WESLEY CHAPEL, FL--(Marketwired - Sep 4, 2013) - HPEV, Inc. (OTCQB: WARM), an innovator in energy efficiency and heat removal technologies, announced that the Company has made significant progress on business and Company growth. The Company is:
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Successful in raising $1.7 million allocated to accelerate project execution
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On track to deliver on motor and generator projects with multinational corporate partners and customers
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Fully executing on the Company's Mobile Generation System (MG) go-to-market initiative
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Commercializing the Company's patents by prepping for OEM orders for submersible and dry-pit submersible pumps
Specifically, the Company has raised $1.7 million in the past four months to provide the capital to execute on three business opportunities.
In the near term, the Company plans to leverage its proprietary and patented thermal dispersion technology onto three platforms: the motor/generator market, the mobile electricity generation market and the water and wastewater marketplace. This process has already begun on several fronts:
1. The Company's motor and generator target market is approximately $50 billion. The Company has two very active projects; each in cooperation with a different multinational OEM. HPEV's plan anticipates that these customers will be able to deliver fully tested and commercialized products to the marketplace starting in the fourth quarter of 2013. Additionally, the Company is in discussions on similar projects with other global motor and generator manufacturers.
2. As previously announced, the Company and its manufacturing partners, Inverom and GearTech Heavy Duty, are in the process of fully integrating HPEV technologies to commercialize the HPEV Mobile Generation System ("MG"). The MG is fully scalable and can be installed in Class 2 to Class 6 trucks. Over the past two years, the Company has been working closely on this project with Inverom and GearTech Heavy Duty to bring product to market as soon as is optimal within 2013. The funds are now in place to deliver and execute on the commercialization and roll out of this product line.
3. The Company is also commercializing its original patents that were awarded for the global water and wastewater industry in the form of submersible and drypit submersible motors and pumps. This is a $30+ billion global market. The Company's pump manufacturing OEM customers will bring the product to market. Management anticipates that the OEM's will begin to take orders in the fourth quarter of 2013 for delivery throughout 2014 and beyond.
"All of the pieces look to be in place to drive our motor/generator, MG and submersible/dry-pit submersible pumps through to completion and sustainable profitability," said Tim Hassett, HPEV's CEO.