- FuelPositive (NHHH) signs definitive carbon-free NH3 intellectual property acquisition deal with Dr. Ibrahim Dincer and his team
- Coming soon, details of the commercial-scale prototype build of its next-generation carbon-free NH3 systems
- The use of NH3 as a fuel can be used across many applications
- FuelPositive has agreed to issue 50 million common shares to Dr. Dincer and his team
- FuelPositive (NHHH) is up 6.90 per cent and is trading at C$0.31 at 11:21 am ET
FuelPositive (NHHH) is pleased to announce that it has entered into an intellectual property purchase agreement with Dr. Ibrahim Dincer and his team.
The property purchase agreement, dated March 26, 2021, is for a first-of-its-kind technology to produce ammonia (NH3) – a green fuel – in a zero-emission manner, by utilizing only water, air and electricity.
FuelPositive will be announcing the details of the commercial-scale prototype build of its next-generation carbon-free NH3 systems shortly.
“The addition of this technology into our intellectual property portfolio will expand our sustainable energy mandate and mission,” said Ian Clifford, CEO of FuelPositive.
“As work continues on our foundational Composition Modified Barium Titanate (CMBT) technology with a group associated with NASA, we will be building on the Dincer team’s carbon-free NH3 intellectual property for the development of commercial-scale solutions,” added Clifford.
The use of NH3 as a fuel can be used across many applications; however, current methods for producing ammonia cause significant amounts of pollution.
This breakthrough, requiring only water, air and electricity to produce NH3, demonstrates its value as a cost-effective fuel source for combustion engines and even fuel cells, as well as a source of nitrogen, which accounts for 80 percent of the world’s demand for ammonia.
“My team and I are delighted about entering into this agreement with FuelPositive,” said Dr. Ibrahim Dincer.
“The coming months and years are going to be exciting for all of us, and we look forward to making a consequential positive change in reducing global CO2
emissions,” concluded Dincer.
In consideration for acquiring all rights to the technology, FuelPositive has agreed to issue 50 million common shares to Dr. Dincer and his team, of which 35 million will be issuable upon completion of the acquisition and the balance will be issued after twelve months.
All common shares issuable in connection with the acquisition will be subject to a four-month-and-one-day statutory hold period from the date of issuance.
FuelPositive is at arm’s-length from Dr. Dincer and his team.
FuelPositive is committed to providing commercially viable and sustainable energy solutions across a broad spectrum of industries and applications.
FuelPositive (NHHH) is up 6.90 per cent and is trading at C$0.31 at 11:21 am ET.