$2.5m funding from US Department of Energy
April 17 2009 - 3:17AM
UK Regulatory
TIDMPYF
RNS Number : 7409Q
PolyFuel Inc.
17 April 2009
17 April 2009
PolyFuel, Inc.
$2.5m development funding from US Department of Energy
PolyFuel, Inc (AIM: PYF), a world leader in fuel cell technology and engineered
fuel cell membranes for the portable electronics industry, is pleased to
announce that the US Department of Energy has awarded the Company with $2.5m in
funding for its portable fuel cell development programme. The funding is part of
President Obama's American Recovery and Reinvestment Act, and will be provided
over 3 years.
The new award follows on from a previous DOE program award in which PolyFuel
developed a demonstration prototype of a portable fuel cell power supply for a
notebook PC. During that previous program, PolyFuel significantly advanced the
state of the art of direct methanol fuel cell (DMFC) technology by developing a
novel membrane and membrane electrode assembly (MEA). These new materials
enabled a simplification in the design of the overall fuel cell system, and the
elimination of a number of system components for a substantial reduction in
system size, weight and cost.
The objective of the new program is to advance the technology further to meet
the goals for performance, durability, and cost that the DOE has established for
widescale commercial adoption of DMFC technology for use in laptops and other
portable electronics devices. Specifically, PolyFuel proposes to further
integrate and miniaturize the components and subsystems to increase the power
density and energy density of the overall DMFC system.
Further, by employing a technique referred to as design failure modes and
effects analysis (DFMEA), along with extensive testing to failure of redesigned
components and subsystems, PolyFuel will increase system durability to achieve
that required for commercialization.
Finally, PolyFuel, with the assistance of its consumer electronics
customers/partners will conduct a design for manufacturability and assembly
(DFMA) review of the system, subsystems, and components to ensure that they meet
the cost targets for ultimate commercialization.
In addition to this grant, PolyFuel is continuing to actively seek additional
capital to complete its technology and product development, build out its
manufacturing capability, and achieve commercial introduction of its products.
PolyFuel president and CEO Jim Balcom said:
"We are delighted with the DOE's continued backing of portable fuel cell
technology. This grant is a solid validation of the strength of PolyFuel's
capability and technology, supporting our belief that our materials and
systems technology represents a significant advancement for the portable power
market and is the leading technology available to the industry today."
Ends
For further information, please contact:
+---------------------------------------------+--------------------------+
| PolyFuel, Inc | Tel: +1 650 429 4646 |
+---------------------------------------------+--------------------------+
| Jim Balcom, Chief Executive Officer | |
+---------------------------------------------+--------------------------+
| Hogarth Partnership Limited | Tel: +44 (0)20 7357 9477 |
+---------------------------------------------+--------------------------+
| Nick Denton / Ian Payne | |
+---------------------------------------------+--------------------------+
| KBC Peel Hunt (Nominated Adviser and | Tel: +44 (0)20 7418 8900 |
| Broker) | |
+---------------------------------------------+--------------------------+
| Jonathan Marren / David Anderson | |
+---------------------------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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