BOISE, Idaho, June 14, 2010 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCQB:AEHI) today announced the signing of a memorandum of understanding with New Mexico-based Hyperion Power Generation, Inc. The MOU is the beginning of a joint venture between the two companies to license, build and market Hyperion's refrigerator-sized modular nuclear reactors on a world-wide basis.
"I am extremely excited and honored to be a partner with Hyperion and its equally impressive 25 Mwe Hyperion Power Module. It is one of the most innovative products I've seen in my 46 years in the nuclear industry. Because of its small size the power plant's applications are limitless and could fuel a huge variety of important facilities including: hospitals, desalinization plants, emergency facilities, industrial parks, factories, military bases, and even small towns for many years. Because of its innovative and exclusive design, Hyperion's technology can even open up applications that no other production reactor can perform. Our partnership will make it possible to market the product internationally, and to locate specific applications in the United States," said Don Gillispie, AEHI CEO and Chairman.
"We chose AEHI to assist us in this endeavor because the company is independently operated, has unprecedented connections in the international community, especially in China, and is headed up by some of the most well-known and respected individuals in the nuclear industry. If there is one company that has the ability to successfully place the Hyperion product in the international spotlight, it is AEHI," said John R. "Grizz" Deal, Hyperion CEO.
Hyperion knocked the nuclear industry on its heels last year when company officials announced the ultra-small reactor, which already has more than 150 purchase commitments from customers such as mining and telecom companies. Unlike most reactors, Hyperion transportable reactors are sealed at the factory and are not refueled onsite. When the reactor has exhausted its fuel, it is returned to the factory and a new reactor is simply installed in its place.
"The Hyperion Power Module practically sells itself," said Gillispie. "It can be installed in a small vault, could power about 25,000 homes, and comes with an unbelievably affordable price tag. In addition, the power plants can be stacked to provide exactly the amount of power needed now and still have the option to increase power supplies in the future if power demands increase. That combination opens up a limitless market, in which AEHI has a variety of customers who are ready to buy."
About Alternate Energy Holdings, Inc. (http://www.alternateenergyholdings.com/) -- Alternate Energy Holdings develops and markets innovative clean energy sources. The company is the nation's only independent nuclear power plant developer seeking to build new power plants in multiple non-nuclear states. Other projects include Energy Neutral, which removes energy demands from homes and businesses (http://www.energyneutralinc.com/), Colorado Energy Park (nuclear and solar generation), and International Reactors, which assists developing countries with nuclear reactors for power generation, production of potable water and other suitable applications. AEHI China, headquartered in Beijing, develops joint ventures to produce nuclear plant components and consults on nuclear power.