VIASPACE is a clean energy company focused on providing products and technology that reduce or eliminate dependence on fossil fuels and other high-pollutant energy sources. Through its subsidiaries, the company provides raw material for cellulosic biofuels; develops and markets fuel cartridges, products and technology for methanol fuel cells; markets rechargeable lithium-ion batteries; and develops security-related monitoring and detection technology and systems for military/defense and commercial applications.
Through its renewable energy subsidiary, VIASPACE Green Energy, the company grows a fast-growing non-food grass that can be harvested four times a year. This proprietary grass is used for producing low carbon liquid biofuels such as cellulosic ethanol, methanol and green gasoline for transportation, as well as partially or completely replacing coal to reduce carbon emissions from electric power plants. Cellulosic biofuels made from non-food sources offer environmental and economic advantages over food crops, like corn, and are attracting strong political support around the world.
Through its alternative energy subsidiary, Direct Methanol Fuel Cell Corporation, the company designs and manufactures disposable methanol fuel cartridges that supply power for portable electronics such as notebook computers and mobile phones. Compared to traditional batteries, fuel cells cleanly and efficiently convert methanol into electricity without burning and provide longer operating time and instantaneous recharging. VIASPACE also supplies rechargeable lithium batteries for electronics, power tools, electric bicycles and other electric vehicles.
Through its high-technology subsidiary, Ionfinity, the company collaborates with Caltech and NASA’s Jet Propulsion Laboratory to develop and commercialize new sensor technology that can detect very small amounts of hazardous materials such as explosives, chemical/biological weapons, toxic gases and drugs. Leveraging Ionfinity’s miniaturization technology, new portable monitoring devices and detection systems are being developed for homeland security, defense, biomedical, industrial process control, agricultural and environmental safety applications.
VIASPACE, Inc. (VSPC.OB) Subsidiary Reports Increasing Sales, Expanded Distribution of Framed Art
VIASPACE Inc. announced earlier today that its framed-art subsidiary Inter-Pacific Arts (IPA) signed sales contracts with four new customers. These customers included two large furniture chain-retailers on the East Coast and two high-volume furniture wholesalers that sell through catalogs and outlet stores. Shipments are anticipated to begin before this year’s holiday season.
According to the press release, the subsidiary is also in discussions with other retailers and wholesalers, including “big box” wholesale-to-the-public membership clubs.
IPA realizes that the economic downturn has affected all areas of consumer spending. However, the subsidiary’s commitment to increasing its customer base is expected to enhance sales growth in future periods as economic activity and consumer spending recover.
IPA President Sung Chang stated, “We see the current situation as an opportunity to expand our distribution network. To realize this growth opportunity, we are increasing focus on our competitive strengths — high-quality artwork, product selection, and pricing — to not only attract new customers but also retain existing customers. Our ability to fulfill high-volume orders and make timely deliveries were also key factors in signing our newest customers. Overall, we feel our commitment to customers places IPA in an excellent position for long-term growth.”
VIASPACE Chief Executive Carl Kukkonen added, “Our framed art is of the highest quality, and each customer receives a unique product in terms of the art, mattes and frames. Furthermore, we guarantee that all royalties have been paid to the artists, which are important considerations for our customers and differentiate IPA from companies that mass-produce low-end framed art, or use unauthorized prints that violate copyright law. ”
VIASPACE, Inc. (VSPC.OB) – Biomass Conference in Mexico City Spotlights Giant King Grass
One of the highlights of the international biomass energy conference held in Mexico City on October 7th was a leafy green plant of which most people have never even heard of. The plant is called Giant King Grass (GKG), and its remarkable properties make it a potential solution to the search for clean renewable energy.
In a recently released summary of a presentation given by Dr. Carl Kukkonen, CEO of VIASPACE, Inc. (VSPC.OB), GKG was shown to be one of the best potential biomass energy resources on the planet, with a range of other applications as well.
If anyone should know about GKG, it’s Carl Kukkonen, and his enthusiasm carries a lot of weight. Holding his PhD in Physics from Cornell, Dr. Kukkonen spent a number of years at Caltech as Director of the Center for Space Microelectronics Technology and Manager of Supercomputing at the NASA Jet Propulsion Laboratory. In 1992, he was awarded the NASA Exceptional Achievement Medal. He went on to be one of the co-founders of VIASPACE, Inc., a leading renewable energy company.
