Las Vegas, NV (PRWEB) October 20, 2005
Along with Partner(AOOR), Apollo Alternative Fuels Company, LLC, a wholly owned subsidiary of Apollo Resources International, Inc OTCBB (AOOR), Energy Ventures Organization is producing hydrogen and converting it to electric power for use in a home, with its hydrogen generator using solar and wind. "Our involvement in technology advancement through research and development is proceeding right on track", stated President Conrad Vergara.
We have completed and are testing our Second Generation "up-scale hydrogen unit" making hydrogen by using electrolysis and the photovoltaic process. Our next step will be to build multiple connected units to produce hydrogen stored, in stainless steel metal hydride tanks, with the capacity to run a standard home on a daily basis. We are also utilizing and testing the "Airgen" fuel cell generator by Ballard Technologies, that is fueled by hydrogen and can produce 1500 watts of power (1 kW), which can power basic small home appliances with natural energy without using any plug in power. We are basically off-grid that is a big step for our research and development team. Cost efficient energy applications are one of our goals for the residential homeowners," stated Mr. Vergara.
The New Energy Bill Extends Wind Power Incentives, Production Tax Credit, and other incentives are soon to be signed into law by the end of the year. Up to 2,500 megawatts of wind energy capacity are scheduled to come on line in the U.S. this year, bringing new power to the equivalent of 700,000 homes and injecting over $3 billion of investment into the power generation sector. With the timely extension of the Production Tax Credit (PTC) the American Wind Energy Association anticipates that strong growth momentum will continue in 2006 and 2007.
Energy Ventures Organizations combined research, design, and development of its hydrogen generator, along with solar and wind is happy to be partnering with Apollo Resources to attain its goals and future objectives." We plan to make hydrogen, solar and wind technologies and other systems an accepted concept that can be an integrated option for distributed-energy production for both on and off the electric power grid.
The future for Energy Ventures Organization is to add significant reliability, diversity and security to the U.S. Energy System and improve the quality of life in this country by expanding inexpensive electricity to all. And to significantly reduce the environmental signature (air emissions) by displacing fossil fuel energy systems with cost effective solar energy systems and other alternative power.
The Energy Policy Act of 2005(H.R. 6) establishes a 30% tax credit up to 2,000 for the purchase of residential photovoltaic (solar electric) and solar water heating. An individual can take both a 30% credit up to $2,000 cap for a photovoltaic system and a 30% credit up to $2,000 cap for a solar water heating system. A 30% tax credit up to $500 per 0.5 kW is also available for fuel cells. The credit is calculated based on the individual's expenditures excluding subsidized energy financing which is defined as "financing provided under a Federal, State, or local program, a principal purpose of which is to provide subsidized financing for projects designed to conserve or produce energy" We at Energy Ventures Organization are committed to that success.
This press release includes “forward-looking statements” Although the Company believes that the assumptions upon which its forward-looking statements are based, are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s projections and expectations are disclosed in the Company’s filings. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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