REG-PolyFuel Inc. Further DOE funding

Released: 28/05/2009

  com:20090528:Rnsb9054S
                                                                                                                       .
RNS Number : 9054S  
  
PolyFuel Inc.  
  
28 May 2009  
  
28 May 2009  
  
PolyFuel, Inc.  
  
Further $2.5m development funding from US Department of Energy  
  
PolyFuel, Inc (AIM: PYF), a world leader in fuel cell technology and engineered 
fuel cell membranes for the portable electronics industry, is pleased to 
announce that the US Department of Energy has awarded the Company a further 
$2.5m in funding for its portable fuel cell development programme.   
  
The new award follows on from two previous DOE program awards, the most recent, 
also for a sum of $2.5 million, which was announced last month. It provides 
continued funding for the new program, outlined in PolyFuel's announcement of 17 
April, to advance portable fuel cell technology to meet the goals for 
performance, durability, and cost that the DOE has established for wide-scale 
commercial adoption of DMFC technology for use in laptops and other portable 
electronics devices.   
  
This further grant was won against strong competition, and its award was subject 
to a rigorous peer-review process by leaders in the industry, underlining the 
fact that PolyFuel continues to be recognized as a leader in the portable fuel 
cell field.  
  
In addition to this grant, PolyFuel is continuing to actively seek additional 
capital to complete its technology and product development, build out its 
manufacturing capability, and achieve commercial introduction of its products.   
  
PolyFuel president and CEO Jim Balcom said:  
  
"We are delighted with the DOE's continued backing of portable fuel cell 
technology in general and PolyFuel's technology in particular. This grant is a 
further affirmation of the importance that the DOE places on the development and 
commercialization of fuel cell technology and underlines PolyFuel's capability 
and leadership in its field."  
  
Ends  
  
For further information, please contact:   
  
 
  PolyFuel, Inc                                  Tel: +1 650 429 4646      
  Jim Balcom, Chief Executive Officer                                      
  Hogarth Partnership Limited                    Tel: +44 (0)20 7357 9477  
  Nick Denton / Ian Payne                                                  
  KBC Peel Hunt (Nominated Adviser and Broker)   Tel: +44 (0)20 7418 8900  
  Jonathan Marren / David Anderson                                         
  
  
 
This information is provided by RNS  
  
The company news service from the London Stock Exchange  
  
  END  
  
MSCCKOKBPBKDNPB