Dr. Kukkonen emphasized the importance of GKG as a renewable, low carbon, energy crop for use as a fast-growing biomass resource. The use of food crops, such as corn and soybeans, to produce ethanol continues to raise concerns that it could contribute to world hunger by creating an economic competitor for the crops. Other biomass sources, like agricultural and forestry waste, tend to vary in quality, and are insufficient for large-scale energy requirements.
What is needed, according to Dr. Kukkonen, are specialized crops, chosen and cultivated specifically for the energy market. Such a crop must be fast-growing, high in yield, and make efficient use of marginal land not suitable for food production. It also needs to be cost effective and help reduce carbon emissions.
Dr. Kukkonen pointed out that GKG has the highest per-acre yield of all known energy crops, and its growing characteristics make it suitable for large-scale long-term farming. Independent testing has confirmed its energy value, and it is also carbon neutral (meaning that the CO2 emitted when burned is offset by the absorption of CO2 during its growth).
In fact, VIASPACE is now actively growing GKG as a dedicated energy crop and is developing business relationships with electric power providers and other bio-fuel producers. There’s good reason for Dr. Kukkonen to be excited about GKG and what it could mean for VIASPACE. Not only can GKG be processed directly for use in biomass power plants, it can be turned into pellets, potentially replacing up to 20% of coal in existing coal power plants.
U.S. Patent for Micro Fuel Cell Technology Exclusively Licensed to VIASPACE, Inc. (VSPC.OB) Subsidiary
VIASPACE Inc., an alternative energy company providing products and technology for renewable, clean energy, announced today that new technology enabling fuel cells for micro applications has been patented under U.S. Patent Number 7,585,577 “Monopolar Fuel Cell Stack Coupled Together Without Use of Top or Bottom Cover Plates or Tie Rods.” The patent, issued to Caltech, was exclusively licensed to VIASPACE subsidiary Direct Methanol Fuel Cell Corporation (DMFCC).
The new patent application is related to monopolar fuel cell stacks. Traditionally, direct fuel cells stacked unit cells vertically like slices of bread in a loaf. Monopolar stacks use the same unit cells, but the “bread slices” can be laid horizontally next to each other. This allows for a thinner fuel cell that is more suitable for many micro applications like mobile phones. The patent states that “the new stack design offers two-to-three fold improvement in power densities, suitable for manufacturing, uses inexpensive plastic materials, and straightforward to troubleshoot and assemble. Such a stack design will substantially improve the commercialization of portable direct methanol fuel cell power sources.”
The new patent follows previously awarded U.S. Patent Number 6,680,139 “Reduced Size Fuel Cell for Portable Applications,” and U.S. Patent Number 6,756,145 “Electrode and Interconnect for Miniature Fuel Cells Using Direct Methanol Feed.”
VIASPACE and DMFCC Chief Executive Dr. Carl Kukkonen commented, “This new patent adds significant value to our intellectual property portfolio. It will be difficult for any company to go to market with direct methanol fuel cells for micro applications, or other applications for that matter, without first obtaining protection under the Caltech patents which we have licensed.”
Direct Methanol Fuel Cell Corporation holds an extensive and comprehensive portfolio of direct methanol fuel cell patents licensed from Caltech as well as the University of Southern California. The patents cover the direct methanol fuel cell concept, technology that makes the science practical for use, and important processes related to manufacturing. Several patents are considered fundamental and blocking.
“Direct Methanol Fuel Cell Corporation is focusing on disposable fuel cartridges that provide the fuel source for direct methanol fuel cells,” Kukkonen stated. “As previously announced, we are partnered with Samsung and are also working under confidentiality agreements with other companies. Strategically, we are engaging in opportunities to apply our intellectual property and patents in order to help develop the direct methanol fuel cell market.”
