AmmPower is now positioned to provide on-site production of green hydrogen from ammonia through its novel process.
VANCOUVER, BC / AmmPower Corp. (CSE:AMMP)(OTCQB:AMMPF)(FSE:601A) (the “Company” or “AmmPower”), is pleased to announce that it has entered into a definitive agreement (the “Definitive Agreement“) to acquire (the “Acquisition“), on the terms and conditions set forth in the Definitive Agreement, all of the outstanding share capital of Hydrogen One Technologies Inc. (“Hydro One”) which is developing technologies that allow the conversion from green ammonia to green hydrogen, in exchange for 7,000,000 common shares of AmmPower (the “Consideration Shares“).
Hydro One is working to develop ammonia cracking units that provide useable hydrogen onsite on a modular scale. The team is working to develop new and innovative methods that reduce the cost and in-efficiencies that are present in current outdated catalytic cracking units. The research is focused on reducing contaminants and high costs with outdated ammonia cracking units. Each ammonia cracking unit will be designed to scale from small to large scale deployments.
The hydrogen market is projected to reach approximately US $200 billion by 2030 with growth seen in many markets including industrial transportation, energy, passenger cars, buses, and other uses. Large scale hydrogen is growing with over 30 global gigawatt class hydrogen projects which use ammonia as the main hydrogen carrier.
Gary Benninger, AmmPower Chief Executive Officer states, “Through this acquisition, AmmPower will be flexible in its business model as we will be able to provide customers with ammonia or hydrogen on demand. The hydrogen market is growing, and we can now target both markets with our products, which are flexible and scalable. Once both technologies are integrated, we will have a key competitive advantage over our peers.”
The Closing of the acquisition of Hydro One is subject to a number of conditions including the satisfactory completion of due diligence, receipt of all required regulatory and third-party consents and satisfaction of other customary closing conditions.