TORONTO, Oct. 20, 2022 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) ("FuelPositive" or the "Company") is pleased to report it attended and addressed the delegates at the 13th Annual Canada UK Energy Summit held yesterday at Canada House in London, UK. With a focus on industrial decarbonization, the aim of the annual summit is to expand export opportunities for Canadian firms into the UK market and strengthen bilateral commercial cooperation. One hundred Canadian and UK pre-qualified company representatives participated, along with 25 Canadian and British government representatives who are responsible for the advancement of policy and funding frameworks. FuelPositive was one of five Canadian emerging technology companies invited to address the entire group in the Innovators Session.
"We were delighted that our technology and company are being recognized by government leaders as a valuable tool in the fight against climate change. Our onsite, containerized green ammonia production system is a perfect example of a practical, decentralized and economical approach to industrial decarbonization. It disrupts the traditional, centralized grey ammonia industry, that's driven by fossil fuels and is well known as a major polluter around the world. Our system produces carbon-free, green ammonia using air, water and sustainable electricity, and the decentralized, onsite model allows end-users to produce the ammonia they need for fertilizer and/or for fuel on their own land, where the ammonia is going to be used. That means we've eliminated carbon emissions from the production process of ammonia, and we've eliminated the need for large storage facilities and the transportation of dirty ammonia across vast distances to end users," said Ian Clifford, FuelPositive CEO and Board Chair.
FuelPositive's first demonstration system is expected to be fully validated and farm-ready in November 2022, before being moved to an 11,000-acre farm in Manitoba where it will be run for one year in all types of weather as a pilot project. The Company has begun to accept pre-sales inquiries. The onsite model provides end users with stability and control over supply, timing and price.
Grey Ammonia and Pollution
Over 200 million tonnes of traditional or grey ammonia are manufactured and consumed annually worldwide. In fact, grey ammonia currently ranks as the second most produced chemical globally, with production accounting for two per cent of the world's fossil fuel use. Eighty per cent of grey ammonia is used as nitrogen fertilizer to grow food. While we rely on ammonia as fertilizer for food security, the traditional method of producing it, in massive, centralized refineries, is one of the most emissions-intensive manufacturing processes in the world. As a whole, the traditional ammonia industry generates over 420 million tons of carbon dioxide annually. For every metric tonne of traditional or grey ammonia produced globally, almost three metric tonnes of greenhouse gases are emitted.
Supply Shortages and Skyrocketing Prices
The centralized model of traditional ammonia manufacturing has also created significant problems in the form of supply shortages and skyrocketing prices. A relatively small number of refineries provide all the ammonia used around the planet. The ammonia must be transported vast distances from the point of production to the point of use. That supply chain has been unreliable for several years because of hurricanes, fossil fuel shortages, the COVID-19 pandemic, and now Russia's tragic war in Ukraine. Farmers, for example, never know exactly when they will get their delivery, how much they will get, and how much they will have to pay. Prices have risen to the point that grey ammonia is unaffordable for many. And with the war in Ukraine, it continues to get worse, given the amount of food, fertilizer and fuel annually supplied by Ukraine and Russia.
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 that eliminates carbon emissions from the production of the green ammonia. 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 onsite, 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. The system comprises a nitrogen generator to produce nitrogen from air, a water electrolyser to produce hydrogen from water, and a patent-pending synthesis converter to produce green ammonia from the hydrogen and nitrogen.
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, as well as stable prices, 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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