Vancouver, British Columbia--(Newsfile Corp. - October 14, 2015) - Galileo Petroleum Ltd. (TSXV: GPL) (FWB: P5HH) ("Galileo") announces that the Company is moving forward with a business strategy developed by zeolite consultant Zeo Trade that would enable Galileo to offer a zeolite adsorption technology for heat powered cooling called ZeoCooler in North America. The technology could lead to the potential conversion of large segments of the North American cooling market.
This energy saving technology allows for the operation of air-conditioning systems in residential and commercial buildings at a low power consumption level and, when required, additional generation of heat to supplement other heating systems.
Our objective is to gain entry into the US market as soon as practicable and to this end Galileo will introduce this proven technology through its established contacts to leading engineering firms and service providers. California would be the initial launching point. According to recently announced statistics, electricity in California costs about eighteen (18¢) cents per KwH which is 50% higher than the US average. The energy demand for air conditioning in private households in the United States is almost 50% of the total consumed energy in the private sector.
Technology by Sortech AG
Galileo, through Zeo Trade is working with Sortech AG from Halle, Germany to commercialize its patented cooling technology in the United States and Canada and to establish Galileo as a marketer of the technology. The markets in the United States are particularly well set up to adopt the cooling technologies because they are energy efficient, saving power and money, and fit with the warmer climates in the southern US.
SorTech AG was established 10 years ago as a spin-off of the Fraunhofer Society and is considered a pioneer in the field of heat-cold converters. With over 400 systems installed worldwide, their cooling technology is field-tested and proven in both residential and industrial buildings.
The following video link is titled "Sortech - Making heat cold": www.youtube.com/watch?v=vvmwY-BfbXY
Galileo's corporate presentation can be found at: www.galileopetroleum.ca/i/pdf/CorporatePresentation.pdf
Transportation Industry
This technology could be developed and deployed in the transportation and automobile industry for air-conditioning in cars and trucks. The air conditioning systems in cars alone use between one to three liters of gasoline per 100 Km or ¼ to ¾ of a gallon of gas per 63 miles; the vehicle miles traveled on all roads in the USA in 2015 is estimated at over three (3) trillion miles. It only makes sense to convert the produced heat from the engine into the generation of cool air as efficiently as possible.
Market Opportunity
The US population is estimated at 321 million with over 86 million people (27%) living in California, Florida and Texas combined. These three warmer populous states of the US represent a tremendous market opportunity to establish a foothold in the cooling industry. Galileo will incorporate a 100% owned subsidiary prior to yearend based in Los Angeles to approach the US market.
ON BEHALF OF GALILEO PETROLEUM LTD.
"David N. Hottman"
David N. Hottman
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
For further information contact:
David Hottman, President & CEO at 604-629-1929
E-mail: info@galileopetroleum.ca
copyright (c) newsfile corp. 2015
Source: Newsfile Corp.
(October 14, 2015 - 5:00 AM EDT)
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