Alumifuel Power Corp (OTCMKTS:AFPW)’s wholly owned subsidiary NovoFuel, Inc. signed a Memorandum of Agreement with Fidelity Holding Corp (OTCMKTS:FDHC) to together work on hybrid Renewable Energy Systems solutions for oilfield applications in the United States, starting with Fidelity’s oilfield operations.
As per the signed deal, Fidelity would recognize one of the places in its Kansas oilfield application as the location for a lead site to reflect how hybrid RES elements can serve oilfield energy and power requirements, just as the company can provide services to cannabis grow operations. The two entities will work closely to match energy and power requirements of several oil well locations with an optimal configuration of Renewable Energy System components for each location.
Alumifuel subsidiary’s hybrid RES components include a solar panel array, monopole tower-mounted wind turbine, a hydrogen fuel cell when necessary, an 18.6kW lithium-ion battery, a site security module and a real-time energy control and management module.
Fidelity Holding Corporation which is a general holding firm based in Tucson focuses on opportunities in the gas and oil and renewable energy segments. The company, via its subsidiary firm, Rebel Resources, Inc., is into the production of heavy oil. It focuses on thermal technology to extract extra heavy oil out of old oil fields worldwide. It has achieved a competitive advantage within the market by using the new techniques and technology to produce heavy oil in Kansas.
The subsidiary’s technology capitalizes on prevailing stranded natural gas assets to optimize the finances related with the heavy oil operations. Fidelity Holding Corp (OTCMKTS:FDHC) and Alumifuel subsidiary will cooperate and work on joint strategies to extend the applications of hybrid RES system for all of Fidelity’s operations. Alumifuel’s subsidiary CEO David Cade said that the company is enthusiastic about the deal since it will result in a new and large application location for renewable energy measures.