GUELPH, Ontario, April 19, 2011 /PRNewswire/ -- W2 Energy, Inc., a clean energy company (www.w2energy.com) (PINKSHEETS: WTWO), is pleased to announce that it has purchased 100% of Free Drive EV, Inc., the designer and manufacturer of the Solar Bug solar electric vehicle.
The original term sheet between W2 Energy and Free Drive called for W2 Energy to buy 80% of Free Drive. The new deal is a result of further negotiations between W2 Energy and Free Drive.
W2 Energy will soon be shipping two Solar Bugs and all of the associated parts from Free Drive's former headquarters in Bozeman, Montana to the W2 Energy factory in Guelph, Ontario. The W2 Energy team will then make the modifications necessary to the Solar Bug for sale and operation in the United States and Canada.
As currently manufactured, the Solar Bug is a low speed solar electric vehicle ideal for use as a fleet service or commuter vehicle. In addition to preparing the Solar Bug for sale as a low speed electric vehicle, W2 Energy will be modifying the Solar Bug for use as a full speed and full range vehicle, using the coal water slurry W2 Energy has been developing over the last few months as its fuel source.
In this full speed version of the Solar Bug, a small NT Plasmatron will convert the coal water slurry into syngas, which will power a SteamRay driving an electric motor, thereby creating a full size vehicle which will run on inexpensive North American coal rather than expensive refined petroleum products.
"We are thrilled to have completed the 100% purchase of Free Drive. Now we are going to start building a whole range of Solar Bugs using different fuels such as solar energy and coal water slurry," says Mike McLaren. "We are going to use the Solar Bug as the transportation platform for many of our best technologies."
W2 Energy trades in the United States on the OTC market under the symbol "WTWO." For further information, please contact Mike McLaren at (519) 800-7556 or go to www.w2energy.com.
Note: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions, risk in product development, market acceptance of new products and continuing product demand, level of competition and other factors described in reports and filings with regulatory bodies
SOURCE W2 Energy, Inc.