NEW YORK, February 6, 2017 /PRNewswire/ --
A research report published by Allied Market Research indicates that Global Alternative Fuel and Hybrid Vehicle Market is
expected to garner $614 billion by 2022, registering a CAGR of 12.9% during the forecast period
2016-2022. Alternative fuel and hybrid vehicles (AFHVs) run on fuels other than conventional fuels such as gasoline and diesel.
The report indicates that the rapid decrease in oil reserves have fueled the adoption of AFHVs across the globe. A major factor
in the increasing popularity of such vehicles is that they are environmentally friendly. AFHV produce much less carbon related
compounds, such as oxides of carbon, nitrogen, and sulfur, which make them an eco-friendly alternative in the automobile
industry. Electric vehicles use electricity as their power source stored in vehicular batteries and are capable of recharging at
charging outlets, private or public. Greenkraft Inc. (OTC: GKIT), Ballard Power Systems Inc. (NASDAQ: BLDP), Plug Power Inc.
(NASDAQ: PLUG), Amyris Inc. (NASDAQ: AMRS), UQM Technologies Inc. (NYSE: UQM)
The research points out the market is "segmented based on alternative fuel type, vehicle type, and geography. Based on
alternative fuel type, the market is segmented into gaseous fuels (LPG, CNG, and LNG), electric, and others (biofuel, biodiesel,
fuel cell, liquid nitrogen, and dimethyl ether). Based on vehicle type, the market is divided into electric two wheelers,
passenger cars (battery electric vehicle (BEV), hybrid electric vehicle (HEV), alternative fuel passenger cars), and commercial
vehicle (battery electric vehicle (BEV), hybrid electric vehicle (HEV), alternative fuel commercial vehicle)."
Greenkraft Inc. (OTCQB: GKIT) earlier this morning states that it is, "a nationally recognized player in the
alternative fuel engine and vehicle market, announces that it will realize well over $1,000,000 of
new revenue in 2017. This revenue will be achieved through the monetization of Greenkraft's three major product lines which are
trucks, conversion systems, and engines. Some of the trucks that GKIT is offering are truly one of kind in their class and
currently the only alternative to diesel fuel trucks, especially from 19,500 to 33,000 GVW. In addition, Greenkraft trucks
offer unparalleled maneuverability compared to other available options because of the unique forward cabin design.
Conversion systems are quickly becoming a huge revenue source for Greenkraft too because the Company can take various existing
truck models that run on gasoline fuel and completely convert it to run on CNG or LPG making it much less expensive to operate
the fleet. The third product line that is contributing to GKIT's revenue increase are engines for repowering trucks with
different fuel options, and engines for agriculture equipment and stationary machines used in various industries with different
fuel options.
George Gemayel, CEO of Greenkraft, Inc. says, "Greenkraft is already the leader in alternative
fuel truck options and is now going to be entering new exciting markets that will tremendously increase both revenue and name
recognition. The Company firmly believes that these new alternative fuel innovations will quickly become the standard in
the trucking sector and beyond. 2017 is going to be an amazingly exciting and profitable time for Greenkraft."
Ballard Power Systems Inc. (NASDAQ: BLDP) had recently signed an initial equipment sales agreement with a major Chinese
manufacturer of battery electric buses, Zhuhai Yinlong Energy Group, for 10 FCveloCity®-MD 30-kilowatt fuel cell engines.
Randy MacEwen, Ballard's President and CEO said, "Yinlong is a highly-regarded bus manufacturer in
China's clean energy mass transportation sector. It is now expanding its product portfolio to
include hybrid fuel cell-powered buses to complement the existing offering of battery electric buses. We are delighted that
Yinlong has selected Ballard as its supply partner for fuel cell engines to support its initial Beijing demonstration and future growth plans."
Plug Power Inc. (NASDAQ: PLUG) is expanding its technology to the rest of the world, ranging from Europe, where hydrogen infrastructure is rapidly developing, to Asia, where
fuel cells are being incorporated into the long term initiatives of several nations. In China,
these markets represent near term opportunities superior than those in the United States. The
company offers complete systems, like GenDrive fuel cell systems and GenFuel hydrogen stations to provide increased productivity
and efficiency for its customers.
Manufacturer of premium base oils, Chevron Products Company has announced an equity investment into Novvi LLC (a joint venture
of Amyris Inc. (NASDAQ: AMRS), Cosan Ltd, and American Refining Group. Novvi's products and technology are recognized by
the global lubricant market to deliver sustainable, high-performance solutions in a range of lubricant applications. "We are very
pleased that Chevron has decided to invest in Novvi. Chevron's investment is a further validation of the market acceptance that
Novvi and its technology have gained," said Chief Executive Officer of Novvi LLC, Jeff Brown. "As
we continue to increase our global market penetration, Chevron's well-established industry position in base oils and lubricants
can further enhance our growth plan."
UQM Technologies Inc. (NYSE: UQM) has signed a two-and-one-half year development agreement with a global provider of
automotive systems, Meritor Inc., in Michigan. According to the agreement, Meritor is to develop
integrated axle components for E-axle technology and the components will be combined with UQM's motor and inverter technology and
hardware to create the Meritor and UQM Electric Axle System for the medium and heavy-duty commercial vehicle markets. "We are
excited to align ourselves with Meritor to address the commercial market from a new vantage point. This allows UQM to focus on
design and development and in turn approach the market as a Tier 2 supplier with a proven Tier 1 OEM," commented President and
Chief Executive Officer of UQM, Joe Mitchell. "We believe this relationship gives Meritor the
opportunity to become a leading supplier of E-axles using UQM's technology allowing customers to benefit from integrated
solutions that drive cost savings in the long term."
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