In a related development, on October 22, 2009, IDG News Service reported, “After years of prototypes and promises that the technology was just around the corner, Toshiba has become the first major consumer electronics maker to launch a device using direct methanol fuel cell (DMFC) technology. The Dynario, a charger that can replenish [recharge] the batteries in gadgets like cell phones and digital cameras via USB, went on sale on Thursday on Toshiba’s Web store. The charger is about the same thickness and width as a cell phone, although it is slightly longer than most phones at 15 centimeters. A single 50-milliliter charge of methanol will enable it to recharge a cell phone twice. The next step for Toshiba will be gadgets with embedded fuel cells. Earlier this month at Ceatec 2009 one of its DMFCs was on display inside a cellular telephone but both Toshiba and Japanese carrier KDDI, which was demonstrating the phone, gave no estimate for its release. Toshiba didn’t disclose any plans to sell the charger overseas.”
To date, Caltech’s direct methanol fuel cell patents have been issued in the United States, Korea and other countries but not yet in Japan.
VIASPACE, Inc. (VSPC.OB) – The Fuel Cell Comes Down To Earth
There was a time when the term “fuel cell” was linked almost exclusively with America’s space program. The fuel cells in space used hydrogen and oxygen to generate electricity for manned spacecraft, with the side benefit of producing drinking water. Few people will forget the near loss of Apollo 13 when a short circuit ignited oxygen inside a fuel cell tank. The resulting explosion crippled the craft, which eventually made it back to earth thanks to a level of creativity and intensity on the part of the crew and ground support personnel that can only be described as heroic. But fuel cells were around long before all that, and are now taking on a major role in more down-to-earth applications.
Fuel cells are electrochemical devices that convert a fuel, such as methanol or hydrogen, into electricity without burning. The principle behind the fuel cell was described as far back as 1838, and was demonstrated in England shortly thereafter. Not much happened with fuel cell technology until the 1950s, when General Electric (NYSE: GE) significantly improved the design, later used in the early years of the U.S. space program. United Technologies (NYSE: UTX) went on to supply fuel cells for the Apollo and Space Shuttle programs.
Fuel cells have a number of advantages over other power sources.
• Fuel cells are highly efficient at converting chemical energy into electrical energy.
• Since they do not involve combustion, and do not have any moving parts, fuel cells are extremely reliable, allowing operation for long periods in remote locations.
• Depending upon the fuel being used, fuel cells can be very compact and lightweight, especially useful for mobile applications.
• Unlike a battery, the fuel is stored separately from the fuel cell, allowing the fuel cell itself to remain small and inexpensive even in extended use applications requiring a lot of fuel.
• It can be combined with fuel generation systems, such as a solar power system that extracts hydrogen from water.
Although fuel cells have been developed and used in certain residential, commercial, and research environments, as well as some automobiles, ships, submarines, airplanes, and of course spacecraft, their widespread application has been limited due to a variety of technology and infrastructure issues.
The future of fuel cells appears more solid for use as mobile auxiliary power units in large vehicles, or as an optional stationary generator for some homes and businesses, though they could also eventually be used on a larger scale to generate low emission power for the grid.
Some well known publicly traded companies involved in such fuel cells applications include:
• Ballard Power Systems (NASDAQ: BLDP)
• Plug Power (NASDAQ: PLUG)
• FuelCell Energy, Inc. (NASDAQ: FCEL)
• Proton Energy Systems, Inc. (NASDAQ: PRTN)
There is one company, however, that is focusing on much more compact applications of fuel cell technology. VIASPACE, Inc. (OTCBB: VSPC) has developed and manufactures disposable methanol fuel cartridges that provide energy for fuel cell powered notebook computers, mobile phones, military equipment, and other small scale applications. It is estimated that nearly a quarter of all notebook computers could be powered by fuel cells in the future. The reason: Imagine having a notebook computer that will run for days or weeks without recharging, and, when it does eventually run low, you simply and quickly pop in a new fuel cartridge. For you, it means on-the-road convenience. For VIASPACE, it means the potential of selling three billion cartridges a year. And that’s about as down to earth as you can get.
VIASPACE, Inc. (VSPC.OB) Subsidiary Ionfinity Captivates Mass Spectrometry Market
Ionfinity is an expert in commercializing emergent technologies via strong partnerships with the U.S. Department of the Army, the Department of the Navy, and the Air Force (USAF). A subsidiary of the VIASPACE family, Ionfinity is a pioneer in bleeding-edge Mass Spectrometry (MS), a technology which allows for real-time sampling and analysis of trace amounts of a substance.
