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PolyFuel a Beneficiary of Key U.S. Department of Energy Portable Fuel Cell Development FundingMOUNTAIN VIEW, Calif. --(Business Wire)-- PolyFuel, a leader in engineered membranes for portable fuel cells, announced today that Congress and the U.S. Department of Energy (DOE) have once again demonstrated their commitment to the development of a practical micro power fuel cell, by restoring $2 million in program funding to the company. The three year, $3 million grant, originally awarded in late 2004, had been temporarily suspended in early 2006 due to US budgetary constraints after approximately $1 million had been funded. The program is designed to encourage the development of next-generation mobile fuel cell power supplies. The DOE has identified fuel cell technology as one of the key solutions to U.S. dependence on foreign oil, and to reducing America's "carbon footprint". In addition, fuel cells address the issue of "sustainable mobility" - the ability to power not only automobiles, but also mobile electronic devices, such as laptop computers, smart phones, PDAs, and cell phones - indefinitely. Because of a growing "runtime gap" - the difference between the burgeoning power needs of mobile devices and the ultimate ability of batteries to provide for them - the DOE believes that portable electronics will be one of the earliest commercial applications for fuel cells, and will help "catalyze" the adoption of fuel cell technology in the automotive and stationary power markets. PolyFuel has been included in the program not only for its acknowledged breakthroughs in fuel cell membranes, but for its significant fuel cell system engineering capabilities, which it uses to assist its customers in their development and optimization of fuel cell components and systems. Fuel cells are essentially "refillable batteries" that can run continuously as long as fuel - typically a solution of methanol and water - is provided. The DOE's goal is to encourage the development of working "Direct Methanol Fuel Cell" (DMFC) power supplies that can replace the battery pack in portable devices where extended runtimes are desired. The DOE envisions that fuel cells - which conceivably could run for 8 hours or more on a single "hot-swappable" cartridge of liquid fuel - can effectively eliminate the "runtime gap". In turn, PolyFuel believes that its hydrocarbon-based membranes, which are increasingly replacing older membrane technologies in fuel cell development efforts around the world, will be a critical component of the final solution. The fuel cell membrane, which resembles a sheet of stiff cellophane, is the "heart" of the fuel cell - the location where electricity is essentially created. The DOE program is underwriting the development of complete portable fuel cell systems that include stacks of "membrane electrode assemblies" (MEAs), fuel and air delivery, thermal management, voltage and current regulation, and acceptable - even pin compatible - form factors with the battery systems that are being replaced. As part of its pioneering work in engineering high performance membranes for DMFCs, PolyFuel also recently announced that it had been granted two broad "composition of matter" patents that cover much of the state of the art in hydrocarbon-based fuel cell membranes (see PolyFuel Receives Broad Patents on Key Portable Fuel Cell Technology, April 12, 2007). Other, system-oriented patents have also been filed by the company. About PolyFuel PolyFuel (www.polyfuel.com) is a world leader in engineered membranes that provide significantly improved performance in both direct methanol and hydrogen fuel cells, particularly for portable electronic and automotive applications. The state of the art in fuel cells is essentially that of the membrane, and PolyFuel believes that its advanced, hydrocarbon-based membranes will enable a new generation of fuel cells that for the first time can deliver on the long-awaited promise of clean, long-running, and cost-effective portable power. PolyFuel has a world class capability to rapidly translate the system-level requirements of fuel cell designers and manufacturers into engineered polymer nano-architectures. Such capability -- based on PolyFuel's more than 150 combined years of fuel cell experience, world-class polymer nano-architects, and a fundamental patent position covering more than 23 different inventions -- also makes PolyFuel a key development partner and supplier to any company seeking to advance the state of the art in fuel cells. Polymer electrolyte fuel cells built with PolyFuel membranes can be smaller, lighter, longer-running, more efficient, less expensive and more robust than those made with other membrane materials. PolyFuel is working with most of the world's leading portable fuel cell system developers, the majority of whom are household brand name consumer electronics manufacturers. Several of the largest Japanese and Korean consumer electronics companies rank PolyFuel's membrane as the best portable fuel cell membrane available in the world today. PolyFuel was spun out of SRI International (formerly the Stanford Research Institute) in 1999, after 14 years of applied membrane research. The company is based in Mountain View, California, and is publicly listed on the AIM market of the London Stock Exchange. Editors, note: All trademarks and registered trademarks are those of their respective companies. Additional background information is available at www.roeder-johnson.com. This news release may contain forward-looking statements, including with respect to the development of the fuel cell market. Readers are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and commercialization of potential products. Actual results may differ materially from the results anticipated in these forward-looking statements. PolyFuel securities have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to U.S. persons (within the meaning of Regulation S under the Securities Act) unless the securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. Hedging transaction involving any such securities may not be conducted unless in compliance with the Securities Act. |
