TAMPA, Fla., June 18, 2019 (GLOBE NEWSWIRE) -- Cool Technologies, Inc. (OTCQB: WARM), an innovator in efficient mobile electric power generation and power enhancement technologies for motors and generators, announced today that it has entered into a joint venture agreement (“JV”) with KILO, Inc., a privately held company based near Minneapolis, Minnesota.
KILO is an intellectual property company with a revolutionary hydrogen creation process, which does not involve electrolysis, and requires minimal power. The proprietary technology produces hydrogen from water and then infuses the gas into the fuel system.
The JV includes mutual licenses for each Companies’ technologies. Both companies will market Cool Tech’s Mobile Generation (MG) systems with the option to include KILO’s HydroQube™ technology and other available options such as water desalinization.
Adding KILO’s HydroQube™ technology to Cool Tech’s Mobile Generation technology should create an MG system with better diesel engine efficiency and fuel economy while reducing a work truck’s carbon footprint.
"The JV with KILO will immediately enhance the environmental benefits of the Mobile Generation platform,” said Timothy Hassett, Cool Technologies’ Chairman and CEO. “The potential fuel savings have generated significant interest in countries such as Mexico where diesel costs are higher than in the US.”
In addition to integration into the MG systems, KILO’s HydroQube™ technology also offers potential applications in hydrogen-fueled vehicles and commercial grade hydrogen for industrial use.
Drew Holt, KILO’s founder and CEO noted, “As we further integrate our respective technologies, we expect new avenues of revenue to open for the JV. There are a number of potential synergies between the two companies’ intellectual property platforms that we believe can serve and disrupt very large markets.”
About KILO. KILO, Inc. is an intellectual property company with a foundation technology that applies to numerous technology and manufacturing companies but also cleantech and traditional energy companies. The Company’s technology is the foundation of the HydroQube™, but also has myriad applications in numerous industries.
About Cool Technologies, Inc. Cool Technologies is an intellectual property and product development company commercializing patented thermal dispersion technology across multiple platforms. The Company has additional patents-pending for various OEM applications of its proprietary heat removal technologies. Tested and validated by two third parties, ESSCO Pumps and Nidec Corporation, the Company’s cooling system eliminates the need for costly and maintenance heavy cooling systems while increasing power output of motors, generators, pumps, fans, compressors, batteries and bearings.
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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