TORONTO, Aug. 30, 2022 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) ("FuelPositive" or the "Company") is pleased to announce that it has filed its quarterly interim financial statements and accompanying management's discussion and analysis for the nine-month period ended June 30, 2022. Copies of the materials are available publicly under the profile for the Company on the SEDAR website (www.sedar.com). The Company is also pleased to provide the following update regarding is first demonstration project and pre-sales activity.
As announced on August 4, 2022, validation has begun on the first demonstration system and is expected to be completed in November 2022. The system, which will be contained in three 20-foot containers, will be placed on an 11,000-acre family-operated crop farm in Manitoba, operated by Tracy and Curtis Hiebert.
The hydrogen separator and nitrogen extractor, which comprise 60 per cent of the entire system, were validated ahead of schedule, prior to being shipped to the Company's Ontario facility. Rate of production and purity surpassed expectations, giving the Company the confidence to open up to farmers for pre-sales on August 10, 2022. A price for customers of CA$950,000 was also announced on August 4, 2022.
The building of FuelPositive's patent-pending ammonia synthesis convertor continues to be on track for completion in November 2022.
"The level of interest in pre-sales serves as a strong indicator of demand. We are seeing a high level of interest in our onsite model, as we expected, because of the stability it gives farmers over supply, timing and price. Our process is to have an introductory call with interested farmers to talk about their application, objectives and the conditions on their farms. We've had daily expressions of interest and have completed many introductory calls already," said Derek Boudreau, FuelPositive's Strategic Advisor for Agricultural Implementation. "The qualification process involves many steps, including site visits to the farms. Preliminary qualification steps have been completed with many interested parties and we have begun booking our site visits to perform the evaluation of each interested party. Each inquiry represents the beginning of a potential long-term relationship - we want an extraordinary customer experience, which includes the site visit to get to know our customers' needs, so we can provide the best solution possible."
"The demand we are seeing is encouraging. We should be ready to provide an update in November about the size of our long-term manufacturing capacity planning. The volume of demand will guide us as we determine how large our mass manufacturing facility needs to be, as well as what our material and labour plans, production schedule and order fulfillment plans should be," said FuelPositive Chief Operating Officer Nelson Leite.
FuelPositive has identified and secured land near its Waterloo, Ontario facility, with a land development partner who can build a custom-built factory for it. It is expected to be a large facility, up to 140,000 square feet on a nine-acre site. Building the factory will facilitate the switch from batch manufacturing to serial or assembly line manufacturing. "We'll use this facility until we've reached capacity, and then, assuming the demand is there, we will create new facilities, as needed," added Nelson Leite.
The Company is aiming to deliver its onsite, containerized Green Ammonia production systems within one growing season for the farmer, so that once the farmer has committed to an order, the farmer is able to begin the next growing season with their system on their farm. Delivery will depend on the size of the system, location and existing infrastructure at the farm site.
The FuelPositive Pre-Sales webpage can be found here: https://fuelpositive.com/pre-sales/.
Additional details about the onsite, containerized Green Ammonia production system can be found here: https://fuelpositive.com/green-ammonia-system/
FuelPositiveis a Canadian technology company committed to providing commercially viable and sustainable, "cradle to cradle", clean technology solutions, including an on-site, containerized green ammonia (NH3) production system 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 in the short term.
The FuelPositive containerized green ammonia production system produces pure, anhydrous ammonia for multiple applications, including fertilizer for farming, fuel for grain drying and internal combustion engines, a practical alternative for fuel cells and a solution for grid storage. Green ammonia is also considered 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-users energy and supply security while cutting carbon emissions from the production process. The first customers will be farmers. Farmers use 80% of the traditional ammonia produced today as fertilizer.
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) accept 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 of 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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