LAVERNIA, TX — PowerCold Corporation has announced that its wholly owned subsidiary, Power Sources, Inc., has been selected by DTE Energy Technologies to collaborate in developing on-site cogeneration projects in the northeastern United States. DTE Energy Technologies, a subsidiary of DTE Energy in Detroit, MI, believes the business can generate $12 million through 2003 and at least $20 million in projects within three years.

The projects will be supported jointly with DTE Energy Technologies and Utility Metal Research, Inc. (UMRI). Power Sources, as the marketing entity for the cogeneration systems, was acquired late last year from UMRI, a major cogeneration developer in the New York metropolitan area.

Joe Cahill, president of Power Sources, stated, "This is a highly promising and synergistic relationship that we believe will provide important new revenue and profits for us this year and in the years ahead. Our ability to offer economical and more reliable on-site distributed power systems combined with our energy efficient Nauticon evaporative condensers and EV chiller systems has opened large new markets for us."

Rick Diloia, district manager of DTE Energy Technologies, said, "The demand for on-site cogeneration units is growing steadily. Businesses need and want reliable power delivered in a cost-effective manner. This is what we are offering. I am very optimistic about the prospects for our collaboration with Power Sources and UMRI."

Marty Borusso, ceo of UMRI, said, "With the addition of PowerCold's energy-efficient products there is further significant reduction in power operating costs because of the reduced size and cost of the on-site combined heat and power systems and overall energy consumption. Now we can further reduce the total energy cost of a building by inclusion of the on-site distributed power systems."

Publication date: 03/25/2002