SymPowerco Releases Details of Government Grant
GARDNERVILLE, NV– SymPowerco Corporation (PINKSHEETS: SYMW) CEO John Davenport today revealed details of the terms of the recently announced government grant in support of the development of the company’s unique Flowing Electrolyte Direct Methanol Fuel Cell (”FEDMFC”). Polygenic Power Systems, Inc. (”PPSI”), SymPowerco’s majority-owned subsidiary, was recently informed by the Ontario Centres of Excellence (”OCE”) that it was successful in its application for a grant from the OCE’s Centre of Excellence for Energy.
The Centre of Excellence for Energy, a part of Ontario’s Centres of Excellence, was created to address the significant challenges and opportunities posed by the current energy situation in Ontario, Canada. The Centre invests in and promotes cutting-edge research collaborations between industry and colleges, universities and research hospitals. The Centre’s objective is to foster innovation in energy markets, systems and technologies. The Centre works with industry to solve problems by engaging the brightest minds at Ontario’s universities and colleges in the challenges faced by businesses.
The grant has been approved in support of the FEDMFC development project to be undertaken by the Department of Mechanical and Aerospace Engineering at Carleton University in Canada’s capital city, Ottawa, Ontario, in collaboration with PPSI, which is jointly owned by SymPowerco (70%) and Hybrid Energy Technologies of Toronto, Canada (30%). The total value of the project has a cash and “in kind” value of CDN $1,040,655.
SymPowerco CEO, John Davenport, commented, “We at SymPowerco are very excited and pleased that the lengthy application process for this grant has been so successful. Our application went through an exhaustive process of evaluation and peer review. The peer reviews were conducted by academics from various universities and research organizations and by successful business people. They were all chosen by the Ontario Centres of Excellence and were all anonymous to SymPowerco. We believe this process and the grant funding is very confirming of the importance and viability of SymPowerco’s Flowing Electrolyte Direct Methanol Fuel Cell technologies.”
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets. SymPowerco’s soon-to-be majority-owned subsidiaries, HOSS Motor Sports and Highline Hydrogen Hybrids Systems, offer potentially expansive synergies and marketing opportunities with SymPowerco’s Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies.
