Axial Vector Energy Corporation Announces Receipt of Kirloskar License Payment
Axial Vector Energy Corporation announced the receipt of $250,000 from Kirloskar Oil Engines (KOEL) in India. This payment is booked as the first revenue payment ever received by Axial Vector.
Stated AVEC Chairman Samuel Higgins, "The joint venture with KOEL is well underway, with KOEL financing 100% of the cost of readying AVEC engines and an assembly line for mass production. We anticipate the preparatory process will be complete later this year, enabling AVEC to fulfill on its previously announced Eurasian order backlog. We are impressed with Kirloskar's technical progress and are equally gratified by the level of interest in the SAARC countries (India, Sri Lanka, Nepal, Bhutan, Maldives, Bangladesh and Pakistan) that Kirloskar will be generating for our product line."
About Kirloskar Oil Engines
Kirloskar Oil Engines is one of the many companies of the Kirloskar Group (http://kirloskarapps.kirloskar.com/kirloskar/web/home.html).
Founded in 1888, Kirloskar Group today is a multi-product, multi-location Engineering Conglomerate with annual sales exceeding $1.0 billion. We are the leader of the Indian power generation, construction, material handling & agriculture sectors.
With annual sales exceeding $320 million, engine quantity exceeding 200,000 engines and rapidly growing exports to European Union, North America & China, we are India's largest manufacturer of diesel engines, both air-cooled and liquid cooled, covering a power range of 3hp to 11,000hp. Kirloskar engines conform to US as well as European Tier II emission norms. Tier-III designs are in progress. These power 80 different applications in nine distinct segments such as: agriculture, power generation, construction, material handling, earth moving, mining, offshore, fluid handling, agro industrial and defense automotive retrofits. We also manufacture over 35,000 AC generators in 5kVA to 300 kVA range.
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invests in and licenses revolutionary technologies including, internal combustion engine and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. AVEC and its partners are positioned to become unrivalled leaders in international engine and energy markets with technologies that produce more efficient, cost effective, environmentally sensitive and versatile solutions for use in a wide variety of important applications around the world.