AGNI's acquisition strengthens its fuel cell technology in renewable energy market

Agni Inc ("AGNI"), an emerging global leader in renewable energy systems, has acquired Connecticut based GenCell Corporation, a Molten Carbonate Fuel Cell (MCFC) developer and manufacturer, to complement AGNI's Proton Exchange Membrane Fuel Cells (PEMFC) and biomass / waste-to-energy technology, in its bid to expand into the North American market.

GenCell's high temperature molten carbonate fuel cell (MCFC) capabilities are well suited for integration in many AGNI renewable energy systems. AGNI's technology converts a wide range of biomass, biogas, or fossil fuels to hydrogen, producing electricity through its PEMFC (Proton Exchange Membrane Fuel Cell) based Integrated Fuel Cell Engine power generation block. GenCell's technology includes a cost-effective fuel cell design that will provide AGNI with more efficient, environmentally-friendly power generation. GenCell has a proprietary fuel cell stack architecture that is "designed for manufacture" to reduce fuel cell cost and improve reliability, which in turn helps make fuel cells more economical and environmentally attractive.

Additionally, AGNI will now leverage its new wholly-owned subsidiary company, "AGNI GenCell Inc.", to penetrate the large and growing North American market for distributed generation and renewable energy. AGNI's range of power generation technologies enable significantly more efficient electrical power production, along with the recovery of excess heat which may be converted into hot water, steam and chilled water for air-conditioning or to produce even more electrical power. Its technology can also be configured to produce potable water as a by-product and to recover CO2, therefore without emitting hazardous greenhouse gases.

In a recent statement, Dr. Sri Lingham, AGNI Inc's Chief Executive Officer said that, "This is a significant milestone in AGNI's expansion plans. The North American renewable energy market is seeing tremendous incentives and market growth. The GenCell technology enhances AGNI's focus of providing high efficiency and low carbon emission technology. I am confident that the GenCell acquisition will make our technology and offering more attractive."

Dan Connors, AGNI GenCell's Vice President, commented "Through this acquisition, Agni's financing, synergistic technology, and global market reach now provides an ideal opportunity to advance the GenCell technology and leverage it in AGNI systems." Connors, who is also Chairman of the CT Hydrogen and Fuel Cell Coalition, added "The acquisition is a win-win-win deal. AGNI gets MCFC technology and a North American market base, GenCell advances to commercialization and the state of Connecticut strengthens its position as the stationary power fuel cell leader."

AGNI has operations in Portugal, Spain, US, UK and Malaysia, with registered offices in Norway, Poland and Mauritius. Agni Inc. Pte. Ltd. is headquartered in Singapore and has manufacturing facilities of 100,000 square feet in Shah Alam, Malaysia, and 15,000 square feet in Connecticut, US, along with a fully-automated manufacturing facility of 160,000 square feet in Montemor, Portugal which is expected to be completed in 2009.

In moving towards their goal of having AGNI shares listed on a major international stock exchange, AGNI recently announced a conditional sale and purchase agreement for a reverse takeover of Netelusion Ltd, a publically traded company on the Singapore exchange for a maximum consideration of US$236 million.