American Security Resources Corp. (OTCBB:ARSC) announced it has closed its acquisition of privately held EGO Design Inc. EGO Design has proprietary, silicon-based, hydrogen fuel cell technology.
ARSC has created a wholly owned subsidiary, Hydra Fuel Cell Corporation (Hydra), to develop, manufacture and license the hydrogen fuel cell technology which it acquired in the acquisition of EGO Design.
Hydra has targeted the fixed power market of 5kW to 40kW as the initial market for its fuel cells which will be the first commercially mass producible of their type. Hydra expects to have units deployed to potential customers before the end of the year.
“A less than 20% penetration of the fixed power market will yield sales of over $100 million within two years,” said Joe Grace, President of ARSC, “and potentially over $1 billion in sales within 8 years. This is just the first market we are going to develop for this break-through technology.”
American Security Resources Corporation is a holding company seeking to acquire companies which have products or services for homeland defense and national security.
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