REDFORD, Mich., Oct. 8, 2008 (GLOBE NEWSWIRE) -- Alternative Fuel Technologies Inc. (Pink Sheets:AFTC) is pleased to announce the fulfillment of a major DME fuel injection supply contract with AB Volvo, valued at more than US$1 million.
Under the terms of the agreement, AFTC provided Volvo with six DME high-pressure fuel pumps and related equipment over an 18-month period. The systems are being used in both field demonstrations and laboratory testing. Volvo has been using AFTC's fuel systems for research purposes since 1995.
Currently, Volvo is one of the biggest proponents for the use of Dimethyl Ether (DME) as a replacement to traditional fossil fuels. According to the company's website: "From a holistic viewpoint, the Volvo Group regards DME (dimethyl-ether) as one of the most efficient renewable fuels." AFTC management firmly believes that successful completion of a contract of this magnitude for an automotive industry leader such as Volvo is a monumental achievement for the company.
AFTC CEO James C. McCandless stated, "Volvo is a key driving force behind the transition of DME from the laboratory to reality and AFTC's ability to provide products that meet their expectations speaks volumes about the quality of our offering. We are certain that our next generation of DME fuel system products, currently under development, will be of great interest to Volvo as they march towards commercialization."
McCandless concluded, "I look forward updating the public on future corporate developments as AFTC continues its transition from a research and development organization into a full-scale DME fuel system manufacturer over the next 2-3 years."
About Volvo:
The Volvo Group is one of the world's leading manufacturers of trucks, buses, heavy-duty diesel engines and construction equipment, drive systems for marine and industrial applications, aerospace components and services. The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 100,000 people, has production facilities in 19 countries and sells their products in more than 180 markets. Annual sales of the Volvo Group amount to about SEK 285 billion or US$46 billion. The Volvo Group is a publicly held company headquartered in Goteborg, Sweden.
About AFTC:
Alternative Fuel Technology Inc. is a research & development organization engaged in the design, development and prototype manufacturing of advanced fuel systems for use with a new alternative fuel -- dimethyl ether (DME). AFTC has developed practical, low-cost fuel injection equipment for DME-fueled vehicles and currently provides complete DME fuel systems for testing and research purposes in addition to retrofit systems that can be used with most diesel engines. The company's ultimate goal is series production of DME fuel systems for the global automotive market by 2011.
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