TORONTO, April 20, 2022 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) ("FuelPositive" or the "Company") held its virtual Annual General Meeting (AGM) yesterday and provided attendees with an update from management. Dr. Ibrahim Dincer, the lead inventor of FuelPositive's flagship technology, spoke at the AGM via video, as did Curtis Hiebert, the Company's first demonstration project partner. The video of the management presentation can be viewed here: https://fuelpositive.com/fuelpositive-agm-april-19-2022/. A PDF of the presentation can be downloaded here: https://fuelpositive.com/wp-content/uploads/2022/04/AGM-deck-April-19-12-pm.pdf
The presentation focused on FuelPositive's green ammonia production technology - a scalable, containerized system that employs a carbon-free process to make pure/anhydrous ammonia. The technology will disrupt the traditional grey ammonia supply chain by placing the production systems onsite, where the customer will be able to be self-sufficient by having control over supply, timing and costs.
The presentation covered a review of key 2021 milestones met by the Company and set out the milestones for 2022. Included were updates on:
- Hiring key staff and appointing expert advisors
- Securing leases for premises to build our demonstration systems
- Meeting with government officials at federal and provincial levels
- Validating the first demonstration system
- Identifying the next demonstration project partners
- Refining the costing model and setting pricing
- Filing the non-provisional patent for our containerized green ammonia production system technology
- Accepting pre-orders
- Setting up the next batch manufacturing and preparing for serial manufacturing
- Launching R&D regarding on-farm nitrous oxide emission reductions
- Identifying and acquiring new intellectual property to diversify our portfolio
- Generating analyst coverage
"It's astounding when you think that we've gone from a cold start, with the acquisition of the intellectual property for the technology 13 months ago, to being ready for the field five months from now. Within that time frame, we've accomplished so much: we basically have a new company, a new team, and a unique product that is going to make a disruptive difference in the world. And it's all been done during a global pandemic with serious supply chain issues. I'm very proud of our progress," said Ian Clifford, FuelPositive CEO and Board Chair.
Dr. Ibrahim Dincer, the lead inventor of the patent-pending containerized green ammonia production system technology, spoke via video to the meeting: "FuelPositive (is making) an historic attempt to commercialize our technology... FuelPositive has moved ahead and recruited key people and assembled a team of experts...from almost every discipline, to make this solution available to humanity. I am very hopeful we will have a remarkable achievement coming soon."
The Company spoke at length about preparing for its demonstration pilot projects. The objectives of the first pilot project are to place the system on the farm and run it on the sustainable energy supply available there, evaluate the interface between the customer and the system, prove the ease of use of the system and ensure the system performs over time as expected.
The first demonstration system is scheduled to be on the farm of Tracy and Curtis Hiebert in the late summer of 2022. Nelson Leite, FuelPositive Chief Operating Officer, stated: "We are on track for the first system to be farm-ready by late summer 2022." Leite added that supply chain challenges and the preparation of the site could mean slight delays commissioning the system on the site. Specifically, transporting the system from FuelPositive in Ontario to Manitoba could be affected by transportation logistics. As well, the farmer must apply for and have in place the permits for the production, storage and handling of the green anhydrous ammonia. The farmer must also have new storage tanks delivered, installed and ready for operation.
"What I can say, is that everything that we have control over is going according to plan, and we fully expect our first containerized green ammonia production system to be "farm-ready" by late summer. The demonstration system will be validated and running in our facility. We will then be able to create and share images of the system for everyone to see and this will be a very exciting milestone," added Leite.
FuelPositive outlined new information about how the system will function and how farmers will work with it. It has been designed to make its operation simple, despite its advanced technology. Customers will receive onsite training, but there will be little for them to do, because FuelPositive will monitor, optimize and maintain remotely more than 145 aspects of the system from its own location.
The system lifecycle is expected to last several decades, with only periodic upgrades necessary. For instance, a catalyst upgrade will be implemented at the 15-year mark. The Company will be continually advancing the technology. Due to its modular design and remote connectivity, each customer will be able to take advantage of new technologies as they become available. Delays, in that context, for upgrading a component, as an example, will be minimal. Unlike a large grey ammonia refinery, the green ammonia containerized FuelPositive system can be started and stopped quickly and safely as needed.
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 production 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.
The production system has three basic sections: a hydrogen extractor that uses electrolysis to extract the hydrogen from water, a nitrogen extractor that extracts the nitrogen from air, and an ammonia synthesis converter the combines the hydrogen and nitrogen to produce ammonia. FuelPositive's provisional patent is for the unique technology used in the ammonia synthesis converter.
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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