Pink Sheets Penny Stock News
Award Recognizes Innovations in Energy and Energy Efficiency Technologies
Jul 29, 2008 11:06:00 AM
Copyright Business Wire 2008
ABU DHABI, United Arab Emirates & LOS ANGELES--(BUSINESS WIRE)--
Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC) (FWB:BAE1) announced today that the Company's application for consideration has been accepted by the Zayed Future Energy Committee. The winners of the Awards will be formally saluted during a formal award ceremony in January 2009 under the patronage of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates.
With the introduction of the Zayed Future Energy Prize, Abu Dhabi, with its international partners at its side, aims to inspire the next generation of global energy innovators-creating solutions we can barely imagine today. On the evening of January 2009, the winner of the first annual prize will be awarded $1.5 million.
Finalists will be nominated by experts across the globe, while the winners will be chosen by a jury chaired by Dr. R.K. Pachauri, chairman of the intergovernmental panel on Climate change and winner of the 2007 Nobel Peace Prize. More information is available at www.zayedfutureenergyprize.com.
"Acceptance through the first stage of the award process has been a considerable validation for the technologies that Axial Vector has worked to produce," said Ahmed Khalifa, Chairman of Axial Vector Energy Corp. "We are pleased that the committee will evaluate all of AVEC's patent-pending 'axial flux' engine and generator set (GENSET) technologies in detail. AVEC is able to produce highly efficient, cost-effective and environmentally sensitive multi-fuel engines and motors that are scalable and adaptable for both mobile and fixed-location settings and we believe this to be of great importance to the future of energy efficiency."