fuel cell has two electrodes separated by an electrolyte. One
of the electrodes - called an anode - is supplied with
hydrogen. The second electrode - the cathode - is supplied by
oxygen from air. The electrolyte acts as a conductor of ions
before they react at the anode, producing a flow of direct-
current electricity. The reaction produces water and heat as
byproducts with no air pollution (source: CNN).
Southern States Power Company is a diverse, publicly
traded corporation. It is currently composed of four divisions
including Advanced Fuel Cell Technology, Power Generation and
Distribution, Alternative Clean Fuels and, Transportation
Systems and Vehicles. Southern States Power Company
(www.sspowerco.com) recently formed a joint venture with Anuvu,
Incorporated that is preparing to manufacture compact fuel
cells for mobile and stationary applications (www.anuvu.com).
For more information on SSPC's joint venture with Anuvu, as
well as the fuel-cell technology, see the press release of
February 2,1999. BAT International - parent company of
Southern States Power Company - is organized as a holding
company with a major ownership position in a set of subsidiary
and joint venture companies. For additional information, visit
BAT's Web site at www.baat.com.
This press release contains forward -looking statements
that should not be used to make an investment decision. Please
refer to Southern States Power Co. web site (www.sspowerco.com)
and other sources for more detailed company information or call
Michael Sealey (318) 221-5703.
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