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Turbine Truck Engines Inc Signs First $1 Million Lease Contract for HPBS


Monday, 10 Jun 2013 03:24pm EDT 

Turbine Truck Engines Inc announced it has secured a definitive Lease Agreement with Fujian XinChang Leather, Co. Ltd., located at Jinjiang City, Fujian Province, China, for the operation of the Hydrogen Production Burner System (HPBS) to be installed at the Fujian XinChang Leather, Co. manufacturing facility. The HPBS allows Fujian XinChang Leather, Co. to expedite switching the companies' primary burner fuel from coal to hydrogen as industry throughout China undergoes increasing pressure to find solutions to reducing air pollutant emissions. Additionally, Fujian XinChang Leather, Co. has agreed to allow Turbine Truck Engines to conduct the testing and data collection necessary for final certification of the HPBS for use throughout China. Under TTE's Hydrogen Production Burner System Lease Program, once the HPBS is installed and operational, Fujian XinChang Leather, Co.'s lease payments to Turbine Truck Engines for the lease's initial 6-year term project to a minimum of $1,036,000 (USD). Through qualified Carbon Credit Asset Programs and based on Fujian XinChang Leather's current carbon footprint, the Hydrogen Production Burner System projects an additional 30% annual revenue increase above the noted lease payments. 

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