Ionfinity enjoys a continuous relationship of development with the National Aeronautical and Space Administration (NASA), NASA’s Jet Propulsion Laboratory (JPL), and the California Institute of Technology (Caltech). Ionfinity also maintains partner programs with General Dynamics Corp., Imaginative Technologies LLC., and Sionex Corporation.
Ionfinity is currently developing applications of its proprietary “soft-ionization” technology, capitalizing on a vast wealth of experience in miniaturization, to produce truly next generation MS sensors capable of “sniffing” molecular concentrations of a substance in the parts-per-trillion to sub-parts-per-billion range within ten seconds.
Ionfinity is working on a new model for a chemical sensor utilizing this design methodology, incorporating a micro-gas chromatograph which can provide real-time feedback and molecular analysis, with a Differential Mobility Spectrometer (DMS) able to capture ion-level samples via the “soft-ionization” process.
This “soft-ionization” process is capable of realizing unprecedented and advantageous levels of fidelity, with the integrity of the data generated in this non-radioactive, non-fragmenting ionization process allowing for performances as yet unrealized in such devices, increasing sensitivity and mass range tenfold.
Ionfinity is developing an ionization device or “soft ionization” membrane (SIM) on this protocol smaller than 2 millimeters (less than 0.0393 of an inch) for existing generations of portable detection systems. Such revolutionary technology was born at NASA’s Jet Propulsion Laboratory and is licensed from Caltech. This invention eliminates ion fracturing, the major hurdle which injected uncertainty into all analysis hitherto.
Such devices can be efficiently produced in a size format no larger than a shoe box, yet thanks to solid-state design consume minimal power while preserving a rugged, stand-alone functionality, which is self contained from a power and communications standpoint.
The immediate value of this technology is readily appreciable by the $55 billion defense and Homeland Security industry, enabling truly unprecedented technical capacity for detection tasks such as explosives, chemical or biological weapons. This “soft-ionization” technology also has benchmark-setting performance capabilities in industrial process control, biomedical applications and environmental monitoring.
Ionfinity recently won a Japanese patent for a SIM application of this technology and, as Dr. Carl Kukkonen (CEO of VIASPACE and Ionfinity) said after the patent was awarded, “A strong patent position is a key part of our strategy.” Kukkonen pointed out the marketability of Ionfinity’s remarkable technology, saying that it “presents a significant opportunity for a portable, compact, cutting-edge solution for detection of gas warfare agents, such as nerve agents and chemical gases, which can be invaluable to the US Department of Homeland Security in protecting such targets as subways, airports and rail systems.”
VIASPACE, Inc. (VSPC.OB) Announces Initiative to Trademark Giant King(TM) Grass
VIASPACE Inc., a clean energy company growing Giant King(TM) grass as a renewable, low carbon, energy crop, announced this morning that it has applied to the U.S. Patent and Trademark Office to trademark “Giant King” as a unique brand of grass.
Interest in, and demand for, Giant King grass continues to grow as energy producers seek next-generation feedstock to reduce dependence on high-polluting fossil fuels. Compared to other agricultural feedstock now being used for biofuels and biomass, Giant King grass has advantageous growing characteristics and superior technical performance. VIASPACE sees substantial business potential in establishing Giant King grass as the leading brand for renewable energy feedstock.
VIASPACE Chief Executive Dr. Carl Kukkonen stated, “VIASPACE has created global interest in Giant King grass, and it is becoming apparent that its unique characteristics and tested performance provide a strong basis for establishing Giant King grass as the leading source of low-carbon renewable energy. We believe a trademark will not only reinforce the competitive advantages and value of Giant King grass, but also prevent others from exploiting the name and buzz that Giant King grass is creating.”
VIASPACE, Inc. (VSPC.OB) to Deliver Presentation at Next-Generation Biofuels Feedstocks USA Conference
VIASPACE Inc., a clean energy company growing Giant King(TM) Grass as a renewable, low carbon, energy crop, announced this morning that its Chief Executive, Dr. Carl Kukkonen, will be presenting the company’s Giant King Grass at the Next-Generation Biofuels Feedstocks USA Conference to be held November 16-17, 2009, at Le Meridien Hotel in San Francisco.
