Vancouver, British Columbia — VPN Technologies Inc. (CSE: VPN) (OTC Pink: SRBBF) (FSE: 6GQ1) (“VPN Technologies”, or the “Company”), an emerging Virtual Private Network solutions provider, is pleased to announce the formation of a 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.
VPN Technologies President & CEO, Paul Dickson, stated, “The recent appointment of hydrogen experts Ingleton, Cavaliere and Sengupta have given VPN Technologies access to the scientific community specializing in the advancement of green technologies. Greentech Hydrogen will be used as the operating company to access grants currently being offered, hold specific assets or potential future acquisitions and commercialize potential discoveries and patents.”
Source: VPN Technologies