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The Centre of Excellence for Energy, a part of Ontario's Centres of Excellence, was created to address the significant challenges and opportunities posed by the current energy situation in Ontario, Canada. The Centre invests in and promotes cutting-edge research collaborations between industry and colleges, universities and research hospitals. The Centre's objective is to foster innovation in energy markets, systems and technologies. The Centre works with industry to solve problems by engaging the brightest minds at Ontario's universities and colleges in the challenges faced by businesses.
The grant has been approved in support of the FEDMFC development project to be undertaken by the Department of Mechanical and Aerospace Engineering at Carleton University in Canada's capital city, Ottawa, Ontario, in collaboration with PPSI, which is jointly owned by SymPowerco (70%) and Hybrid Energy Technologies of Toronto, Canada (30%). The total value of the project has a cash and "in kind" value of CDN $1,040,655.
SymPowerco CEO, John Davenport, commented, "We at SymPowerco are very excited and pleased that the lengthy application process for this grant has been so successful. Our application went through an exhaustive process of evaluation and peer review. The peer reviews were conducted by academics from various universities and research organizations and by successful business people. They were all chosen by the Ontario Centres of Excellence and were all anonymous to SymPowerco. We believe this process and the grant funding is very confirming of the importance and viability of SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell technologies."
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets. SymPowerco's soon-to-be majority-owned subsidiaries, HOSS Motor Sports and Highline Hydrogen Hybrids Systems, offer potentially expansive synergies and marketing opportunities with SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
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SOURCE: SymPowerco Corp.
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