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Triple Energy to Acquire Natural Hydrogen Project

By April 8, 2022 4   min read  (657 words)

April 8, 2022 |

Fuel Cells Works, Triple Energy to Acquire Natural Hydrogen Project
  • The Company enters into a binding term sheet with Neutralysis Industries Pty Ltd to make recommended offers to its shareholders
  • The acquisition of Neutralysis Industries Pty Ltd marks the beginning of the Company’s mission to acquire, develop and operate future-ready energy projects, with a focus on pioneering the exploration and production of naturally occurring hydrogen
  • The Company has completed a $650,000 capital raising via the issue of convertible notes to sophisticated and professional investors
  • Industry expert Avon McIntyre joins the Board as Executive Director and Chief Technical Officer
  • Name change to “HyTerra Limited” with the ASX code to also change to “HYT”
  • The Company is at an advanced stage in discussions to dispose of its shareholding in CFT Heilongjiang (HK) Ltd (CFT) for a nominal sum

Triple Energy Limited (ASX:TNP) (Company or TNP) (to be renamed HyTerra Limited™) is pleased to announce that it has executed a binding term sheet pursuant to which the Company has agreed with Neutralysis Industries Pty Ltd ACN 156 261 791 (NIPL or Neutralysis) to make recommended offers to its shareholders to acquire 100% of Neutralysis (Acquisition).

Neutralysis is an Australian based company focused on the development and implementation of hydrogen projects. It has entered into a Joint Development and Earn-in Agreement (JDA) with Natural Hydrogen Energy LLC (NH2E), a Colorado based limited liability company. NH2E has ownership of an already drilled hydrogen exploration well in Nebraska, USA and is a recognised authority in the science of natural hydrogen.

Under the terms of the JDA, Neutralysis has the ability to acquire a 30% interest in the JDA by expending US$5 million on work programs agreed between the parties. The amount of USD$1,511,242 has already been contributed towards Development Costs by Neutralysis to develop and progress the Development Assets. By expending a further US$15 million, Neutralysis can acquire an additional 21%, to take its equity interest in the JDA to 51%. Further details of the JDA are set out in Annexure A.

The Acquisition is targeted for completion in the second quarter of 2022 and will underpin TNP’s mission of pioneering the exploration and production of natural hydrogen. Together, TNP and NH2E aim to commercialise natural hydrogen sourced from within the earth. Exploring for natural hydrogen is an emerging field in the geosciences and if commercial resources can be developed it has potential to disrupt the existing energy paradigm.

The proposed Acquisition is conditional on the Company obtaining all necessary regulatory and Shareholder approvals to effect the Acquisition and satisfying all other requirements of ASX for the reinstatement to official quotation of the Company’s shares on the ASX (among other things).

On completion, the Acquisition will amount to a significant change in the nature and scale of the Company’s current activities and as such, TNP will be required to obtain approval from its shareholders (Shareholders) and to re-comply with Chapters 1 and 2 of the ASX Listing Rules (Listing Rules). As part of the Acquisition, the Company proposes to complete a capital raising to raise a minimum of

$5,000,000 (Minimum Subscription) and a maximum of $7,000,000 (Maximum Subscription).

ABOUT NATURAL HYDROGEN ENERGY LLC (www.nh2e.com)

NH2E is a pioneer in the field of exploration for geologically occurring hydrogen. Members of their team have completed more than 20 years of research, with extensive knowledge, conclusive data and proven results. Their geologists first predicted and then discovered a new, previously unknown natural phenomenon: many locations along the Earth’s crust seep significant quantities of molecular hydrogen gas. Because it is an odorless, invisible, tasteless, non-toxic and most importantly, a very diffusive gas, naturally occurring hydrogen has long been thought to be rare on Earth. Its quantity was largely underestimated and therefore almost never studied. Recognizing this phenomenon, their scientists continue to work in order to change this misconception and have published data to this effect. Now the situation is quickly evolving such that other researchers have started to study natural hydrogen and are beginning to recognise its significance.

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