Medis Technologies Ltd. (NASDAQ:MDTL) has been formally advised by Underwriter Laboratories (UL) that its 24/7 Power Pack fuel cell product has successfully completed the engineering test program required for UL listing.
UL will soon perform its required Initial Production Inspection at Medis’ production facility in Israel so that product can be shipped with the UL mark.
The tests involved rigorous testing of the Power Pack for a broad range of criteria relating to product safety. Power Packs were subjected to wide temperature ranges, drop tests, crush test, vibration tests, material tests, storage tests and other testing. “This is a major milestone in bringing our 24/7 Power Pack product to the market,” said Robert K. Lifton, Chairman & CEO of Medis Technologies. “Successfully completing the demanding engineering tests established by UL, respected as a world leader in product safety certification, is a testament to the safety and commercial integrity of our Power Pack. The bar that this UL testing program has set is very high and will assure the consumer that any fuel cell product that meets these criteria is safe for use.
“Our customers and potential customers have been awaiting the results of these tests demonstrating that our Power Packs meet the high level of UL standards and consequently, with the UL Listing, we anticipate an even greater pace of orders for Power Packs. Initially, we expect to produce Power Packs on our semi-automated line and then deliver much larger quantities from our fully automated line. Construction of that automated line is on target; the line is in the process of validation in Ismeca’s facilities in Switzerland. As soon as validation is completed, the line will be dismantled and sent to Celestica’s facilities in Ireland where it is planned to be re-assembled, tested and placed in production.
“Once our production team is satisfied with the operations of the first fully automated line, we anticipate ordering one or more additional lines from Ismeca, depending on the level of order flow. We are told that each new line will require about ten months to build and make operational. The recent private sale of our Series A 7.25% Convertible Perpetual Preferred shares has provided us with gross proceeds of $57,500,000. We believe that these proceeds, together with other available corporate funds, leaves us sufficiently capitalized — with no long term debt — to carry out our planned program for additional lines.”
Medis Technologies’ primary focus is on direct liquid fuel cell technology. Its business strategy is to sell its products to end users through retail outlets, service providers and to the military and other markets.
Loading...