Suja Minerals to Acquire Hybrid Fuel Cell Maker Global Energy Innovations
Suja Minerals Corp. announced today the execution of a Memorandum of Understanding (MOA) with Global Energy Innovations, Inc. (GEI) to acquire GEI and their fuel cell systems technology. The terms of the MOA state that the parties will execute a definitive agreement on or before July 31, 2013. By becoming public and raising the necessary capital, GEI will be able to aggressively expand into the worldwide market for clean and inexpensive energy.
The GEI X5 device is a "hybrid" fuel cell power system that incorporates a high-temperature PEM (Polymer Exchange Membrane) fuel cell and a high-density energy storage system. Because batteries and ultra-caps are excellent at satisfying high instant power demands the GEI X5 fuel cell power systems can be sized to meet nominal power requirements and can be integrated with solar and wind projects to achieve maximum efficiency.
Matt Reams, President and CEO of Suja Minerals, stated, "The GEI commercial potential is unlimited and will focus much of their attention on the large scale power utilities worldwide as it has the ability to become both a technology game changer and a market leader. Due to the ongoing difficulty with trying to secure the necessary capital for junior exploration in North America the Company has decided to proceed in a new business direction. I am extremely excited and impressed with the novel GEI technology and the real potential to finally meet the ever-expanding global need for clean and sustainable energy with near zero emissions.
"We believe that Dr. K. J. Berry, P.E. and the GLOBAL ENERGY INNOVATION team have developed a very exciting fuel cell technology, which is further combined with a superior business strategy and global vision that will accelerate commercialization of this technology worldwide to support and resolve the future demand and power limitations the world is currently experiencing. As such we will change our name from Suja Minerals to GEI Global Energy Corp. to leverage this multi-trillion dollar global energy opportunity." Dr. K. J. Berry will continue to provide high-impact leadership as Chairman, CEO, and President of GEI Global Energy Corp.
Dr. Berry has been Professor of Mechanical Engineering for over 26 years at Kettering University, and served as the former Head of Mechanical Engineering for 17 years. With over 1200 students mechanical engineering is ranked as one of the largest undergraduate programs in the country, and has been constantly ranked in the top 5 by U.S. News and World Report.
Dr. Berry, honored as an ASME (American Society of Mechanical Engineers) Fellow, also spearheaded, conceived, and raised over $10 million in funding for Kettering's Center for Fuel Cell Systems Engineering's (www.kufuelcellcenter.info) research initiatives. Recognizing the lack of an infrastructure for the storage and distribution of hydrogen as a "fuel," as required for traditional fuel cells, as being a major barrier to global fuel cell commercialization, Dr. Berry's vision was a more robust fuel cell power plant system to leverage the existing global logistic fuel infrastructure such as abundant and inexpensive natural gas. The result being the GEI X5 as a novel and revolutionary hybrid fuel cell power systems architecture.
Berry says, "Our vision is to be the world leader for innovation in fuel cell systems engineering, and for developing products and strategies that improve the social and economic quality of life for millions." We believe this vision is achievable due to our "Blue Ocean" strategy supporting common fuel cell power systems that are scalable, customer-centric and applicable across multiple industry sectors.
The GEI fuel cell systems can operate on a number of fuel sources such as natural gas, ethanol, propane and biofuels. Since GEI's fuel cells can leverage the existing logistic fuel infrastructure, this makes the Company very unique in the industry. Fuel sources such as natural gas are cheap and abundant worldwide; this will enable GEI to be very competitive. Since the GEI X5 "brand" fuel cell system is scalable and stackable, it enables the Company to become a market leader in every category of the fuel cell Industry and has the potential to create new categories.
GEI can build fuel cells ranging from 2 kW - 100 kW and since the Company has the ability of stacking the fuel cells like building blocks it can build fuel cell power plants that are multi-megawatt in size. The GEI commercial potential is unlimited and will focus much of their attention on the large scale power utilities worldwide as it has the ability to become both a technology game changer and a market leader.
The GEI fuel cell system provides 24-7 primary power for homes and buildings and is paramount due to very restrictive offerings from other companies with only back-up power (due to fuel restrictions) or power to one singular application (due to technology restrictions). The GEI X5 core strategy is to avoid providing a "niche" technology for a "niche" application, but rather provide a robust and scalable systems technology applicable across multiple platforms that allow high volume cost reductions and savings in design and manufacturing cost. There are currently 3 patents that protect this technology and the Company plans for several more to be filed before the end of 2013.