CALGARY, Alberta, Nov. 1, 2006 (PRIMEZONE) -- Clean Power Technologies Inc. (OTCBB:CPWE) (Frankfurt Stock Exchange:XETRA: C1L) (www.cleanpowertech.co.uk), a developer of a unique and environmentally friendly alternative hybrid fuel technology is pleased to announce that a Collaboration Agreement has been signed with the international engineering company, Mitsui Babcock Energy Limited (www.mitsuibabcock.com) for the development of a Steam Accumulator and other related hybrid fuel technologies.
This Steam/Hybrid technology will increase fuel mileage and efficiency for a realistic fuel savings of up to 30-40% of current levels combined with cleaner emissions. The Steam Accumulator Hybrid Fuel technology is a unique power train for hybrid vehicles. Heat energy which is normally dissipated in conventional combustion engines from the exhaust system and the radiator is captured which in turn charges the alternative auxiliary power unit. This heat energy is an equivalent to two-thirds of the energy in the combusted fuel. This energy is recovered in part in a combined steam accumulator and energy reservoir using a saturated liquid, like water, as the energy storage medium, offering a potential fuel saving of up to 30%-40% percent compared with the conventional heat engine cycle.
"This is as a major endorsement of our technology; that a major international corporation like Mitsui Babcock would collaborate with a new company like Clean Power Technologies speaks volumes about our unique technology," said Abdul Mitha, CEO of Clean Power Technology, Inc. He continued to say, "Since the launch of this project, the company has moved into its own larger, self sustaining and independent facility and to date we are very pleased with our progress.
"The combination of Clean Power's exceptional intellectual property and the technical expertise which Mitsui Babcock can provide for implementation and development of this steam accumulator hybrid fuel technology makes me very excited that Clean Power will be able to achieve rapid deployment and commercialization of this unique technology," said Mr. Mitha.
The Company has purchased two Mazda RX8's as its prototype test vehicles. Once the fully functional developmental unit is complete, the two vehicles will be modified with the hybrid power train. With the collaborative agreement now in place, it is anticipated that by the fall of 2007 the planned hybridized Mazda RX8 vehicle will be complete and ready for road tests.
Under the terms of the agreement both Clean Power and Mitsui Babcock agree that the aim of the Collaboration Program will be the development of a Steam Accumulator Technology and the process/technologies related to it.
Mitsui Babcock agrees to provide all that is necessary or as reasonably requested by Clean Power, including scientists, engineers, experts and other personnel, facilities, equipment and materials, under the Collaboration Program to develop the Steam Accumulator Technology with Clean Power.
Mitsui Babcock has committed to fund up to US$400,000 (approximately 200,000 pounds) toward the Development Costs of the Steam Accumulator Technology under the Collaboration Program and as consideration Clean Power will issue to Mitsui Babcock 4,000,000 Clean Power Shares.
All technologies and Intellectual Properties that are developed by Mitsui Babcock in connection with this Collaboration Program including the Steam Accumulator Hybrid Fuel Technology and which are patentable and/or patented, or otherwise are or may be protected, will at all times belong and be owed solely to Clean Power.
Innovation, determination and commercial aptitude have made Mitsui Babcock the leader in steam generating technologies for over a hundred years. Today they are the last remaining steam generation OEM (original equipment manufacturer) in the United Kingdom.
Over 40 years ago, Mitsui Babcock recognized the benefits of supercritical steam and created the technology to make it possible. Ever since they have been providing highly efficient ways of generating steam from a variety of fuels and have applied this expertise to coal fired power generation in particular. The Company has developed a number of solutions for the coal fired power generation market that allow production of steam power reliably, safely and efficiently both for the user and the environment.
Mitsui Babcock is one of the world's leading suppliers of supercritical "clean coal" power plant technology, a technology that can improve power plant efficiency and reduce total emissions output by up to 20 percent compared to existing power plant technology. It is this expertise combined with Clean Power's intellectual property which will be applied to enhance the thermal efficiency and effectiveness of power generation for all forms of transport by hybridisation, from the light car, through the heavy truck to railway locomotives.
About Mitsui Babcock Energy Ltd.
Mitsui Babcock provides technologies and services to power, nuclear, petrochemical, pharmaceutical, oil and gas industries worldwide. With over 100 years of experience in thermal process and energy engineering Mitsui Babcock is one of the world's leading companies in its field. Mitsui Babcock's range of products includes utility and industrial boilers, emission control systems, asset maintenance and improvement services, nuclear clean up and decommissioning services and related technologies.
Globally headquartered in the UK, with its Americas head office in Atlanta, GA, Mitsui Babcock employs around 4,000 personnel (turnover in fiscal 2005/06 of over $800 million). The company is a wholly owned subsidiary of one of Japan's largest engineering companies, Mitsui Engineering & Shipbuilding Co. Ltd., a company listed on the Tokyo stock exchange.
About Clean Power Technologies Inc.
Clean Power Technologies Inc. (OTCBB:CPWE) a developer of a unique and environmentally friendly alternative hybrid fuel technology. Clean Power has put together an impressive engineering team of 7 Professional Engineers which consist of a Mechanical Vehicle Integration Specialist, a Thermodynamic Specialist, an Engine Management Electronics Specialist, a Vehicle Systems Specialist, a Graphics Designer & Vehicle Builder, a Robotic Engineer and a Control System Specialist. These specialists make up the Clean Power development team and provide significant expertise to enhance the development and implementation for this unique hybrid fuel technology.
Clean Power Technologies Inc. operates out of its own development facility. The state of the art facility is located in England and is completely outfitted with full computational support with Computer Aided Design 3D Modeling software, a fully automated Engine Test Dynamometer. Clean Power anticipates that by the fall of 2007 the planned hybridized Mazda RX8 vehicle will be ready for road use.
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Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in current and periodic reports and other documents filed by Clean Power Technologies with the U.S. Securities and Exchange Commission. Clean Power Technologies undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.