Mississauga based Hy-Drive has developed a hydrogen-based Alternate Energy Combustion Control System for transport trucks that has demonstrated impressive results and passed extensive SAE testing. The system is designed with a control mechanism that regulates small amounts of hydrogen injected into the combustion chamber, thus enhancing the air/fuel mixture. The end result is lower emissions. GreenCell Technologies located in Aurora, Ontario trades on the Frankfurt Stock Exchange under the symbol GT5. They've created a similar product and are backed by a sound marketing system, which includes innovative financing options. The HydroCell is just one of several energy saving products that GreenCell is formulating.
"We can't be anything but excited about this agreement. Taking our technology and expertise, and combining it with GreenCell Technologies' multi-faceted energy background and marketing savvy, moves us a step closer to creating a greener world," said Robert Bucher, President and CEO of Hy-Drive.
Under the agreement, Hy-Drive will continue to focus on the product and cost efficiency. GreenCell will concentrate on marketing, service and sales. One of their top priorities will be further strengthening the sales team.
"We see this as a great opportunity to move forward with a solid product offering and to serve our customers in a timely and cost-effective way. Our marketing and sales team is very excited about the prospects," said K. Allen Etherington, President of GreenCell Technologies Inc.
"I recently pledged that Hy-Drive would expand through strong distribution deals and this marks the beginning of that plan. I'm confident our alliance with GreenCell Technologies will serve as a solid example of how two like-minded companies can work together to reach their specific goals," Robert Bucher added.
Pursuant to the Company's stock option plan and subject to TSXV approval, the Board of Directors issued 125,000 stock options to Officers of the Company at an exercise price of $1.00; all options shall vest immediately and expire ten years from the date of issuance.
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