Hydrogen Future Industries PLC (AQSE:HFI), a company formed to identify opportunities within the Hydrogen Economy, is pleased to announce the incorporation of HFI Energy Systems Limited (“HESL”), the Company’s wholly owned subsidiary, which has been formed to develop proprietary wind and water-based hydrogen production systems, incorporating hydrogen compression and storage.
Timothy Blake has been appointed Chief Executive Officer of HESL to lead this development.
Mr Blake has considerable experience in the development of efficient turbine systems, an area in which he has specialised for the past 12 years and written multiple patents. The intention is for the Company and HESL, led by Mr Blake, to develop systems which reduce the generation costs of green hydrogen production significantly and can provide on-demand energy storage in the form of hydrogen at a fraction of the cost of lithium-ion battery storage in a variety of locations.
Prior to working on the development of turbine systems, Mr Blake spent numerous years, and built a niche and highly regarded network, in the motorsport and transportation industries, working alongside companies that include Lexus/Toyota, General Motors, and Airbus.
Daniel Maling, Chairman of HFI, commented:
“The obstacles that have to date hindered an expansive growth in green hydrogen generation arise primarily from the cost of renewable energy generation. After several months of detailed due diligence and discussions we believe our capital, coupled with Tim Blake’s experience in this area, will enable us to develop technologies which will significantly lower the cost of hydrogen production from several renewable sources.
“HFI’s shareholders will have a stake in potentially game-changing renewable energy-based hydrogen production technologies. Teaming up with Tim is the most exciting investment opportunity we have seen in the emerging sector. We look forward to Tim joining the HFI team and helping us to develop a suite of very exciting technologies.”
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company accept responsibility for the contents of this announcement.
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