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Progresssus Clean Technologies signs letter of intent (LOI) with leading clean hydrogen joint venture pilot Alkaline Fuel Cell Power, Canadian Business Journal

  • Pilot project providing field proof of concept and operational data
  • Global Utilities Promote Potential Solutions for Blending Hydrogen and Natural Gas
  • JV structured to support potential future growth and additional partnerships

TORONTO, Sept. 20, 2022 (GLOBE NEWSWIRE) — Progressus Clean Technologies Inc. (“Progressus” or the “Company”) is pleased to announce that it has entered into a letter of intent (“LOI”) with Alkaline Fuel Cell Power Corp. I am pleased to (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) (“AFCP”), executed on September 12, 2022, to form a joint venture (“JV”) to provide solutions Complete the pilot project. Natural gas utilities directly power both residential and commercial businesses. Alkaline Fuel Cell Power Corp. is a diversified investment platform that develops affordable, renewable and reliable energy assets and cleantech. The joint venture aims to provide a proof-of-concept of each company’s technology and evaluate its ability to combine various Progressus technologies with his AFCP fuel cells to serve North American residential and small building customers. is.

Figure 1 – Alkaline Fuel Cell Power Corp. CEO Frank Carnevale and Progressus President and CEO Chance Fuller shake hands as they finalize the LOI.

“Alkaline Fuel Cell Power will work with the talented team at Progressus to combine their respective technologies and enhance the ability of utility companies to utilize natural gas pipelines to supply hydrogen to their residential and commercial customers. We are happy to be able to accelerate faster.” AFCP Chief Executive Officer Frank Carnevale said: “This joint venture pilot project is an important milestone in our goal of making zero-emission fuel cells widely available, handing ‘power to the people’ to help individuals save energy costs while helping the world to make a positive contribution to voluntary emissions reduction targets. “

“AFCP and Progressus’ missions and unified vision are highly complementary to each other. By leveraging the strengths of both organizations, we can more efficiently and effectively meet the growing need for innovative hydrogen solutions.” The proposed JV pilot project with AFCP is a positive step towards driving hydrogen innovation and bringing together the set of technologies ultimately required for future global hydrogen solutions.”

Conceptual explanation of the pilot project

To reduce CO2 emissions around the world, gas distribution companies and local governments are launching projects to inject hydrogen into local gas distribution networks. This gas mixture is usually intended to contain up to 20% hydrogen and its use is intended for residential and commercial buildings.

AFCP and Progressus will work together to execute JV pilot projects leveraging each company’s technology, provide field proof-of-concept, and generate operational data that can inform ongoing developments and market opportunities and future prospects. establish a platform to support the potential growth of additional partnerships. The exact location of the JV pilot project is still being worked out, but North America will be the initial focus, followed by a potential future pilot project in Europe as a second priority.

Progressus’ technology enables the extraction of dilute hydrogen from gas streams. This is a key factor as utilities worldwide seek to inject hydrogen into natural gas streams. Progressus is a highly efficient hydrogen extraction solution that complements AFCP’s development of low-cost combined heat and power alkaline fuel cells and generators.

The JV pilot project will use Progressus hydrogen separation technology to efficiently extract high-purity hydrogen from the existing natural gas grid and refine it using either AFCP’s 4 kW micro CHP or 4 kW generators. It is designed to convert hydrogen to generate electricity. potentially heat. The project provides ready-to-use, truly zero-emission power for residential and commercial buildings. AFCP has already confirmed that natural gas and electric utilities and municipalities are interested in piloting the concept.

The combination of the two companies’ technologies provides an ideal potential solution to support the generation of low-carbon energy that contributes to the world’s clean energy transition.

Macroeconomic background

The energy sector currently accounts for about three-quarters of the world’s greenhouse gas emissions, thus avoiding the worst impacts of climate change at the same time.(1)To reduce CO2 emissions, gas distribution companies and local governments are pursuing projects to promote the injection of hydrogen into local gas distribution networks as a clean energy source.