Contrived to identify renewable energy feedstocks with the most potential, the conference will be attended by leading experts, business executives, investors and others to discuss the challenges and opportunities in next-generation biofuels feedstocks. The conference will also compare how existing and next-generation feedstocks impact the environment. Prices, market trends and yield potential will also be considered in the comparisons.
VIASPACE Chief Executive Dr. Carl Kukkonen commented, “Whether biomass is used to generate electricity or as feedstock for producing green gasoline, price, supply reliability, technical performance and environmental effects are critical issues. We feel that, in general, dedicated energy crops grown specifically for use as feedstock can meet the needs of energy producers. The very high yield and verified technical performance of Giant King Grass make it a highly competitive and economically advantageous energy crop. As a result we are seeing increasing interest in our Giant King Grass and are in discussions to establish long-term supply agreements.”
From a business standpoint, even a relatively small 30-megawatt (MW) biomass power plant would use 175,000 tons of Giant King Grass each year, potentially generating $6.3 million in grass sales. A much larger 2,000-MW coal-fired power plant, by replacing only 20% of its coal with Giant King Grass pellets, would require approximately 2.3 million tons of grass pellets per year, representing sales of approximately $230 million. Both projections are based on current prices for biomass and pellets.
VIASPACE, Inc.’s (VSPC.OB) Focus on Developing Revenue Streams in Renewable and Alternative Energy Markets
VIASPACE Inc. is a clean energy company focused on products and technology that reduce or eliminate dependence on fossil fuels and other high-pollutant energy sources. The company is developing revenue streams in targeted segments of the renewable and alternative energy markets through two of its subsidiaries – in the renewable space, VIASPACE Green Energy and in the alternative energy space – Direct Methanol Fuel Cell Corporation.
For the renewable energy markets, the company’s subsidiary – VIASPACE Green Energy – is cultivating Giant King Grass, a proprietary, fast-growing perennial grass. This grass will be used for the production of non-food, low carbon liquid biofuels for transportation and as a renewable, low-carbon substitute for coal now being burned as the heat source in stationary electric generating power plants.
In order to generate recurring revenues, the company is pursuing long-term contracts in this area to supply Giant King Grass as a feedstock for green energy production. As an example of its possible potential, even a small 30 megawatt grass-powered electric generating plant would require 460 tons of grass every day.
For the alternative energy market, VIASPACE subsidiary Direct methanol Fuel Cell develops and manufactures disposable fuel cartridges for fuel cell powered electronic devices such as notebook computers, mobile phones and military systems. The advantages of a fuel cell are a longer operating life and instantaneous recharging by simply replacing the disposable fuel cartridge.
VIASPACE is a fuel cartridge partner with Samsung and other companies involved with fuel cells. The company is also partnered with many leading suppliers of rechargeable lithium-ion batteries. These batteries will be used in hybrid applications with fuel cells in electronic devices and power tools along with electric bicycles, scooters, etc.
VIASPACE, Inc. (VSPC.OB) Announces Q3 2009 Financial Results
VIASPACE Inc., a clean energy company providing products and technology for renewable and alternative energy, this morning reported its financial results for the third quarter ended September 30, 2009.
Revenues totaled $1.23 million, including $1.06 million from the late-2008 strategic acquisition of Inter-Pacific Arts, Inc. (IPA), and $171,000 primarily from Ionfinity’s military contracts for monitoring and detection systems. Gross profit for the quarter was reported at $473,000, including $455,000 related to IPA. Comparatively, third-quarter 2008 revenues were $99,000 and gross profit was $23,000.
Operating expenses for the quarter declined to $1.05 million from $2.82 million as a result of lower research and development expense and lower selling, general and administrative expense. Stock-based compensation and stock-option expense for the quarter totaled $458,000, compared to $1.32 million in third-quarter 2008.
Operating loss for the quarter narrowed to $574,000 from operating losses of $2.8 million in third-quarter 2008. Net loss for the quarter was $664,000, or $(0.00) per share, compared to a net loss of $3.54 million, or $(0.01) per share for third-quarter 2008.
Consolidated cash and cash equivalents were $1.2 million on September 30, 2009.
