SEATTLE, Oct. 15 /PRNewswire-FirstCall/ -- Hydrogen Power, Inc. ("HPI", "the company") (OTC:HYDP) (BULLETIN BOARD: HYDP) today outlined its strategic business initiatives involving the pursuit of a number of promising opportunities with selected partners and customers as it moves forward in commercializing its unique hydrogen generation technology. The company recently completed a thorough review of its technology and is now more enthusiastic than ever about near-term business prospects based on these general findings: (1) For many applications, HPI's technology can replace current technologies and products; (2) The company has an ideal platform for generating moderate quantities of high purity hydrogen on-site and on-demand in a cost-effective manner; (3) HPI is finding aerospace and systems integration companies which are willing to be our route-to-market partners for advanced target applications; and (4) Many government and commercial customers have expressed keen interest in the company's technology and products. As a result of this review, HPI has redirected its commercialization efforts to those applications which are most addressable by its technology. The company is pursuing a number of exciting leading edge product uses in national security, homeland security and selected commercial markets where customers are early adopters of new technologies. These include (1) Back-up, off-grid power for standby and emergency applications in the 100W -- 5kW power range; (2) Auxiliary power units involving fuel cells, stand-alone self-contained man-portable generators, and mobile, off-road transport applications; and (3) Utility vehicles such as Material Handling Equipment (e.g., forklift trucks), and scooters. In support of these commercialization efforts, the HPI technical team is focused on upgrading present laboratory demonstration units to alpha and beta-test prototypes in collaboration with key partners to facilitate penetration of target markets. The latest laboratory tests of HPI's large reactor and cartridge drop-in demonstrator systems have resulted in impressively high yields of 95% or more. On August 15, the company announced the signing of a Letter Of Intent (LOI) with Hamilton Sundstrand Corporation (HSC), a $5 billion subsidiary of aerospace giant United Technologies, Inc. to further develop and market HPI's AlumiFuel(TM) cartridge-based technology for Unmanned Underwater Vehicles (UUVs), torpedoes, and man-portable applications. HSC and HPI are already pursuing specific military programs involving the generation of hydrogen and steam to feed HSC's turbines and other proprietary power plants -- which are expected to result in near-term government funding. The company is also in advanced partnering discussions with major players in the following applications areas: (1) Fuel cell companies focusing on portable power and telecommunications back-up power; (2) K-cylinder distributors; (3) Companies focused on various inflatable devices (such as weather balloons); and (4) Companies involved in Material Handling Equipment power solutions. As a critical underpinning of all target applications, HPI is in partnering discussions with a world-class manufacturer of cartridges employing industrial-scale powder and pellet packaging techniques and processes. HPI intends to lock-in such a partner on an outsourcing or technology licensing basis. Mr. David Cade, HPI's CEO, is very bullish on the company's prospects: "We are ahead of schedule in lining up first-rate strategic partners and identifying solid program opportunities that fit our technology sweet spot. This combination puts us on track to reach the commercialization and productization stage earlier than might have been anticipated only six months ago." HPI (http://www.hydrogenpowerinc.com/) is a development stage hydrogen generation company with patented technology and lab demonstrator prototypes based on a proprietary aluminum-water chemical reaction. The company's addressable markets include portable and stationary power applications for customers demanding safe, pure, cost-effective hydrogen on-site and on demand, with no external power required and no toxic materials or by-products. Safe Harbor for Forward-looking Statements: This news release may contain forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, they are based on management's current beliefs and assumptions as to future events. However, since the company's operations and business prospects are always subject to risk and uncertainties, the forward-looking events and circumstances discussed in this news release might not occur, and actual results could differ materially from those described, anticipated or implied. DATASOURCE: Hydrogen Power, Inc. CONTACT: Ursula Bell, Corporate Administrator of Hydrogen Power, Inc., +1-206-223-0506, Web site: http://www.hydrogenpowerinc.com/

Copyright