Nesscap Energy Inc. Signs $3.2 Million Contract to Supply Ultracapacitors
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SEOUL, SOUTH KOREA, Apr 19 (MARKET WIRE) -- Nesscap Energy Inc. ("Nesscap") (TSX VENTURE: NCE), a global leader in research, development and manufacturing of ultracapacitor products, is pleased to announce that the Company has signed an agreement to supply ultracapacitors valued at USD $3.2 million. The agreement with Trainelec, a subsidiary of Spanish based CAF (www.caf.es), a world-class railway vehicle manufacturer, calls for Nesscap to supply product with the option of increasing the order size by 20%. This contract follows previous orders stemming from a development contract with CAF in early 2007. The order is scheduled to be fulfilled through 2011. "As a result of this latest contract, Nesscap will become the world's largest ultracapacitor supplier to the tram industry," said Dr. Sunwook Kim, Chief Executive Officer of Nesscap Energy Inc. "As a result of our focused development work for more than ten years with many global companies for diverse applications, we are now seeing strong growth in commercial orders." Nesscap's ultracapacitors will be used in trams serving major cities in Spain. Ultracapacitor-based energy storage systems enable light rail vehicles or trams to travel without overhead power lines or catenary power. Specifically, this system allows electrical power catenary to be installed locally at the passenger stops, and, when the vehicle stops, the ultracapacitor energy storage system is fully charged in about 25 seconds. This provides enough energy for the vehicle to reach the next stop on the route with remarkable traction and auxiliary power performances. Ultracapacitors can help reduce the energy consumption of a light rail or metro system by up to 30% by storing the energy released when braking and using this energy during the next acceleration of the vehicle. Moreover, lower peak current demand means that fewer substations are needed and they can be further apart, which reduces infrastructure investment. About CAF Construcciones y Auxiliar de Ferrocarriles (CAF), S.A. is one of the international market leaders in the design, manufacture, maintenance and supply of equipment and components for railway systems (www.caf.es). Trainelec is dedicated to the design, integration and production of electric traction systems for the rail industry including all kind of rolling stock as LRVs, Metros, Commuter Trains and Locomotives. Trainelec incorporates improved energy efficiency based on ultra-capacitors via train braking energy recuperation. The accumulated energy in the ultra-capacitors during braking can be used later to drive the train, thereby achieving an energy saving of as much as 30% (www.trainelec.com) About Nesscap Since its inception in 1999, Nesscap Inc., has become an award winning global leader in technology innovation and product development of ultracapacitors. Attributes of the ultracapacitor allow for the technology to be used in applications where power, life cycle requirements or environmental conditions limit the suitability of batteries. Uniquely structured, Nesscap products are used to replace or enhance the performance of energy and power needs for modern applications ranging from portable electronic devices to high-tech 'green' cars and are available in both cells and modules. Nesscap features the widest array of standard commercial products in the market from 3 farads to 6,200 farads with industry recognized alternative organic electrolytes. Customers of the Company include transportation, power, industrial and consumer markets. Technical and sales information can be found at www.nesscap.com. Forward-Looking Statements Included in this news release are matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has in any way approved or disapproved of the contents of this press release. Contacts: Nesscap Energy Inc. Debbie Bamforth Corporate Communications 905-599-3322 firstname.lastname@example.org www.nesscap.com Copyright 2011, Market Wire, All rights reserved. -0-