VIASPACE Chief Executive Dr. Carl Kukkonen commented, “Third-quarter results continued to reflect the revenue and gross profit contributions from IPA and higher government contract revenues from Ionfinity, our high-tech sensor and monitoring systems subsidiary. During the quarter we made progress in other business areas. For example, our licensed technology related to very-thin fuel cells was patented, which is expected to strengthen our competitive position in the growing market for direct methanol fuel cells to replace traditional batteries in micro applications such as cell phones and laptop computers.”
“With our primary focus on renewable energy, we made significant advances toward material revenues from our subsidiary, VIASPACE Green Energy,” Kukkonen continued. “Supported by our strategy to generate interim cash flows from other operations such as IPA, we continued to develop and expand Giant King(TM) Grass acreage in China, signed an agreement with DP CleanTech, and continued to pursue and develop other business relationships related to the biofuels and biomass markets. And from a competitive standpoint, we saw technical performance and economic advantages of our proprietary Giant King Grass – compared to renewable energy sources now being used – verified by independent testing and analysis, which led to closing our first agreement with DP CleanTech, one of the largest biomass power providers in the world.”
Kukkonen also emphasized the fast-growing and high yield-per-acre characteristics of Giant King Grass, making it a preferred economic alternative to switchgrass and other grasses and plant crops currently being used to replace fossil fuels for energy. As with DP CleanTech, a number of other energy providers are looking to either increase their use of low-carbon renewable sources of energy or add new energy capacity that is completely based on renewable sources.
“As in first and second quarters this year, we expect financial results to continue improving over prior year,” Kukkonen stated. “Based on numerous ongoing meetings with potential customers and partners, we believe that our business path in renewable energy will become more visible in subsequent periods and provide the basis for material revenues and growth in 2010.”
VIASPACE, Inc. (VSPC.OB) Announces Expansion of Giant King(TM) Grass Production Capacity
VIASPACE Inc., a clean energy company growing Giant King(TM) Grass as a low-carbon, renewable energy crop, announced that it has leased an additional 136 acres in Guangdong Province, China. The new acreage has already been planted with Giant King Grass.
With 250 acres now under cultivation, VIASPACE is in negotiations to acquire more land. The current acreage is expected to support immediate needs for prototypes, demonstrations to potential customers and joint venture partners, and initial demand for products, such as energy pellets. Over the next several quarters, the acreage will also serve as a nursery and source of seedlings for planting on additional land.
Due to the fast-growing nature of Giant King Grass and the company’s plans to propagate seedlings that could result in geometric increases in plantings, VIASPACE believes it can support the development of up to 25,000 planted acres. Included in this plan are potential projects for 2010 involving 5,000 acres that would be projected to annually produce 200,000 tons of Giant King Grass pellets, which could be sold for $20 million.
VIASPACE Chief Executive Dr. Carl Kukkonen commented, “With this new land under cultivation, we have the capability to substantially accelerate the production of renewable Giant King Grass crops that can support large, low-carbon energy projects, several of which we are discussing with potential partners and customers. If agreed upon and implemented, the projects would include direct combustion of Giant King Grass as biomass and Giant King Grass in pellet form to be co-fired with coal.”
VIASPACE, Inc. (VSPC.OB) Provides Update on VIASPACE Green Energy IPO
VIASPACE Inc., a clean energy company growing Giant King(TM) Grass as a low-carbon, renewable energy crop, this morning updated investors on the status of the initial public offering of its majority owned subsidiary VIASPACE Green Energy.
VIASPACE Green Energy (VGE) filed a registration statement on form S-1 with the Securities and Exchange Commission (SEC) to register shares for public sale. VGE received comments from the SEC and filed an amended S-1 on November 19, 2009. It is available on the SEC website www.SEC.gov under the company name VIASPACE Green Energy.
VIASPACE CEO Dr. Carl Kukkonen commented, “We are very optimistic that the registration statement for VIASPACE Green Energy will be approved.”
According to the terms of the Securities Purchase Agreement dated October 21, 2009 and its amendments, VIASPACE is obligated to pay $4.8 million in cash plus interest to the seller to effect the second and final closing. The deadline for the second closing has been extended until November 26, 2009. VIASPACE is currently in active negotiations with the seller.
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