Octillion Appoints Director to Develop New Technologies for Generating Electricity from Moving Vehicles
Mr. Meetesh V. Patel, Esq. appointed President of Kinetic Power Corp. and to Board of Directors of Octillion Corp.
Auburn Hills, MI – September 22, 2008 – Octillion Corp. (Symbol: OCTL), a next-generation alternative and renewable energy technology incubator, today announced the appointment of Mr. Meetesh V. Patel, Esq. to the Company’s Board of Directors, and as the new President of Kinetic Power Corp., a recently formed wholly-owned subsidiary specifically focused on generating electricity from moving vehicles.
“More than a million rail cars and a quarter-billion vehicles move across America’s roadways and transportation infrastructure, discreetly generating enormous amounts of energy which remains commercially untapped,” explained Mr. Meetesh V. Patel, newly-appointed President of Kinetic Power. “The prospect of sustainably converting the motion and deceleration of these vehicles into usable electricity for commercial buildings, industrial applications and even to power residential homes, represents a significant opportunity that I very much look forward to commercially exploiting through our development of brand new, transformational, first-generation technologies.”
Prior to joining Kinetic Power, Mr. Patel founded and managed MVP Law Group, P.A., representing corporate clients, entrepreneurs, scientific and research organizations, hospitals, teaching institutions and others with matters ranging from planning, structuring, and early contract negotiations to the buying and selling of successful business ventures. Mr. Patel earned his Juris Doctor degree with honors from The American University’s Washington College of Law in 2000, and a Bachelor of Arts degree in Political Science with an emphasis in International Relations from the University of Maryland in 1997. Mr. Patel will spearhead Kinetic Power’s operations and oversee a team of engineers and scientists.
The launch of Kinetic Power Corp. marks an important expansion of Octillion’s product development pipeline to include the development of safe, economically-viable technologies capable of producing electricity from the kinetic energy of moving vehicles, including cars, buses, trucks, trains, and rapid transit.
The US Bureau of Transportation Statistics estimates that there are more than 1.3 million rail cars and nearly 251,000,000 registered vehicles in the United States, greater than any other nation in the world. America is also the world’s largest consumer of electricity, according to the U.S. Energy Information Administration, with nearly 70% of the nation’s electricity generated by coal and natural gas. The environmental impact and rising costs of these non-renewable fuels, along with the potential doubling of global electricity consumption in the coming years, clearly illustrate the urgent need for more creative, sustainable methods for generating electrical power.
Earlier this year, Octillion joined lead sponsors Ford Motor Company, Royal Dutch Shell, and the National Science Foundation to co-sponsor “New Mobility: The Emerging Transportation Economy,” an international conference at the University of Michigan (http://um-smart.org/resources/conference/overview.html). This event was hosted by the university’s “Sustainable Mobility and Accessibility Research and Transformation” (SMART) initiative. Octillion President and CEO, Mr. Nicholas S. Cucinelli, assisted in the founding of SMART and formerly assisted Ford Motor Company executives in contributing to the Sustainable Mobility Project of the World Business Council for Sustainable Development.
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