ALGONA, Iowa--(BUSINESS WIRE)--Hydrogen Engine Center, Inc. ( HEC ) (OTCBB: HYEG.PK), (http://www.hydrogenenginecenter.com) announced today that they have entered into an agreement of terms for the acquisition of assets of TINA Technologies http://tina-systems.com/en/, with the goal of producing the world s first fully integrated renewable hydrogen-energy system designed for 24/7 global electrical production. After successful product testing and closing the transaction, the companies believe they are poised to move forward with production and distribution of integrated modular units, under the name HEC-TINA, beginning Q1 2015. These units will include Multi-fuel Internal Combustion Generators, manufactured by HEC at its Iowa-based facility. The energy module systems will be built in a leased 30,000 square foot facility in Greeneville, Tennessee. Definitive documents are being finalized and HEC expects the transaction to close on or about December 31, 2014.
Applications with 'time of use' electricity limitations will benefit from this latest technology system
Business operations for HEC-TINA will be conducted through a wholly owned subsidiary to be organized prior to closing. As payment for the TINA assets, HEC will issue to TINA warrants to purchase 7,000,000 Shares exercisable before July 11, 2015 at a price of $0.15 per Share and warrants to purchase 6,000,000 Shares exercisable before July 11, 2016 at a price of $0.20. In addition, HEC agrees to issue to TINA, and TINA agrees to purchase, 6,000,000 Shares at a price of $0.25 per Share. The first 840,000 shares have been purchased and the remainder will be purchased over a period of 6 months. TINA s President, Pedro Blach, will join VP Bill Ayres and CEO Ted Hollinger on HEC's Board Of Directors.
HEC customers needed a reliable source of hydrogen and TINA has developed an economical electrolyzer, which produces 99.999% pure hydrogen from water at high pressures for storage without external compression.
The HEC-TINA module (combining TINA s high pressure electrolyzer and HEC s proprietary hydrogen fueled Genset will provide the first mass-market energy storage systems. These systems will be installed in 20 Sea Cargo containers that are versatile can be deployed to remote locations around the world and designed for 24/7 operations.
The new HEC-TINA systems will focus on applications producing up to 100 kilowatts using wind and solar electricity to produce Green Hydrogen. HEC presently manufactures advanced proprietary Hydrogen Internal Combustion Engines in 2 versions: a 1.7L wet sleeved two cylinder system and a 4.9L wet sleeved six cylinder engine for these systems.
Applications with 'time of use' electricity limitations will benefit from this latest technology system, stated Ted Hollinger. The new systems will be fully customizable for each application and be ready for delivery Q3 2015.
One of the biggest assets of these systems is their ability to convert electricity in one form and transform it to another. For instance, Direct Current produced electricity from renewables is converted to more commonly usable Alternating Current electricity. This allows these systems to be deployed throughout the world.
HEC-TINA s Washington DC office, (Info@HEC-TINA.com) is working with, and expects to participate in the US Power Africa, World Bank, Inter-American Development Bank remote distributed energy programs.
HEC information is available on our website.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's communications.
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