SiEnergy Systems, LLC Awarded Grant for $300,000 Through the Massachusetts Clean Energy Center’s AmplifyMass Program

The Massachusetts convertible grant program is designed to supplement funding provided to recipients of the Advanced Research Projects Agency-Energy (ARPA-E) program, which SiEnergy won last year. The company is being recognized for its efforts to develop a hybrid electrochemical system that performs as both a fuel cell and battery.

CAMBRIDGE, Mass.--()--SiEnergy Systems, LLC, which is commercializing low temperature thin film solid oxide fuel cell (SOFC) technology from Harvard University, is pleased to announce that it was awarded a $300,000 grant from the Massachusetts Clean Energy Center (MassCEC) under their AmplifyMass program.

AmplifyMass offers its awards to Massachusetts-based clean technology companies and university research projects that have been given funding by the U.S. Department of Energy’s ARPA-E (Advanced Research Projects Agency – Energy) program, which SiEnergy Systems won in 2014.

SiEnergy Systems is developing a thin film SOFC for the portable and small power generation markets. The technology is designed to reduce fuel cell cost, and allow fast start-up and load-following capability by responding rapidly to changes in power demand. The targeted end result aims to be a practical, affordable, and energy efficient system that is able to use convenient fuels and significantly reduce fossil fuel consumption and greenhouse gas emissions.

“We are very pleased to be a recipient of this grant, which will provide SiEnergy with resources to invest in additional research and development that will accelerate the progress of our technologies,” said Vincent Chun, General Manager of SiEnergy and a Vice President at its parent company, Allied Minds (LSE: ALM). “The support of the MassCEC goes beyond just the funding that they’re providing. MassCEC is engaged in pushing forward clean energy in ways that benefit the portfolio of companies that now includes SiEnergy, and opens up opportunities for advocacy and networking.”

SiEnergy’s technology uses nanometer scale electrolytes to create SOFCs that operate at a commercially desirable temperature and is scalable to meet various power requirements. Thin film SOFC is a promising technology that provides solutions to cost and reliability challenges of fuel cells today.

Fuel cells—or devices that directly convert the chemical energy of a fuel source into electrical energy—are considered optimal for distributed power generation systems, which generate power close to where it is used. Distributed generation systems offer an alternative to the large, centralized power generation facilities or power plants that are currently commonplace. While centralized power generation systems have an excellent economy of scale, they often require long transmission distances between supply and distribution points, leading to efficiency losses throughout the grid. Additionally, it is difficult for centralized power systems to balance power generation with the grid demand in the presence of intermittent renewable power sources. Fuel cells provide efficient power generation capability and improved grid stability through local balancing of the power supply and demand.

SiEnergy Systems is a subsidiary of Boston-based Allied Minds. More information about the company and its research can be found at www.sienergysystems.com.

About SiEnergy Systems, LLC

SiEnergy Systems is commercializing a proprietary thin film solid oxide fuel cell technology developed at Harvard University. The technology uses commonplace high throughput solar/LED manufacturing processes to create SOFCs with nanometer-scale electrolytes that operate at low temperature, use less material, and are scalable to meet various power requirements. The “Silicon Energy” reduces the cost of SOFCs and creates clean and affordable mobile and small stationary power sources. For more information, visit www.sienergysystems.com.

About Allied Minds

Allied Minds (LSE: ALM) is an innovative U.S. science and technology development and commercialization company. Operating since 2006, Allied Minds forms, funds, manages and builds products and businesses based on innovative technologies developed at leading U.S. universities and federal research institutions. Allied Minds serves as a diversified holding company that supports its businesses and product development with capital, central management and shared services. More information about the Boston-based company can be found at www.alliedminds.com.

Allied Minds Forward-Looking Statement

This press release contains statements that are or may be forward-looking statements, including statements that relate to the company’s future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risk and uncertainties described in the risk factors included in the company’s regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Prospectus Rules, the Listing Rules and the Disclosure and Transparency Rules, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

ArcPoint Strategic Communications
Christine Dunn, 617-484-1660 x101
cdunn@arcpointstrategy.com

Release Summary

SiEnergy Systems, LLC, which is commercializing low temperature thin film solid oxide fuel cell (SOFC) technology, was awarded a $300,000 grant from the Massachusetts Clean Energy Center (MassCEC).

Contacts

ArcPoint Strategic Communications
Christine Dunn, 617-484-1660 x101
cdunn@arcpointstrategy.com