Digital Gas, Inc.(fka DIGGQ)

[Buckey]

2005-08-29 12:14 ET - News Release



NEW YORK -- (Business Wire) -- Aug. 29, 2005

Digital Gas, Inc. (OTC Pink Sheets:DIGG) announced
today that its Digital Sofcell solid oxide fuel cell ("SOFC")
subsidiary will participate in a joint venture with Shanghai ShenLi
High Tech Co. ("ShenLi"), and Goeta Technology Developer International
("Goeta"). The management of Digital Gas anticipates SOFC will be
considered the dominant fuel cell technology used in China and
eventually worldwide after the first SOFC products from the Joint
Venture are tested against all existing proton exchange membrane
("PEM") fuel cell products from several W to hundred kW level
currently used in various business areas, especially for fuel cell
cars and buses.
¶ This joint venture (JV) will be formed based on contributions and
combination of advantages from both sides. Digital Sofcell and Goeta,
the developer of a breakthrough low temperature solid oxide fuel cell
(IT/LTSOFC) technology, will contribute SOFC technology, patented SOFC
material production and fabrication and manufacture facilities which
have been established in China since 2000, other technologies and
systems plus investment and Shanghai ShenLi, China's leading
developer, manufacturer and marketer of fuel cells, will contribute
the facilities, engineering team and equipment, as well as their
recognized expertise in fuel cell systems, installation of fuel cell
products and other technical resources and capabilities. ShenLi has
demonstrated several unique and proprietary fuel cell technologies
that offer lower cost, safer, longer life time, and higher performance
fuel cells.
¶ Shanghai ShenLi plans on being the leading source of power in
China for the transportation, stationary and portable markets. ShenLi
is led by Dr. Li Qing Hu, CEO and CTO. Dr. Hu received his doctorate
at the Shanghai Institute of Organic Chemistry and is the author of
fourteen significant papers in the areas of chemistry and fuel cells.
He is the leading fuel cell expert in China and has received
significant government funding and support. Since 1998, Dr. Hu and
ShenLi have been awarded many research contracts from the Chinese
Ministry of Science and Technology, and Shanghai Municipal Science and
Technology. In particular, ShenLi has received and successfully
completed, seven very important research contracts including: the
National Ninth-Five Year Key Science and Technology Project "PEMFC
Technology", National Tenth-Five Year 863 High Technology Project
"Fuel Cell Engines." ShenLi holds a total of 150 Chinese and United
States patents and has more than 50 proprietary technologies that
resulted from the PEMFC Technology and Fuel Cell Engines projects.
ShenLi has demonstrated several unique and proprietary fuel cell
technologies that offer significant advantages over current fuel cell
existing solutions that provide for lower cost, safer, longer life
time, and higher performance characteristics.
¶ Dr. Bin Zhu founded and leads Goeta Technology Developer
International. Dr. Zhu is considered to be the world's leading expert
in intermediate and low temperature solid oxide fuel cells
("IT/LTSOFC"). He is also internationally recognized for his work in
ceramic fuel cells. During the short period between 1999 and 2000 his
research resulted in about 30 publications and a series of
international recognized breakthroughs in IT/LTSOFC material science
and technology. In 2004 Dr. Zhu's work was judged "well placed in
developing an international leading role in the development of
LTSOFCs" by an international panel consisting of six experts from
Canada, USA, Denmark, Finland and Austria organized by the Swedish
research council (VR) in 2004. Since then Dr. Zhu has been refining
his basic breakthroughs and, after attracting world wide industrial
and commercial interest, is now ready to begin commercialization
through the JV with Digital Sofcell and Shanghai ShenLi.
¶ Digital Gas is also pleased by the fact that Goeta and Dr. Zhu
have established their own patented IT/LTSOFC material production
based and ceramic component fuel cell device manufacture in China.
IT/LTSOFC represents new advanced technology and is the next
generation fuel cell. It has provided new feasibilities and
availabilities for solutions to the current SOFC problems and
challenges to commercialization.
¶ Digital Sofcell will further joint venture with Digital Ultracap
to produce integrated systems that will bring state of the art
distributed generation to the home, small businesses, industrial
firms, shopping centers and malls, hospitals, residential and
commercial real estate and the hospitality industry, well as other
venues.
¶ Digital Sofcell is currently negotiating with investment banking
firms to fund the $250 million that it is seeking to raise to
establish this SOFC technology as the worldwide leader in the
manufacture and marketing of fuel cell systems. A management
consultant firm recently retained by the company is currently
contacting potential strategic partners among end users and may raise
the $250 million in this manner.
¶ More about Dr. Zhu: He has extensive international cooperative
research and development experience including: project leader for the
Sino-Swedish bilateral cooperation project on ITSOFC research under
NUTEK (The Swedish Board for Industry and Technology Development) and
MOST (Ministry of Science & Technology of China); selected by the
Swedish government to develop and implement research cooperation with
China; leading a United Nation's bilateral cooperation program with
NFR (Swedish Natural Science Research Council), NSFC (National Natural
Science Foundation of China), KVA (the Swedish Royal Academy of
Sciences) and CAS (Chinese Academy of Sciences). Supported by TFR,
STINT and NSFC, Zhu had successfully co-organized the 97th Xiangshan
Scientific conference on New Solid State Fuel Cells, an international
colloquium in Beijing, China which provides the Chinese central
government information and strategies for decision making for National
Tenth Five-Year economic development plan on SOFCs. In addition, Dr.
Zhu has been appointed by a number of Chinese universities as the
professor. Dr. Zhu is currently coordinating a Sino-Swedish LTSOFC
network including 14 top universities/institutes and 6 relevant
industrials from Sweden and China, providing solid base and various
supports to this on-going project. Dr. Zhu received his doctorate from
Chalmers University of Technology in Physics and Engineering Physics
and did Post Doctorate work at Uppsala University, Angstrom Lab,
Department of Materials Science.
¶ Major utilities, potential large corporate customers and local,
state and federal governments may express interest or inquire further
at our email address below.
¶ For further information: call Brian Smith [phone] or email
[e-mail]
Contacts:

Digital Gas, Inc.
Brian Smith, 732-927-4073
[e-mail]
Source: Digital Gas, Inc.