Rhombic Corp. Develops Nanotube Production Technology
PHOENIX--(BUSINESS WIRE)--March 12, 2001--Rhombic Corporation (OTCBB:NUKE announced today that it has secured a $2.5 million Convertible Debenture.
Roger Duffield, the Company's President stated ``this funding, which will be received over a period of time, should enable the company to develop its revolutionary diamond material for fuel cell application.'' He went on to say ``this work, which will commence in Columbia, Missouri within one month, will be focused in two specific areas involving the proton polymer exchange membrane (PPEM) fuel cells used in portable, stationary and transportation applications and the development of carbon nanotubes for the storage of a clean hydrogen fuel.''
The company believes that before the end of 2001, it will be uniquely positioned to demonstrate proton diamond exchange membrane (PDEM) that potentially will offer inherent cost and life span advantages over the current perfluorinated membrane. With such reduced manufacturing costs the fuel cell industry will then be poised to offer a competitive replacement energy source to the internal combustion engine.
Nanotubes are ideal candidates for hydrogen adsorption, including hydrogen storage for sustainable energy supplies. While remaining a clean and safe fuel, the commercial storage of hydrogen remains an unsolved problem that has currently directed the fuel cell industry to seek alternative fuel sources such as methanol.
Rhombic has achieved a break through by growing nanotubes using chemical vapor deposition without the need for a catalyst. The company expects to be in a position to demonstrate large-scale nanotube production within eighteen months.
Dupont (NYSE:DD - news), a company actively involved in the fuel cell industry, have recently reported what they believe to be a $10 billion total market for fuel cells by the year 2010. (www.dupont.com/automotive/news/00pr/fuel.html)
Rhombic trades on the Frankfurt Stock Exchange and the Hamburg Stock Exchange under the symbol ``919335'' and on the OTC Bulletin Board under the symbol ``NUKE''.
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