FuelPositive Announces Filing of Annual Audited Financial Statements and Provides Corporate Update
FuelPositive Announces Filing of Annual Audited Financial Statements and Provides Corporate Update
Company is on schedule for demonstration project rollout in mid-2022
TORONTO, Jan. 31, 2022 — FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (the “Company”) is pleased to announce that it has filed its annual audited financial statements and accompanying management’s discussion and analysis for the year ended September 30, 2021. 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 ongoing business and operations.
The building of the first demonstration systems for FuelPositive’s green ammonia production system is progressing to plan. The on-site system comprises a nitrogen generator to produce nitrogen from air, a water electrolyser to produce hydrogen from water, and a patent-pending green ammonia synthesis reactor to produce ammonia from the hydrogen and nitrogen.
- The hydrogen system has been completed and has successfully passed the Factory Acceptance Testing (FAT).
- The ammonia conversion system is progressing well and is on track for the planned demonstration pilot project. The Company holds a provisional patent for the green ammonia synthesis reactor technology.
- The Nitrogen system is being manufactured with some delays due to COVID-19-related supply chain issues. The supply chain issues will push back some of our planned activities. However, it is not expected to delay the deployment of the first demonstration pilot project, which continues to be planned for mid-2022.
FuelPositive expects to begin validation in the first half of 2022 to meet its target plan for the first demonstration pilot project. The validation will prove the rate and purity of FuelPositive green ammonia allowing the Company to validate the operating expenses it released in its November 18, 2021 news release and webinar. Pre-orders for full systems will begin once this validation point is completed.
First Demonstration Pilot Project Identified
A 6,000-acre grain and plant-based farm in Manitoba has been selected for the first demonstration pilot project. Manitoba is ideal because of its green electricity grid and because it will allow the Company to test the production unit in the harsh Canadian climate, with its long, cold winters and hot summers.
“We are on track to deploy our first prototype in Manitoba in late summer 2022. Our first site visit, which was conducted last week, went extremely well and we are now finalizing our agreement with the farmer,” said FuelPositive CEO and Board Chair Ian Clifford.
The farm is equipped with solar power and has grid access to Manitoba hydro power. It also has its own source of water, so with the FuelPositive system, it is well set up to eventually be entirely self-sufficient.
The farmer intends to start out producing fertilizer but plans to expand to use green ammonia as a fuel for grain drying. They are also keenly interested in converting their tractors and other internal combustion engines to be completely carbon-free, running on FuelPositive green ammonia, produced on the farm.
With its first demonstration pilot project situated in Manitoba, FuelPositive has hired Counsel Public Affairs Inc. to provide government relations services in Western Canada, working alongside Sussex Strategy Group.
“With our focus on decarbonizing agriculture and building energy independence, we know we share a lot of goals with all levels of government across Canada. Counsel Public Affairs complements the team at Sussex Strategy Group, setting us up well to identify areas of common interest between FuelPositive and the provincial governments in Western Canada as they tackle climate change,” said Clifford.
To provide further assistance with government relations, FuelPositive has announced that Calgary-based business analyst Jeanne Milne will lead its efforts to secure government grants. Jeanne is a Principal at Milne Advisory Group, supporting small- and medium-sized enterprises to navigate shifting markets. She has helped technology companies commercialize their innovations and articulate their brands. She has founded, managed and grown two companies, has served as Director of Marketing for an international consumer goods company, and has worked extensively in the area of corporate finance, responsible for commercial loans and private placements in the energy sector in Western Canada.
FuelPositive is also finalizing the membership of its new Agriculture Sector Advisory Panel. This group will guide the Company as it supports farmers, using its green ammonia, to decarbonize their farms and improve their efficiency and on-farm emissions. An announcement will be made soon, although the advisory panel is expected to grow over time. The first member of the advisory panel, Dr. Claudia Wagner-Riddle, was announced December 21, 2021.
“Our new agriculture advisory board will help us as we advise farmers how best to use our green ammonia on their farms to positively impact nutrient management and reduce on-farm emissions. It’s all a part of our commitment to be a truly cradle-to-cradle solutions company,” said Clifford.
Head Office Location
The Kitchener-Waterloo area has been identified as the location for FuelPositive’s head office. The Company is in negotiations with landlords for office, R&D and lab space. It expects to finalize its plans and will have an update soon.
A number of factors influenced the decision to locate in the Kitchener-Waterloo area, already an established tech centre with progressive sustainability policies. It is near Toronto Pearson Airport, which is convenient for international visitors, and can be reached quickly by road from Buffalo and Detroit. It is on major passenger and freight railways. It is close to Toronto for staff who will commute from there, and it is part of a cluster of Southern Ontario towns and cities where there is affordable housing, benefitting the long-term ability to attract staff. It is close to National Compressed Air’s facility in Mississauga (FuelPositive’s partner in the building of the first demonstration systems). It is relatively close to several universities (Waterloo, Guelph, McMaster, University of Toronto, Ontario Tech) and it is surrounded by farmland, facilitating local collaborations. Finally, there are many options for office, production, R&D and lab facilities as the Company grows.
Careers at FuelPositive
Once the head office space is secured, new staff will be joining the Company. Job descriptions have been posted on the Company’s website. Interviews are under way to fill several positions: Mechanical Designer, Chemical Engineer, Tooling Technician, Junior Research Assistant and Human Resources Consultant.
“FuelPositive is moving forward at full speed to commercialize our in situ, modular, scalable and transportable green ammonia production system. As the weeks go by, the world is becoming increasingly excited about the potential of green ammonia to decarbonize our industries, offer control and energy independence to consumers and provide food security for our future. Our technology is by far the best we have seen and offers a unique approach, placing clean tech production on the sites where the green ammonia will be used. No greenhouse gas emissions, and no faulty and fluctuating supply chain. It’s an affordable and practical solution and we are poised to deliver,” added Nelson Leite, Chief Operating Officer, FuelPositive.
For video commentary on this news click HERE for The Market Herald Canada’s Power Play interview with FuelPositive CEO and Board Chair Ian Clifford.
FuelPositive is a Canadian growth-stage 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 and economically advantageous/realizable, the Company aims to change the course of climate change through practical solutions that can be implemented now.
The Company’s core technology, a modular and scalable green ammonia system, takes air, water and sustainable electricity and synthesizes it into a non-polluting chemical for multiple applications, including fertilizer for farming, fuel for internal combustion engines and a solution for grid storage. Green ammonia is being considered as a replacement for fossil fuels and as a key enabler of the hydrogen economy.
The company’s most recent corporate update, presented in November, can be found here.
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.
For Media or Investor enquiries, please contact:
Chief Executive Officer and Board Chair
Government Relations (Canada)
Sussex Strategy Group
Investor Relations (United States)
RBMG – RB Milestone Group LLC
Trevor Brucato, Managing Director
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