Alumifuel Power Corp (OTCMKTS:AFPW) shares were flat at $0.00030 on Monday. The company has a market cap of 2.01 million at 2.23 billion shares outstanding.
Alumifuel Power Corp is an early production stage alternative energy company that generates hydrogen gas and superheated steam through the chemical reaction of aluminum, water, and proprietary additives. It operates through its subsidiaries, NovoFuel Inc, AlumiFuel Power Inc, and AlumiFuel Power Technologies Inc. Hydrogen generated by its products fill inflatable devices, such as weather balloons, feed fuel cells for portable and back-up power, and replace hard-to-handle and high pressure K-Cylinders. Its first commercially available product is the PBIS-1000 portable balloon inflation device.
In a press release this week, Alumifuel Power Corp shared its plans to enter the multi-billion dollar staffing industry through a new subsidiary called Energy Staffing Solutions Inc. This subsidiary has already commenced discussions with several entities on possible collaboration or acquisition activity.
We see the staffing function being a synergistic complement to AlumiFuel’s wholly owned subsidiary NovoFuel, Inc., which continues to pursue hybrid renewable energy systems solutions for a variety of off-grid power applications,” said Alumifuel Power Corp CEO Henry Fong.
He added that Alumifuel Power Corp is also working on consolidating certain parts of the company’s convertible debt since it will be an important aspect of future financing considerations. He noted that they will be advising their shareholders as these moves move forward and materialize.
It’s worth noting that the company has not generated revenues at this stage yet. Still, it has strong plans for the establishment and growth of its business, which would span several strategies such as collaboration, acquisition, and a general roll-up approach before achieving organic growth. The company was incorporated in October 2014 and competes with the likes of Airgas, H2Gen, Air Products, HyGear, Tesla, Ballard Power and Plug Power.
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