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Bing Energy Conference Video

Tallahassee, Fla. – Florida Governor Rick Scott today announced that Bing Energy Inc. (BEI) of Chino, California has selected Florida as the new site of the company’s world headquarters. BEI, in collaboration with Florida State University’s (FSU) Dr. Jim P. Zheng, is planning to turn revolutionary nanotechnology pioneered at FSU into a better, faster, more economical and commercially viable fuel cell. The move is expected to create at least 244 jobs paying an average wage of $41,655 in Florida.

“I am proud to welcome Bing Energy and thank them for recognizing that Florida is the best state in the nation. As Governor I am continuing to make it the best place to do business. This is only the beginning,” said Gov. Scott. “Just as Bing Energy was convinced to bring jobs here, I am talking to companies across the nation. I am letting them know that our reduction in the business tax burden, commitment to job creation, and Florida’s world-class workforce mean we are open for business.”

Bing Energy Inc. is moving its global headquarters to Tallahassee to work in partnership with Dr. Jim P. Zheng, who has pioneered a fuel cell that incorporates a thin membrane composed of carbon nanotubes, reducing the need for expensive platinum components that, until now, have made fuel cells too expensive to be widely marketed. Dr. Zheng’s technology is based on pioneering research and development of buckypaper conducted at FSU’s High-Performance Materials Institute. The institute’s director, Dr. Ben Wang, is the assistant vice president for research at Florida State University.

Bing Energy’s innovation promises to produce a fuel cell that is more efficient, more durable and significantly less expensive – benefits that could transform the transportation and power generation sectors.

Joining Governor Scott in celebrating Bing Energy’s move to Florida were Bing Energy Inc. CFO Dean Minardi, FSU President Eric J. Barron, Mayor John Marks and representatives from the Economic Development Council of Tallahassee/Leon County Inc.

“We all know the world’s existing energy use pattern is unsustainable,” said Minardi. “A commercially viable fuel cell will transform the way we drive, reducing our dependence on fossil fuels. It will transform the way we deliver energy to neighborhoods, ensuring reliability and eliminating the risk of brownouts.”

Bing Energy Inc.’s move to Florida is tied to a $1.9 million award they received from the Governor’s Office of Tourism, Trade and Economic Development. The award is a Qualified Target Industry Tax Refund in support of job creation. The local Tallahassee and Leon County governments are also supporting Bing Energy Inc. by each providing a 10 percent match on the QTI Award.

Governor Scott has made creating jobs his top priority. As governor, he plans to create 700,000 jobs in the next seven years by implementing accountability budgeting, reducing government spending, enacting regulatory reform, focusing on job growth and retention, investing in world class state universities, reducing property taxes and phasing out the business income tax.

About Bing Energy Inc:

Bing Energy Inc., a manufacturer of state-of-the-art components for polymer electrolyte membrane fuel cells, will begin production in March of 2011 and serve the domestic and international energy markets.

What others are saying about Bing Energy Inc.’s move to Tallahassee:

“We know that, with the continuing support of Governor Scott, the Legislature and the people of Florida, our institutions of higher learning will continue to foster innovation, and jobs will continue to cluster around those innovations. The breakthrough research by Drs. Wang and Zheng and the company’s decision to come to Florida confirm that the investment made in their work by our State and the Federal government, has realized its commercial potential. Bing Energy represents the future and Florida State is proud to be a part of it.”

Dr. Eric Barron, president of Florida State University

“Our organization identified tax incentives and workforce training programs that gave Tallahassee the edge over other communities under consideration. This is a perfect example of why connecting industry, education and government is so important. In this case, these connections helped us to retain our talent, as well as our university technologies and commercialization within our community.”

Kim Williams, chairman of the Economic Development Council of Tallahassee/ Leon County Inc.

“The County is committed to working with our public and private sectors, especially our universities, to help businesses locate in our community.”

John Dailey, chairman of Leon County Board of County Commissioners

“We understand the importance of creating jobs in our community and retaining one of our greatest assets, our workforce talent. The City of Tallahassee is committed to doing our part to help this promising company establish its roots in our community.”

