Vancouver, British Columbia– VPN Technologies Inc. (CSE: VPN) (OTC Pink: SRBBF) (FSE: 6GQ1) (“VPN Technologies“, or the “Company“) is pleased to announce the engagement of product development acceleration and innovation as a service company FYELABS.
Over the next 3-4 weeks, VPN Technologies’ CTO and director, Curtis Ingleton is working closely with the FYELABS Team of scientists to complete a state-of-the-art review exploring new business opportunities in hydrogen storage. The market space and technology landscape in this area is rapidly evolving. Thus, establishing a business in this market requires careful scrutiny of, e.g.,
- technical maturity of existing and emerging technologies,
- demand on various end-user markets,
- safety regulations,
- cost and energy densities,
- logistics of transportation and distribution, and
In addition, careful attention must be afforded to the existing participants in the market, particularly their intellectual property protection strategies.
VPN Technologies recently reported the formation of its wholly-owned subsidiary, Greentech Hydrogen Innovations Corp. (“Greentech Hydrogen”). The initial objectives for Greentech Hydrogen include identifying opportunities in both the science for the purpose of commercialization and the development of products and services addressing the growth in a wide range of long-term hydrogen businesses related to global energy policy objectives and targets.
Recent findings suggest hydrogen could ultimately account for one-third of global energy demand, with some calling for a potential $10 trillion market. The International Renewable Energy Agency (“IRENA“) believes hydrogen is perhaps best suited to meet 30% of global energy demand that is not readily decarbonized (even with electrification). Long-haul transport, city buses, rail, marine and aerospace are clear candidates for hydrogen adoption. The recently published Hydrogen Strategy for Canada details a path for the country to lead in innovation, intellectual property, and industry. Canada has already surged to account for over 1/2 of fuel cells deployed in buses globally which makes use of Canadian powertrain technology.
Despite the rapid growth of electrification throughout the economy, roughly one-third of global energy-related emissions come from sectors for which there are no economic alternatives to fossil fuels (IRENA, 2017). These emissions originate primarily from energy-intensive industrial sectors and freight transport.
Curtis Ingleton stated, “Our latest business model is deeply rooted in the research of the underlying business and science of hydrogen. Working with FYELABS will help verify our existing findings and allow us to forge a clear, successful path in this space.”
FYELABS Founder & CEO, Dr. Suvojit Ghosh, is excited to initiate research on behalf of VPN Technologies and will be personally monitoring the progress of this project. “The hydrogen economy is just around the corner. It is an obvious next step in meeting our society’s energy needs. We are excited to be a part of this journey with VPN Technologies,” said Ghosh.