MTI is licensed to manufacture and supply the current Hy-Drive HGS and all of its associated sub-assemblies to the worldwide off-road heavy equipment market.
“In December we announced our plan to re-organize our channels of distribution to better meet customer needs, as we intended to aggressively expand our product offering,” said Hy-Drive Technologies president & CEO Robert Bucher. “This agreement is another important step of our re-alignment.”
“MTI has been very supportive of Hy-Drive and its technology,” added Bucher. “This commitment is yet another indication of their willingness to work with us, providing us the necessary capital to advance our technology with them and expand into new, exciting markets.”
MTI will have the “first right–of-refusal” on all potential heavy-equipment customer inquiries as defined within the agreement.
“As I have been on a personal crusade to find innovative ways to reduce emissions for our miners in the underground mining environment, I have been a big supporter of Hy-Drive and its hydrogen technology,” said Bob Lipic, president & CEO of MTI. “This agreement makes a lot of sense. It enables each of us to do what we do best to meet the needs of the heavy equipment market. MTI knows how to manufacture, leaving Blutip to focus on delivering the next breakthrough in emissions reduction solutions.”
Not included in the license is Blutip Power’s proprietary controller software, which will be supplied directly to MTI for each application of the HGS product.
Under separate agreement, MTI will also act as a distributor for the Blutip Power3 Savings Share Program on a non-exclusive basis for the diesel power generation market.
Blutip Power is a technology company headquartered in Mississauga, Ontario. The Hy-Drive HGS enriches the fuel-air charge of an internal combustion engine with hydrogen produced through electrolysis and uses its proprietary software controls to improve combustion of the fuel-air mixture. The result is improved fuel economy and reduced particulates.