John Marks, mayor of the City of Tallahassee

Chino, Cal.- Bing Energy, Inc., a manufacturer of state-of-the-art components for polymer electrolyte membrane fuel cells (PEMFCs), working in a partnership with Florida State University (FSU), has been subcontracted by the University of Central Florida (UCF) to develop a low-cost and high-efficiency 500 W portable PEMFC system.

Once developed, products will be brought to market for portable and stationary power generation. Applications will range from temporary emergency power backup for commercial and residential uses, particularly useful in hurricane-prone areas like Florida, to peak leveling and industrial power generation.

Bing Energy, Inc.’s two-year subcontract stems from a grant UCF recently received from the Department of Energy to assist in the Hydrogen, Fuel Cells & Technologies Program – Multi-year Research, Development and Demonstration Plan. Under the contract, Bing Energy, Inc. is responsible for developing high-performance 4cm x 4cm membrane electrode assemblies (MEAs) and a 500W stack prototype using the advantages of the buckypaper -based solution.

“Bing Energy is excited to partner with FSU and UCF for this important project,” said Richard Hennek, vice president for business development at Bing Energy, Inc. “The products we will develop will lead to a long-term power generation strategy that is less reliant on a few large power generation plants and the aging grid. The benefit will be clean and affordable energy where and when it is needed.”

Earlier this week, Bing Energy, Inc. announced its commercialization agreement with Florida State University that gives the company exclusive use of revolutionary technology that will create a new generation of hydrogen fuel cells that are less expensive, smaller, lighter and more durable.

About Bing Energy, Inc:

Bing Energy, Inc., a manufacturer of state-of-the-art components for polymer electrolyte membrane fuel cells, will begin production in March of 2011 and serve the domestic and international energy markets.

Media Contact: Janelle Pepe, 850-222-1996

For BEI: Richard Hennek, richh@bingenergyinc.com

Chino, Cal.- Bing Energy, Inc. (BEI), a manufacturer of state-of-the-art components for polymer electrolyte membrane fuel cells (PEMFCs), has entered into a commercialization agreement with Florida State University that gives the company exclusive use of revolutionary nanotechnology that will create a new generation of hydrogen fuel cells that are less expensive, smaller, lighter and more durable.

The technology, developed by Dr. Jim P. Zheng, a professor of electrical and computer engineering at the Florida A&M University-Florida State University College of Engineering, will reduce the need for expensive platinum components in hydrogen fuel cells. Working with a material known as buckypaper – a form of carbon that is extraordinarily light and that easily conducts heat or electricity – Dr. Zheng has designed a thin material, or membrane, that will reduce the amount of platinum required in fuel cells. Since the membrane is thinner and lighter than current components, the fuel cell can be smaller and yet still provide the same amount of power.

Dr. Zheng’s technology is based on Dr. Ben Wang’s pioneering research and development of buckypaper. Dr. Wang is the assistant vice president for research at Florida State University.

“What Dr. Zheng has developed is truly the ‘better, faster, less expensive’ story applied to fuel cells,” said Richard Hennek, vice president for business development at Bing Energy, Inc. “He has cleverly utilized the latest in nanotechnology to provide a dramatically better solution for the PEM fuel cell. Performance improvements of 40-plus percent, durability improvements of 25 percent and all at a lower cost make for a compelling story. We at Bing Energy are truly excited to work with Dr. Zheng and Florida State University to bring this technology to the marketplace.”

Until now, fuel cells have been too expensive for mass production and use. Dr. Zheng’s breakthrough makes the fuel cell viable for mass-market use for the first time, with the potential to transform both transportation and distributed power generation.

Bing Energy, Inc., a manufacturer of state-of-the-art components for PEMFCs, will begin production in March of 2011 and serve the domestic and international energy markets.

Media Contact: Janelle Pepe, 850-222-1996

For BEI: Richard Hennek, richh@bingenergyinc.com