TORONTO, Sept. 13, 2021 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (“FuelPositive” or the “Company”) is issuing the following update to share the status of the company and its various initiatives. FuelPositive is a Canadian growth-stage technology company committed to providing commercially viable and sustainable, “cradle to cradle”, clean energy solutions to combat climate change. Its lead technology is a system for producing carbon-free ammonia (NH3), for use across a broad spectrum of industries and applications.
“Having received extensive interest from investors and potential partners since our last corporate update on July 15, we felt it would be helpful to share how we are progressing, particularly regarding the building of our Phase 2 Hydrogen-Ammonia Synthesizer commercial prototype systems,” said Ian Clifford, FuelPositive CEO and Board Chair. “We also wanted to let people know about our participation in the H.C. Wainwright 23rd Annual Global Investment Conference which provides an opportunity to see our most recent corporate presentation.”
The H.C. Wainwright 23rd Annual Global Investment Conference is taking place virtually from September 13 to 15, 2021. FuelPositive’s corporate presentation will be available to registered conference attendees for on-demand viewing beginning at 7 a.m. EST on September 13, 2021. FuelPositive CEO and Board Chair Ian Clifford will be available for one-on-one meetings throughout the week of September 13, 2021. (Contact information is below)
Phase 2 Production Systems Status
The successful building of the prototype systems will confirm the broad application potential for the Company’s carbon-free NH3 technology. The modular and transportable systems, which are being built to shipping container configurations, will be adaptable to multiple applications. Production of the demonstration prototype systems is scheduled to be completed by the end of 2021, with high-visibility pilot projects being planned for 2022.
Since announcing a partnership with National Compressed Air (NCA) in May 2021, the Company is executing against a detailed production plan in order to complete the building of the prototypes by the end of 2021.
Milestones met to date include:
- Process determination
- Flow diagram established
- Process map determined
- Major component design parameters established
- Major component vendor selection and procurement
- Hydrogen production
- Nitrogen production
- Reactor fabrication
- Separation process
- Heat Exchangers
- Engineering design
- Process modelling and design
- Reactor modelling and design/build
- Ammonia separation modelling and design/build
- Instrumentation and control process development and design
“We have been working closely with NCA on the selection of vendors and suppliers for the main components of the process that we have established. Major engineering design is now complete and we are in the production and fabrication stage of the various components within the system,” said Dr. Ghassan Chehade, FuelPositive Co-Inventor and Chief Project Engineer.
“We have followed our plan closely to date, and we expect to have everything built and in place by the end of the year. The one challenge that we are hearing that might slow us down is delays in international deliveries because of the COVID-19 pandemic, but we are doing everything we can to prevent possible delays from happening. Ultimately, our plan is to have everything manufactured in Canada, but for the prototypes, we are importing some components from other countries,” said Clifford.
The initial prototype systems are being built to be fully portable, with targeted capacity of 500 litres/day of liquid anhydrous carbon-free ammonia (the approximate amount needed to fertilize and power a 20,000-acre farm). Output can be increased (or decreased) based on the end user requirements.
Growing Team and Partnerships
FuelPositive announced on September 9, 2021 a number of new appointments it has made, including the hiring of Nelson Leite as Chief Operating Officer and Board Member and the formation of its Executive Leadership Team.
The Company is actively interviewing potential Strategic Advisors who are experts in the sectors it is targeting – agriculture, transportation, fuel cells, decentralized energy grids, remote communities and the hydrogen economy. It has already secured Advisors who are experts in hydrogen and ammonia, as well as clean technology portfolios and carbon credits, which will undoubtedly play a critical role in the Company’s financial success.
The Company is also working on establishing high-visibility partnerships with governments and like-minded groups for its demonstration pilot projects, planned to begin running in 2022. FuelPositive is initially targeting farming to realize the greatest and most immediate environmental impact. It is planning to work with farming partners who are deeply compelled by the potential of having in-situ FuelPositive carbon-free NH3 production systems on their farms, allowing them to produce all of the carbon-free NH3 they need for fertilizing, drying crops and operating their generators, refrigeration systems, farming equipment and other internal combustion vehicles. The profound advantage to farmers is to be energy and fertilizer supply-chain independent, while significantly reducing or eliminating their carbon footprint.
Intellectual Property Protection
All of the relevant intellectual property is assigned to the Company, which has a robust intellectual property protection program in place. FuelPositive has engaged the leading patent and trademarking law firm, Cassels Brock, to support its work.
The comprehensive provisional patent for the core technology, carbon-free NH3, has been filed and assigned to FuelPositive. The patent also includes a number of other technology initiatives related to the core technology that will be built upon further and appropriately protected.
The Company expects to file for multiple provisional patents over the coming quarters and will share these developments via news releases as appropriate.
About Fuel Positive
FuelPositive is a Canadian growth-stage technology company committed to providing commercially viable and sustainable “cradle to cradle” clean energy solutions, including carbon-free ammonia (NH3), for use across a broad spectrum of industries and applications. By focusing on technologies that are clean, economically advantageous/ realizable and that leverage existing infrastructure, the Company aims to change the course of climate change through practical solutions that can be implemented now.
The Company’s core technology, carbon-free NH3, takes air, water and sustainable electricity and converts it to a non-polluting chemical for multiple applications, fertilizer for farming, fuel for internal combustion engines and a solution for grid storage. It is being considered as a replacement for fossil fuels and as a key enabler of the hydrogen economy.
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company are forward-looking statements.
These forward-looking statements are based on assumptions and estimates of management of the Company at the time they were made and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies can directly or indirectly affect actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Forward-looking information is provided for the purpose of providing information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information, except to the extent required by applicable law.
For Media or Investor enquiries, please contact:
Ian Clifford
FuelPositive Chief Executive Officer
investors@fuelpositive.com
www.fuelpositive.com
Investor Relations (U.S.):
RBMG - RB Milestone Group LLC
Trevor Brucato, Managing Director
fuelpositive@rbmilestone.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, CA
www.IBN.fm
310.299.1717 Office
Editor@NetworkNewsWire.com
