- The COP26 climate change summit is taking place Oct. 31-Nov. 12 in Glasgow at the Scottish Event Campus (“SEC”) after being delayed last year due to the COVID-19 pandemic
- The overall consensus worldwide is to strive for zero emissions by 2050 – requiring energy solutions that emit no greenhouse gases and are environmentally sustainable
- FuelPositive’s modular and scalable carbon-free ammonia system offers more hydrogen than highly compressed hydrogen and is highly competitive with other methods of replacing fossil fuels
- The green ammonia market is expected to grow at a CAGR of 54.9% over the next decade
After being postponed because of the COVID-19 pandemic last year, the COP26 climate change summit is taking place Oct. 31 – Nov. 12, at the Scottish Event Campus (“SEC”) in Glasgow. Discussing the importance of the climate change summit, the chair of the Energy Transitions Commission, Adair Turner, highlighted the role of companies and governments in reducing emissions.
In a CNBC Europe interview, Turner, who served as chair of UK’s Financial Services Authority between 2008 and 2013, stated that “almost everybody has now agreed that we’ve got to get the global economy to about zero emissions by 2050.” He also talked about how renewable technologies, batteries and electrolyzing hydrogen are far more inexpensive than originally thought a decade ago (https://nnw.fm/u3cOb).
Even though green hydrogen is the overall goal, the industry still faces many difficulties. Producing hydrogen is energy-intensive, and the end product is highly volatile. At normal temperatures, hydrogen escapes and leaks into the structure of metals, making them brittle. Storing hydrogen is also complicated because it requires extreme pressure for proper storage. There is virtually no infrastructure available and no safety precautions in place for the distribution and transportation of hydrogen.
Toronto-based FuelPositive (TSX.V: NHHH) (OTCQB: NHHHF) offers an alternative to hydrogen distribution issues through its proprietary on-site production of carbon-free ammonia (“NH3”) technology. FuelPositive’s NH3 system is more energy-efficient than conventional forms of NH3 but without carbon emissions. The system also yields 65% more hydrogen than highly compressed hydrogen products, because the ammonia molecule is so stable there is no “boiling off,” no extreme compression required, and no cracking of brittle metals.
FuelPositive recently closed its subscription agreement with certain U.S. institutional investors with gross proceeds totaling approximately CAD$7 million (USD$5.66 million). This private placement in the U.S. consists of 30,434,784 common shares and warrants to purchase up to the same amount of common shares for CAD$0.23 (USD$0.19) per common share and warrant.
The warrants have an exercise price of CAD$0.25 (USD$0.20) per common share until Oct. 28, 2024. The proceeds from the sale of shares will be used to help deploy more of FuelPositive’s carbon-free ammonia systems into high-profile demonstration projects throughout 2022. Funding may also be used for general corporate purposes as well. H.C. Wainwright & Co. acted as the exclusive placement agent for the private placement in the U.S. (https://nnw.fm/2yeQU)
FuelPositive’s flagship modular and scalable carbon-free ammonia technology was developed by Dr. Ibrahim Dincer and his esteemed team at Ontario Technology University in Toronto. The platform will allow for in-situ production of NH3 sustainably. The process involves using only water, air and sustainable electricity. Through its proprietary technology, FuelPositive is on track to create a viable option for replacing traditional fossil fuels, while also becoming a leading provider on the expanding green ammonia market. The industry is expected to grow at a CAGR of 54.9% over the next decade. The increase can largely be attributed to the global goal of utilizing green ammonia as a fossil fuel replacement over the next 30 years. (https://nnw.fm/9Kjay)
For more information, visit the company’s website at www.FuelPositive.com.
NOTE TO INVESTORS: The latest news and updates relating to NHHHF are available in the company’s newsroom at https://nnw.fm/NHHHF
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