LANCASTER, OH--(Marketwired - Jan 14, 2016) - Q2Power Technologies, Inc. (
Phoenix is a developer of combined heat and power systems ("CHP Systems") that run on used motor oil and other waste fuels. Currently over 60,000 oil change shops and similar locations throughout North America heat their facilities utilizing furnaces that comprise the core of Phoenix's CHP System. Phoenix has developed the technology to utilize this furnace equipment to provide thermal energy for Q2Power's engines, thereby providing added electric power and peak demand shaving for potentially tens of thousands of locations regardless of seasonality or geography.
"This is an important agreement for both parties, as it provides a strong working foundation to commercialize our waste-to-power products with added CHP benefits -- a key to increasing energy efficiencies of U.S. businesses and reducing carbon footprints," stated Christopher Nelson, Q2Power's CEO. "Both parties will now be able fast track plans for market penetration at both traditional oil change locations and other niche markets where the disposal of waste fuels presents a financial burden and 'cradle-to-grave' liability for the business owner. This is potentially an enormous market opportunity."
Under the new agreement, Phoenix will purchase Q2Power's engines and controls for its waste fuel CHP Systems and Q2Power will purchase Phoenix's combustion technology, allowing it to open new waste fuel markets on a worldwide basis. The parties also agreed to general pricing structures and targeted delivery milestones.
Q2Power's technology provides a new, cost-effective solution to dispose of waste by converting it to electricity and useful heat. Because of its containerized, modular design, the system can be deployed with minimal time and expense at thousands of small-scale facilities that must dispose of waste such as used fuels, methane and biogas, at increasingly greater costs. Q2Power installed its first system this summer at an Ohio wastewater treatment plant and is on track to deploy commercial units to meet customer demand early in 2016.
For more information about Q2Power, please visit: www.q2p.com
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