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Hydrogen Engine Center Launches Advanced Carbonless Energy Technology Group to Accelerate Global Commercialization of Its Carbon-Free Energy Technologies
Business Wire, Nov 26, 2007
Ted Hollinger Appointed Managing Director of ACETG Global Technology Development
Don Vanderbrook named CEO of HEC
Four-Point Plan Adopted to Accelerate Commercial Deployment of HEC's Technology Solutions
ALGONA, Iowa -- Hydrogen Engine Center, Inc., (OTC BB: HYEG), a developer of systems and processes used in the design, manufacture and distribution of alternative fuel internal combustion engines, engine controls and generator systems, today announced a series of steps to expand advanced technology development while simultaneously accelerating the delivery of alternative energy solutions to the global market.
HEC leadership noted that traditional, oil-based energy markets continue to experience pricing and supply concerns, and that these factors are expected to open alternative energy market opportunities earlier than previously forecasted. HEC is in a position to take fullest advantage of this situation. To do this, the company has adopted a four-point strategic plan:
* Licensing of energy technology, built upon HEC's current and growing patent portfolio;
* Expand HEC work in utilizing our non-polluting power solutions in transforming renewable energy sources such as wind and solar power into mainstream power sources;
* The development and expansion of Green Corporate Partnerships to accelerate solutions for delivering near-zero emissions, fuel burning technology to customers worldwide;
* The expanded utilization of industrial by-product hydrogen, to power industrial facilities globally.
Vanderbrook commented, "This expanded four point strategy is designed to deliver real value and solutions to the market. We are approaching a tipping point where alternative energy is becoming the preferred source of power throughout almost every customer sector. I believe HEC is poised to help provide valuable solutions that reduce oil dependency, reduce greenhouse gases, and take demand off the strained power grid. This alignment helps HEC to move even more rapidly to develop and deliver reduced carbon energy solutions. I am proud to take the helm of Hydrogen Engine Center as Chief Executive Officer."
The common denominator of this accelerated strategy is HEC's advanced technology - integrated into solutions that deliver real world power systems to customers. This technology enables engines to burn cleanly, and relies on fuels that are readily available from a multitude of domestic sources.
Ted Hollinger, founder and Chairman of HEC, will head up the HEC Advanced Carbonless Energy Technology Group (ACETG). Hollinger will direct worldwide programs to leverage the company's current patents. He will also identify additional leading edge technology the company can develop and license. Hollinger will also expand and grow synergistic development projects with members of HEC's network of innovation partners. Tapan Bose, who also heads HEC's Canadian business, will join Hollinger in this endeavor. Hollinger commented, "HEC is in a very strategic position. We have begun and are ready to help the global market reduce its dependence on oil. Our technology allows customers to burn fuels such as ammonia, hydrogen, and other biofuels. These are reduced emissions fuels that countries can source domestically. The newly announced ACETG will help bring this technology to global customers. I am excited and proud to launch this expanded global mission within HEC."
In concert with this announcement, Don Vanderbrook has been named CEO of HEC; he had been COO. Hollinger and the Board of Directors of HEC jointly commented, "We are very fortunate that Don Vanderbrook is on our team. Don's transition to the CEO position will be seamless. Don has a track record of success in the power generator sector, and he has brought strong industry experience to HEC." As CEO, the company's global finance, marketing, sales and manufacturing teams will be under his direction. Both Hollinger and Vanderbrook will report to the company's board of directors. The Board has authorized two new seats and will elect a board chair on a rotating basis from among its members.
According to Hollinger and Vanderbrook, "The alternative energy sector is rapidly transforming into a technology-centric, multi-industry business sector. The rapid product development cycles we have seen in Silicon Valley are now being experienced by necessity in the energy sector. HEC's portfolio of IP and pending patent filings reflect the faster pace of development and the accelerating of its low pollution delivery solution to the market." Vanderbrook added, "I have spent the last three weeks meeting with numerous government energy departments, customers and partners worldwide, and their demand for faster delivery of alternative energy solutions appears to be universal."
"I believe HEC has the technology and team to meet these customer demands. Our four point strategy is designed to build the foundation for growth. The strategy makes efficient use of capital, and is expected to result in higher returns, and in rapid delivery of solutions, giving our customers a practical alternative to oil. Vanderbrook added, "Our sales team has a laser focus on near term sales, and our clients' business cases are even more positive, since HEC solutions help free customers from expensive oil-based fuels. We realize that the green energy movement is progressive, and while we will be focusing on totally carbonless fuel alternatives, we will also embrace transitional alternatives that employ carbonless fuels along with traditional fuels to reduce emissions and greenhouse gases. We feel there is a tremendous opportunity to move users to carbonless fuel alternatives using this approach."
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