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Cool Technologies Announces Initial Purchase Order to Launch Joint Venture With Turkish Multi-National BelirtiTech
Cool Technologies Announces Initial Purchase Order to Launch Joint Venture With Turkish Multi-National BelirtiTech.
About this update from Cool Technologies, Inc.
[{"type":"text","content":"\nTAMPA, Fla., June 06, 2019 (GLOBE NEWSWIRE) -- Cool Technologies, Inc. (OTCQB: WARM), an innovator in efficient mobile electric power generation and power enhancement technologies for motors and generators, announced today that it has entered into a joint venture agreement (“JV”) with Turkish technology company Belirti Teknoloji, A.S. (“BelirtiTech”).  To launch the business, BelirtiTech has awarded Cool Technologies a purchase order for up to $42 million USD for the purchase of several different models of its Mobile Generation kits.  The purchase order will supply the JV with its initial inventory for resale into the Middle East and some African nations. The Company is actively working with the customer’s bank in addition to insurance companies and other financial entities to facilitate the financing of the orders.\n “CoolTech’s Mobile Generation technology is needed throughout the region. Power is inconsistent, infrastructure not well developed, and water supplies are dwindling.  We haven’t found any other technology that brings so much commercial grade power to the field or to a work site with as much mobility, flexibility and ease,” noted BelirtiTech Founder and Managing Partner Mehmet Kunter. BelirtiTech, founded in 1987 in Istanbul, Turkey, is an engineering company that combines different technologies to develop turn-key solutions and products that serve many markets including geophysical exploration, soil investigation, groundwater investigation, and drilling. “BelirtiTech has deep connections throughout the Middle East.  We fully expect that this will lead to additional opportunities for the Company as we expand production and capacity with our OEM partners,” said Timothy Hassett, Cool Technologies’ Chairman and CEO. “We have specifically chosen OEM partners that have an international presence and can provide full supply chain support, including logistics, inventory, warehousing and service.” This initial purchase order is for six hundred MG80, MG125 and MG200 Mobile Generation systems.  The MG systems will be integrated into the end customer’s choice of vehicles.  The systems output commercial grade power, both single and three phase, standby and prime, across a variety of voltages.  With an MG...