TORONTO, April 19, 2022 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) ("FuelPositive" or the "Company") is pleased to announce it has signed a letter of intent with Tracy and Curtis Hiebert, farmers based in Manitoba, Canada, making them the Company's first demonstration project partners. FuelPositive's first, full-sized, green ammonia production system will be placed on the Hiebert's 11,000-acre family operated plant-crop farm near the town of Sperling, south of Winnipeg. Currently being built, the demonstration system will be fully validated and ready for the farm in late-summer 2022. FuelPositive's core technology is a scalable, containerized system that employs a carbon-free process to make pure or anhydrous ammonia. Over 80% of the ammonia produced today is used on farms as fertilizer because of the significant concentration of nitrogen it contains.
The objectives of the first pilot project are to place the system on the farm and power it with electricity supplied by Manitoba's carbon-free grid, in combination with the Hieberts' 200-kilowatt solar array and evaluate the operational interface between the customer and the system. This will serve to prove the ease of use of the system and ensure the system performs as expected over time, while exposed to Manitoba's varied and extreme climate.
"We are excited to be working with Tracy and Curtis and their family on our first demonstration project. They take a modern approach to farming, want to be more sustainable, and are early adopters of new agricultural technologies and techniques to increase efficiency while reducing greenhouse gas emissions. The family has been working with anhydrous ammonia since the late 1960s, when it was first introduced in Manitoba, so the Hieberts are already knowledgeable and comfortable working with anhydrous ammonia. As well, they want to gain control of their supply of fertilizer after experiencing huge price increases and a lack of reliable supply over the past number of years. The advantage of the FuelPositive system, over and above being carbon-free, is that it eliminates the supply chain. The customer produces the supply they need on their own land, as needed," said Ian Clifford, FuelPositive CEO and Board Chair.
"We want the farm to be around for our children, so, we are trying to be as good to the environment and to our soil as we can," said Curtis Hiebert. "As well, we've had issues in the past few years where we were waiting for anhydrous ammonia in the field because our retailer didn't have it in stock. We've also seen huge price increases. We pre-bought our ammonia for this fall at around $1,200 a tonne, and I understand that the price is double that now. The volatility is what we don't like in the market. It's scary. The FuelPositive system will give us stability. That's what we like about it. It's stabilizing the supply and stabilizing the price."
FuelPositive will hold its Annual General Meeting virtually on April 19, 2022 at 1:00 p.m. Eastern Time (U.S. and Canada).
Register in advance for this webinar: https://us02web.zoom.us/webinar/register/WN_ZiqNMxTLQsOuW8x9hrzg6A.
FuelPositiveis a Canadian technology company committed to providing commercially viable and sustainable "cradle to cradle" clean technology solutions, including green ammonia (NH3), for use across a broad spectrum of industries and applications. By focusing on technologies that are clean, sustainable and economically advantageous/realizable, the Company aims to change the course of climate change through practical solutions that can be implemented now.
The FuelPositive green ammonia system takes air, water and sustainable electricity and synthesizes it into pure, anhydrous ammonia for multiple applications, including fertilizer for farming, fuel for grain drying and internal combustion engines and a solution for grid storage. Green ammonia is also being considered as a key enabler of the hydrogen economy.
FuelPositive systems are designed to provide for green ammonia production on-site, where it's needed. This eliminates wildly fluctuating supply chains and offers end-user energy and supply security.
Already proven in the lab, FuelPositive is building three full-sized systems to be rolled out in demonstration pilot projects in 2022.
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.
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, including the expected expenditures of the proceeds of the private placement, 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 which 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, 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.
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