Apollo Resources, through its Apollo Alternative Fuels Company subsidiary, has bought a 50% share in hydrogen fuels development company Energy Ventures Organization, to further its presence in the next generation fuel sector.
Through a stock purchase agreement, Apollo now owns half of the Nevada-based company, which works towards the advancement of zero pollution energy, which includes being a pioneer in the fast growing hydrogen fuels industry.
Apollo’s purchase comes at a time when hydrogen propulsion technology has started to gain significant backing as a viable next generation solution. For example, the Bush Administration in the US has completed a number of high-level hydrogen industrial road mapping sessions at the US Department of Energy and has launched a hydrogen-fueled Freedom Car program.
The new technology’s potential as an alternative fuel for automobiles makes it a strong candidate as a profit making sector of the future energy industry. Already many of the major world car makers are developing hydrogen powered cars and by having a working interest in the development of the technology Apollo has the opportunity to form profitable links with the auto industry.
With the collaboration of Apollo Alternative Fuels Company and its existing technology, Energy Ventures will now focus on continued R&D to produce an up-scaled unit to its current prototype with the aim to provide the energy requirements to power a standard household on a daily basis along with enough fuel to operate the family automobile.