CHELMSFORD, MA, December 18, 2017 /24-7PressRelease/
-- Triton Systems (Triton), a product development and venturing company that develops innovative technologies and leverages them to build commercial enterprises, is partnering with Terragenic, Ltd. of Tirat-Carmel, Israel to develop and commercialize hydrogen storage, transport and on-demand generation solutions for the transportation industry.
The collaboration will be facilitated by a grant awarded to Triton and Terragenic with funding from the U.S. Department of Energy and the Israel Ministry of Energy jointly with the Israel Innovation Authority, through the BIRD (Binational Industrial Research and Development) Energy program. BIRD Energy projects address energy challenges and opportunities of interest to both countries, while focusing on commercializing renewable energy technologies.
A safe, stable and cost competitive method for hydrogen transport and storage is critical to expand the use of hydrogen as a clean alternative fuel for transportation and the realization of wide-scale hydrogen production and utilization. Addressing this need, Terragenic and Triton plan to commercialize a novel approach for the safe, low cost delivery and storage of a liquid, hydrogen-containing fuel, 'T-Fuel ' which can release hydrogen upon demand. Like hydrogen, T-Fuel has a high energy density, but unlike hydrogen, it is safe, non-flammable, non-explosive, and stable. This high energy density fuel translates to as much as fifteen times lower weight and volume when compared with battery or compressed H2 gas-based systems.
"We're thrilled to be awarded this grant as recognition of our commitment to develop clean energy solutions," said Ken Mahmud, PhD, Triton's Executive VP. "The company is focused on renewable energy as a technology thrust to deliver market driven solutions in this area. The BIRD Energy program enables us to partner with an innovative company like Terragenic to address the need for safe transportation, storage and on-demand generation of hydrogen. As both our nations - and the world - will need to adopt cleaner energy solutions now and in the coming years, this innovation will enable hydrogen as an energy solution on a broad scale."
Mr. Guy N. Michrowski, Terragenic CEO stated, "The companies have formed a very beneficial partnership in accelerating the commercialization of this technology. The BIRD Energy program has made this collaboration possible and we're excited to be working with Triton."
The Israel-U.S. Binational Industrial Research and Development (BIRD) program is funded to stimulate, promote and support industrial R&D of mutual benefit to the U.S. and Israel. The BIRD Foundation was established by the U.S. and Israeli governments in 1977 to generate mutually beneficial cooperation between the private sectors of the U.S. and Israeli high-tech industries, including start-ups and established organizations. BIRD provides both matchmaking services between U.S. and Israeli companies, as well as funding covering up to 50 percent of project development and product commercialization costs. Since its inception in 1977, BIRD has approved over 950 projects with leading companies in the U.S.
About Terragenic, Ltd.
Terragenic Ltd., an Israeli company develops revolutionary on-demand-hydrogen technology that enables fifteen-times times the energy density of standard automotive batteries and with only few minutes charging time. The company's patent pending T-Fuel is rich in energy (in the form of hydrogen) while being completely safe, green and cost competitive. The company is focused on providing a safe, cost-effective and simple to handle Hydrogen source for hydrogen fuel cell based systems in transportation, utility scale, off grid and defense marketsAbout Triton Systems, Inc.
Triton Systems, (Triton) was founded as a technology and business incubator in 1992. Headquartered in Chelmsford MA, Triton has grown a global footprint by taking breakthrough ideas in a broad range of disciplines and creating a series of commercial products and independent spin-offs, represented by over $2B in shareholder value across its portfolio of companies. By partnering in-house technical, business and financial expertise with targeted external resources, Triton delivers creative solutions to the marketplace through licensed products, joint ventures and independent entities. Company spinoffs, affiliates and divisions include: FRX Polymers, Inc., Sensera, Fluence Corp., Aduro Biotech, FRA Composites, Si2 Technologies, and VOmax.