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Purx Receives Approval for Definitive Agreements With AVL Powertrain UK and Ballard Power Systems Inc.

By August 9, 2021 2   min read  (328 words)

August 9, 2021 |

Fuel cells works, Fuel Cells: Purx Signs Two Definitive Agreements with AVL Powertrain UK and Ballard Power Systems Inc.

Vancouver, British Columbia, Canada — Following the June 11, 2021 press release, Pure Extraction Corp. (PURX or corporation) received approval from the TSX Venture Exchange for the definitive agreements with AVL Powertrain UK Ltd. and Ballard Power Systems Inc..

The final agreements with First Hydrogen Corp. (First Hydrogen), a wholly-owned subsidiary of the company, plans to develop and manufacture a hydrogen-powered fuel cell vehicle, with First Hydrogen holding the commercial rights to the vehicle design.

Ballard is a leading global provider of innovative clean energy and fuel cell solutions. Ballard develops and manufactures proton exchange membrane products for fuel cells for markets such as regional transportation, portable power supplies, material handling, and provides technological solutions and services. Ballard will assist with the integration of its hydrogen fuel cell module for the prototype of First Hydrogen’s light commercial vehicle.

AVL Powertrain UK Limited is part of the AVL Group, the world’s largest independent company for development, simulation and testing in the automotive and other industries. As a global technology leader, AVL offers concepts, solutions and methods in the areas of e-mobility, ADAS and autonomous driving, vehicle integration, digitization, virtualization, big data and much more. AVL plans and implements the integration of all drive components including the development of vehicle components and control software.

Under the assignment of two non-binding letters of intent that will be superseded by the definitive agreements, Nova Light Capital Limited will receive three million shares. These shares are the subject of a voluntary deposit and pooling agreement. In connection with the transaction, 249,590 shares will be issued to Canaccord Genuity Group Inc. as a finder’s fee.

The company has entered into an unbroken private placement for $ 3.0 million. The private placement will consist of 2.4 million units priced at $ 1.25 per unit, with each unit comprising one common share and a warrant to purchase one common share. Each warrant is convertible into one common share at a price of $ 2.00 within a period of two years from the closing date.

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