|By Marketwired .||
|January 9, 2014 09:32 AM EST||
TAMPA, FL -- (Marketwired) -- 01/09/14 -- HPEV, Inc. (OTCQB: WARM), an innovator in energy efficiency and heat removal technologies, announced today that it has entered into an agreement with WI Technologies, a Nevada-based and closely held distributor of high tech electrical motor and pumping equipment, to be its exclusive supplier of motors for industrial pumps for sale into the municipal and industrial marketplaces. WI Technologies is currently accepting orders and according to WI Technologies' management, the company will distribute into three targeted markets totaling more than $13 billion annually.
Differentiator: double the power, a fraction of the maintenance costs. The motors and motor/pump combinations that WI Technologies is selling have approximately double the power output and a fraction of the maintenance costs of similar products both in the marketplace and currently being used in the field. The motors will be manufactured by a third party and cooled by HPEV's patented technology.
Industry veteran and observer John Ivins of ESSCO Pumps and Controls commented, "The people at WI Technologies have a strong opportunity here. This is truly differentiated equipment that offers dramatically improved performance and much lower maintenance costs to the end user. Whether it's a municipality or a large chemical company, they will see cost savings, much more efficient performance and better utilization of plant floor space. The pump industry doesn't often have much to get excited about, but this is real and demonstrable improvement and we are very excited to be offering it. HPEV's technology is giving us a real product to change the face of this industry."
"We are very happy that WI Technologies has chosen to market our technology exclusively. It says a great deal about WI Technologies confidence in us and their confidence that our technology will help them take significant market share in an industry that has been mired by pump downtime and high maintenance costs. We are truly addressing a huge problem for the industry," said Timothy Hassett, HPEV's CEO and co-founder. Hassett continued, "We are very excited to enter this agreement with WI especially on the heels of ESSCO being the first company to place a stock order for product incorporating our patented technology which is very unusual in the pump industry and shows great confidence in our technology."
HPEV's technology dramatically increases the efficiency of cooling the motor that drives these pumps by replacing the legacy design and mechanism used in the industry since the 1950s with HPEV's technology. HPEV's revolutionary technology enables a pump motor to require nearly zero maintenance while allowing the pump motor to output more power in a smaller frame.
WI Technologies is selling electrical motors and similar "GREEN" products in the submersible, horizontal and vertical shaft pump and motor categories. The marketplace that WI Technologies is addressing includes the municipal and industrial wastewater market, which is roughly a $7 billion annual marketplace for this type of equipment. This market includes city, county and state municipalities for both water and sewage management. Additionally, WI Technologies is addressing the industrial and marine market ($3-5 billion) which includes the energy, chemical and food industries to name a few, and the power plant industry ($3 billion).
The total US water treatment equipment market demand is forecast to grow at 5.9% a year and worth $13 billion in 2017 and the global water & wastewater treatment equipment market is set to grow with a CAGR of 7.4% till 2018 according to new water market research reports by different publishers available at ReportsnReports.com.
HPEV's technology is being integrated into the motors that are manufactured by a third party then sold by WI Technologies. All integrated parts meet all standards of the National Electrical Manufacturers Association (NEMA), the Institute of Electrical and Electronics Engineers (IEEE) and EPAct and Premium Efficient, CSA C390-2010 energy efficient levels and beyond.
About HPEV, Inc.
HPEV, Inc. is an intellectual property and product development company that employs a license and royalty model. The company has 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 OEM 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.
About WI Technologies.
WI Technologies is a privately held company based in Reno, Nevada. WI Technologies is a master distributor of products to help bring "GREEN" technology to electrical motor and pumping industries. The company offers industry specific products and solutions for the electrical motor and pumping industries.
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.
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