In the last two years alone, more than 20 hydrogen injection projects have been announced in the United States, and companies continue to ramp up their commitments for additional in early 2022.(2) Additionally, the passage of the Inflation Reduction Act (IRA) has created significant momentum for additional investment in clean hydrogen solutions. Outside the United States, the world’s largest gas utilities (SoCalGas, Enbridge, ATCO Gas, Snam SpA, Enagas SA, Open Grid Europe, etc.) are all actively working on projects to inject hydrogen into the natural gas grid. increase.(3)

The proposed pilot project will initially cover one extraction system connected to one 4 kW micro CHP or generator system, designed to provide clean hydrogen and power for multiple residential users or commercial applications. It will be expanded to a larger scale in future pilots.

1 https://www.un.org/en/climatechange/net-zero-coalition
2 https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/gas-utilities-get-to-work-piloting-hydrogen-use-in-distribution-systems-69302367
3 https://www.reuters.com/business/cop/europes-gas-firms-prime-pipelines-hydrogen-highway-2021-11-18/

About Progressus Clean Technologies

Progress Clean Technologies (formerly AES-100 Inc.) is a venture-stage green technology company focused on developing novel hydrogen generation and separation technologies. Progressus Clean Technologies owns exclusive rights and intellectual property for advanced electrolyser systems for hydrogen production from diluted syngas.

About Alkaline Fuel Cell Power Generation Co., Ltd. (NEO: PWWR)

AFCP is a diversified investment platform that develops affordable, renewable and reliable energy assets and cleantech. Today, we combine a stable revenue stream with a future-oriented vision to bring “power to the people”, commercialize advanced hydrogen fuel cell technology to meet the vast needs of the global market, and ultimately to investors. Attractive profit.

AFCP operates through two global companies: Fuel Cell Power NV, a wholly owned Belgian subsidiary, and PWWR Flow Streams (“PWWR Flow”), a Canadian AFCP brand.

  • Fuel Cell Power NV focuses on the development, production and commercialization of combined heat and power (“micro CHP”) systems and off-grid and backup generators based on advanced alkaline fuel cell technology with zero CO2 emissions. . Fuel Cell Power NV is working on a milestone to offer commercial alkaline fuel cells in 2024.
  • PWWR Flow is focused on developing, owning and operating combined heat and power (“CHP”) assets. PWWR Flow assets deliver efficiency improvements of 20% or more while reducing costs for multi-family and commercial application customers. PWWR Flow has contracted his existing CHP assets in Toronto, Canada and has an additional pipeline of potential contracts worth over $50 million currently in development.

AFCP is well-positioned to empower the people in the global energy transition while providing investors with a diverse cleantech growth platform.

For more information, please visit the company’s website at https://www.fuelcellpower.com/.

LinkedIn, Twitter, Facebook, Instagram, YouTube. The ordinary shares are listed on the NEO Exchange (“NEO”) under the symbol “PWWR”, on the OTC Venture Exchange “OTCQB” under the symbol “ALKFF”, and on the Frankfurt Exchange under the symbols “77R” and “WKN A3CTYF”. .

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding Progressus Clean Technologies and Alkaline Fuel Cell Power Corp. the letter of intent executed between the parties; the potential consequences or benefits of a joint venture pilot; Advanced electrolytic system technology. and future plans for the company. Forward-looking information involves known and unknown risks, uncertainties and our actual results, level of activity, performance or achievements that may differ materially from those expressed or implied by such forward-looking information. Subject to other factors that may be contributing factors. Risks inherent in the hydrogen industry. We have attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking information, but we do not believe that they could cause results to differ from those anticipated, estimated or intended. There may be other factors that There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. You should not place undue reliance on any forward-looking information. We do not undertake to update forward-looking information, except in accordance with applicable securities laws.

chance fuller
Senior Vice President l Forbes & Manhattan Resources
President | Progressus Clean Technologies (former AES-100 Inc.)
198 Davenport Road l Toronto, Ontario l Canada M5R 1J2
(403) 464 – 7851

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5825491-2816-477a-9096-b5ac70cf8a8c.

CBJ Newsmaker

Progresssus Clean Technologies signs letter of intent (LOI) with leading clean hydrogen joint venture pilot Alkaline Fuel Cell Power, Canadian Business Journal

Source link Progresssus Clean Technologies signs letter of intent (LOI) with leading clean hydrogen joint venture pilot Alkaline Fuel Cell Power, Canadian Business Journal

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