(Wesley Chapel, FL: May 22, 2013) HPEV, Inc. (OTCQB:WARM), an innovator in thermal dispersion technologies, has entered into an agreement with a worldwide leader in electric motor manufacturing and sales.
HPEV and its customer signed a Memorandum of Understanding (MOU) detailing the implementation, testing and timeline to develop a new product category for the motor and pump industry, a $45 billion market last year. The two companies expect to joint venture with a leader in the pump manufacturing industry. The terms of that relationship are currently being established.
The product in development will be unique in the marketplace. The new motor will not require liquid cooling, effluent cooling, blower cooling or any form of closed-loop cooling. Instead, it will incorporate HPEV’s breakthrough platform – a thermal dispersion technology that more efficiently cools the motor while increasing power output by as much as 25%. Manufacturers will benefit from the increase in output with no increase in manufacturing costs, whereas customers will benefit from the improved energy efficiency and little to no maintenance expense. Maintenance costs for traditional cooling technologies are substantial.
The MOU details the steps that will be taken to integrate and commercialize HPEV’s technology into an existing product line and the resulting new industry products. As product development begins in the coming weeks, the two companies will negotiate and establish a license and royalty agreement for the use of HPEV technology.
“This agreement is a transformational moment for the company. We have the opportunity to become a major player in a very large space”, said Tim Hassett, HPEV’s CEO and founder. “Our breakthrough thermal dispersion technology can be used in numerous industries requiring high performance, low maintenance thermal control. In fact, we are in discussions with several other multi-national manufacturers.”
About HPEV, Inc.
HPEV, Inc. is an intellectual property and product development company with expertise in thermal dispersion technologies and their application to various product platforms. The Company is currently commercializing its patented thermal technology and has additional patents-pending for various applications of its proprietary heat removal technologies. The markets that will be addressed by these technologies include myriad industries such as pumps, fans, compressors, batteries, motors, generators and bearings.
Safe Harbor Statement.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on plans and expectations of management and are subject to uncertainties and risks that could affect the company’s plans and expectations, as well as results of operations and financial condition. A listing of risk factors that may affect the company’s business prospects and cause results to differ from those described in the forward-looking statements can be found in company reports and documents filed with the Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.