GreenVolt Power to Unveil First Commercial Alkaline Fuel Cell Unit

Canadian firm expects to have commercial units in production 3rd quarter of 2001 for deployment as uninterrupted power supplies.

Published: 04-Dec-2000

ORILLIA, Ontario--(BUSINESS WIRE)--Dec. 4, 2000--GreenVolt Power Corp. (OTCBB:GVLT) today announced that it has successfully completed basic testing of its 1.3-kilowatt alkaline fuel cell technology and expects to introduce a pre-production model at a number of trade shows beginning in April 2001.

The portable 1.3-kilowatt alkaline fuel cell unit, which the company expects will be commercially available in the third quarter of 2001, is designed to provide an uninterrupted power supply to users that cannot tolerate a disruption in electric grid power.

Its potential customer-base includes: hospitals, financial institutions, government facilities, data processing centers and individuals who desire an auxiliary power source in the event of an emergency or in remote location applications.

Thomas Faul, president and CEO of GreenVolt Power, stated, "We are pleased with the spring of 2001 launch of our 1.3-kilowatt portable alkaline fuel cell module, and we will be the first to introduce an attractively priced alkaline fuel cell to the marketplace. The market for alternative stationary power requirements serving the residential and commercial sectors is clearly significant.

"We look forward to commencing production in 2001, as well as future introductions of other innovative products that complement our fuel cells."

He noted that a pre-production model of a 5-kilowatt alkaline fuel cell unit is expected to be unveiled during the second half of 2001. "It will be a modular fuel cell unit that can be installed in multiples, supplying up to 350 kilowatts of energy," Faul added.

Background:

Fuel cells are electrochemical devices that enable the chemical energy of fuels to be converted directly into electricity, thereby avoiding the fundamental loss of efficiency and emission of air pollutants associated with traditional power sources.

Based upon a concept first demonstrated in 1839 by William R. Grove, a British scientist who discovered that the electrochemical union of hydrogen and oxygen generated electricity, NASA continues to use these two chemical elements in an alkaline fuel cell power source that began with Project Gemini in 1965.

Technically speaking, a fuel cell is an electrochemical device that combines oxygen from the air and hydrogen to produce electricity. Like conventional batteries or electrochemical cells, fuel cells generate electricity from reduction/oxidation reactions at the electrodes of the cells. They produce electricity as long as hydrogen and air are supplied.

About the Company:

GreenVolt Power Corp., a development stage company, is initially focused on the commercialization of alternative, efficient and affordable sources of energy through the utilization of unique frost-proof and emission-free modular alkaline fuel cell ("AFC") systems and products, with a future commitment also to explore other alternative energy sources.

An abundant, renewable power source, the AFC is designed to produce direct current electric power for use in stationary and portable power applications without pollution. For additional information, please visit the company's Web site at www.greenvolt.com.

This press release contains forward-looking statements relating to future results of the company as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the successful commercialization of its alternative fuel cell technology; its ability to acquire and develop both new and existing forms of alternative energy technology; market acceptance and demand; pricing pressures and other competitive factors; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

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