Hy-Drive signs technology licensing deal with Martinrea
TORONTO, ONT-Hy-Drive Technologies, a hydrogen-based energy technology firm, and Martinrea International, a producer of metal parts, assemblies and modules and fluid management systems mainly for the automotive sector, have signed a technology licensing agreement. Its terms provide for the joint development of an automotive Hydrogen Generating System (HGS) for automobiles and light trucks, based on Hy-Drive's proprietary HGS technology. The agreement also grants Martinrea the exclusive worldwide licence for the development of Hy-Drive's technology for the automotive industry. Martinrea will fund automotive related development costs and will pay a royalty to Hy-Drive based on pre tax profits, when earned. The Hy-Drive HGS generates and injects small amounts of hydrogen gas into the combustion chamber of a regular internal combustion engine, creating an enriched air mixture and a faster, more complete burn of the air-fuel mixture. Based on testing and trials to date on a wide variety of internal combustion engines, the technology has demonstrated substantial performance enhancements, including fuel savings and reduced carbon monoxide, nitrous oxide and particulate matter, as well as a cleaner-burning engine requiring less maintenance. More information is available from Hy-Drive president Tom Brown, 905/542-3024, E-mail email@example.com, or Nick Orlando, executive vice-president and CFO, Martinrea International, 416/749-0314, FAX 905/264-2937.