Coates International, Ltd. (OTC Pink: COTE) is engaged as an alternative engine manufacturer. Shares of the engine maker are surging 66.67% on Tuesday, September 12, 2017. Over the past month, Coates International, Ltd. has seen average daily volume of 38.3 million shares on the day. However, volume of 319.77 million shares or dollar volume of $159,885, has already exchanged hands on Tuesday.
Shares of Coates International, Ltd. are jumping today, after the company announced that its Alpha, New Jersey project has been taken over by H2 Development Corporation. As a result, the project planning has received funding of 35 million. The project will help with the development of sun-based power that will be free of carbon exhaust output. Here is the full press release detailing of the Alpha, New Jersey project:
Coates International, Ltd. Press Release:
WALL TOWNSHIP, N.J., Sept. 12, 2017 (GLOBE NEWSWIRE) — Coates International, Ltd. (OTC PINK:COTE) (the “Company”) was notified on August 31, 2017, that H2 Development Corp. has taken over the Alpha, New Jersey project. Project planning has been approved and funding of $35,000,000 USD is in place. 2 M.W. sun tracking solar systems by EPG, Green Hybrid Energy Solutions of White Plains, New York will be on-site. Coates International, Ltd. will provide 1.5 M.W. H2 fueled Coates CSRV® industrial electric power generator sets, including CSRV® retrofit 18 wheeler tractor trailer trucks. The H2 infusion process will be contributed by Kokomo Beverage Bev-Graph Alpha, New Jersey.
Coates International, Ltd. President and CEO, Mr. George J. Coates, comments: “This project is the world’s first of its kind and will achieve renewable green energy storage.
“The rays of the sun supply inexhaustible carbon-free power. When the sun goes down, the CSRV H2 generator sets kick in so that a constant 24/7 power supply is achieved. H2 transport trucking is also a first. Powered by H2 produced by rays from the sun, there is a continuous supply of, green clean carbon free continuous power. This may be the biggest breakthrough of energy supply in the world ever.
“Poppet valve engines do not work properly on gaseous H2 because they have overlap; meaning both inlet and exhaust valves are open at the same time causing pre-ignition. The Coates CSRV® operates with totally different action and operates flawlessly on all combustible fuels including flare off gas, CNG, LNG, propane and Hydrogen H2.”
There can be no assurance that the Company will be successful in any of its endeavors.
Safe Harbor Statement:
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see our filings with the Securities and Exchange Commission. Our public filings with the SEC may be viewed and printed on the website maintained by the SEC at http://www.sec.gov.