Further DOE funding
May 28 2009 - 1:00AM
UK Regulatory
TIDMPYF
RNS Number : 9054S
PolyFuel Inc.
28 May 2009
28 May 2009
PolyFuel, Inc.
Further $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 a further
$2.5m in funding for its portable fuel cell development programme.
The new award follows on from two previous DOE program awards, the most recent,
also for a sum of $2.5 million, which was announced last month. It provides
continued funding for the new program, outlined in PolyFuel's announcement of 17
April, to advance portable fuel cell technology to meet the goals for
performance, durability, and cost that the DOE has established for wide-scale
commercial adoption of DMFC technology for use in laptops and other portable
electronics devices.
This further grant was won against strong competition, and its award was subject
to a rigorous peer-review process by leaders in the industry, underlining the
fact that PolyFuel continues to be recognized as a leader in the portable fuel
cell field.
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 in general and PolyFuel's technology in particular. This grant is a
further affirmation of the importance that the DOE places on the development and
commercialization of fuel cell technology and underlines PolyFuel's capability
and leadership in its field."
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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