Hydrogen to Replace Heavy Oil
Paisley, Florida | May 3, 2012
Turbine Truck Engines, Inc. (“TTE”) (OTCBB: TTEG) and Energy Technology Services, Inc ("ETS") are pleased to announce that their joint venture entity, Global Hydrogen Energy Holding Group Limited ("GHE") has completed an on-site cost benefit survey, for use of GHE's efficient methanol to hydrogen generator system, referred to as the Hydrogen Energy Production System ("HEPS"), at the DeMing Ceramics Co. Ltd., located in Jinjiang, Quanzhou City, Fujian Province, China, after DeMing President, Mr. Zhou ChangSha, was so impressed during his recent visit to the ETS facility in Taiwan to witness the operating 200m3/hr HEPS display unit. The results of the survey concluded strong operational and financial viability for switching DeMing Ceramics Co. from heavy oil to hydrogen as the fuel for their furnaces. Currently, DeMing Ceramics' heavy oil consumption cost is $3.8 million (USD) annually.
When operating at full capacity, GHE's 200m3/hr HEPS unit burner generates 2.4m BTUs/hr of "clean heat energy" providing full burner capacity for Deming Ceramics' furnaces without any changes needed to the furnaces.
Under Global Hydrogen Energy's HEPS Lease Program, GHE receives monthly payments from the client based on actual monthly fuel cost savings realized as a percentage of the "original or baseline" average heavy-oil monthly consumption cost. For year 1 of the lease, the GHE monthly payment received is 70% of monthly fuel cost savings. In the case of DeMing Ceramics, with an estimated monthly fuel cost savings of $158,000 (USD), GHE would receive a monthly payment from DeMing Ceramics of $110,600 (USD). For years 2 through 5 of the lease, the customer's monthly percentage payment to GHE is still based on savings from original consumption cost with the percent reducing annually as follows, 60%, 50%, 40% and 30% with year 6 and beyond maintained at 30% for ongoing maintenance of the system.
Mr. Alan Chen, ETS and GHE President, said, "We are very optimistic DeMing Ceramics Co. can use our new hydrogen burning (HEPS) system and immediately begin saving up to 50% on their current annual consumption cost of $3.8 million (USD) for heavy oil as a fuel for their furnaces. We are all anxious to see our hydrogen burning system start saving the company a bundle on their energy spending. Our clean burning HEPS system is also very desirable for the DeMing Ceramics Co. as it will significantly reduce the company's carbon emission output and environmental impact on the nearby communities."
Further, Mr. Chen stated, "Our joint venture between Turbine Trucks Engines and Energy Technology Services is anxious to show the world our HEPS hydrogen generator system can have a big impact in terms of energy savings and environmental conservation. We are realizing a rapid increase of interest from companies of many industries wanting to bring the technology to existing practical applications."
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About Turbine Truck Engines, Inc.
Turbine Truck Engines, Inc. is a technology company focused on the development, manufacture, and distribution of its new energy efficient and environmentally-friendly products. For more information concerning Turbine Truck Engines, Inc., please visit www.ttengines.com.
About Energy Technology Services Co., Ltd.
The company is devoted in the development of a new energy source and energy saving alternatives. Our motto is: “To protect the earth and provide total solutions to companies that need to reduce carbon emission.” We emphasize Hydrogen as the fuel source to replace heavy oil, and gas in boilers. The HEPS technology, initially intended for industrial usage, will eventually broaden to small businesses and homes. We look forward to implementing this technology as a possible replacement option for nuclear and pyro power plants. For more information concerning Energy Technology Services Co., Ltd., visit www.energyservice.com.tw.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance, development and results of the company's business include, but are not limited to, fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services, and pricing, general market trends and conditions, and other risks detailed in the company's SEC reports.