Aquarius Engines Inks Five-Year R&D Contract with the U.S. Army

TEL AVIV, Israel, Aug. 9, 2022 /PRNewswire/ -- Aquarius Engines (TASE: AQUA) have revealed that they signed a research and development deal with the United States Army via the US Army Combat Capabilities Development Command (DEVCOM) in March 2020, which has now been extended by an additional five years until July 2027.

Aquarius Engines invented, developed, and manufacture lightweight super-efficient linear engines based on the company's proprietary technology, that can operate on a range of alternative fuels, including hydrogen, methanol, ethanol-E85 and LPG.

Under the new terms, the US Army Combat Capabilities Development Command (DEVCOM) will continue to test the Aquarius Engines technology and products at US government facilities.

"The extension of the R&D agreement between Aquarius Engines and US Army Combat Capabilities Development Command (DEVCOM) is a significant expression of confidence in our company and the engine we developed. We cannot specify for what purposes US Army Combat Capabilities Development Command (DEVCOM) wishes to use our technology, but it is clear that the continuation of our fruitful cooperation constitutes another significant step in advancing our business strategy and expanding our activities around the world." Said Ariel Gorfung, CEO of Aquarius Engines.

Aquarius Engines already has partnership deals with Nokia in the field of remote communication and energy equipment management in addition to Japanese auto-parts manufacturers TPR and Honda-affiliate Musashi Seimitsu.

The 22 lbs. Aquarius Engine was invented in 2014 and is designed to be used as an onboard power generator in a vehicle or as a stand-alone electricity generator. Unlike most conventional engines that are made of hundreds of parts, the Aquarius Engine has just twenty components and one moving part. The lightweight streamlined design makes it inexpensive and highly efficient with minimal need for maintenance, compared to traditional engines.

Aquarius Engines is initially targeting the global telecom market (in collaboration with Nokia and other leading companies in the field) – to provide backup energy for communication towers, based with the Aquarius Engines generator, which runs on a variety of fuels such as: hydrogen, ethanol E85, methanol, LPG.

In the future, Aquarius Engines plans to make moves into the worlds of automotive, marine, and aviation and across the defense industry.

Aquarius Engines boasts 41 registered patents in the US and abroad and another 36 patents pending. The company has been publicly traded on the Tel Aviv Stock Exchange (AQUA) since December 2020.

The Chairman is Gal Fridman and CEO is Ariel Gorfung. Aquarius Engines has manufacturing and development centers in Israel, Germany and Poland. https://www.aquariusengines.com/

SOURCE AQUARIUS ENGINES