29 June 2001
29 June 2001
Dynetek Industries will ship 1000 of its lightweight cylinders to its partner, Kokan-Drum, for distribution to major Japanese carmakers and bus manufacturers for their CNG vehicles. The order will generate revenues of approximately US $1.3 million.
Natural gas vehicles (NGVs) are becoming more prevalent on Japan's roadways with the numbers growing every year; and Kokan-Drum controls approximately 70% of the Japanese composite cylinder market. Heinz Portmann, Dynetek's president and chief executive officer, recognizes that ""the natural gas vehicle market is growing worldwide as countries, such as Japan, try to manage their pollution problems. Dynetek is in an excellent position, with its strategic relationship with Kokan-Drum to supply Japanese carmakers with the cylinders they require."" He went on to say ""part of the reason we are excited about this order is that it demonstrates our strong business relationship with Kokan-Drum. We have been supplying cylinders to them for the past four years and are pleased to continue to do so.""
Dynetek develops, manufactures and markets Advanced Lightweight Fuel Storage Systems(TM) for storing compressed natural gas (CNG) for low emission CNG vehicles and compressed hydrogen for zero emission fuel cell vehicles.