REG - Molecular Energies - Significant progress within Green House Capital

Molecular EnergiesAnnouncement

18/12/2023 07:00

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RNS Number : 0664X  Molecular Energies PLC  18 December 2023

18 December 2023

 

MOLECULAR ENERGIES PLC

("MEN" or the "Company")

 

Significant progress within Green House Capital Group plc
Technological breakthrough on Dual Fuel Hydrogen Mobility
Green House set for IPO

 

Molecular Energies (AIM: MEN), is pleased to announce the achievement of a
significant technological and commercial breakthrough at Dual Fuel Limited
("DFL"), a wholly owned subsidiary of the Company's 75% owned alternative
energy development division, Green House Capital Group plc ("Green House").

 

Highlights

 

·   Initial trials on DFL's innovative and proprietary hydrogen injection
technology indicate that a minimum of approximately 20% of hydrogen can safely
be introduced into a heavy-duty diesel vehicle engine resulting in a
proportionate reduction in the amount of emissions and a significant extension
to driving range.

·   The 20% displacement represents the baseline for DFL's technology and
establishes its credentials as a compelling commercial solution for heavy-duty
diesel fleet operators worldwide with first customers in launch country
Paraguay already identified.

·   DFL will now move to live testing on a rolling-road expected
to take place in Q1 2024.

·  The DFL solution avoids need for expensive hydrogen only
fuelled-vehicles and hydrogen refuelling networks, major inhibitors to
rolling out hydrogen mobility.

 

 

  Dual Fuel Technological Breakthrough

 

In February 2023, DFL contracted Helical Technology, an engine and vehicle
testing specialist, to conduct trials on a heavy-duty vehicle engine using
DFL's innovative and proprietary dual-fuel technology, developed in
collaboration with DFL's contractor G-Volution Limited. The purpose of these
trials was to identify the optimal conditions for introducing hydrogen into a
diesel-powered engine.

 

The testing protocol entails a thorough evaluation of the engine and test
cells followed by running of the engine using diesel alone and then
progressively introducing hydrogen until the fuel entering the engine becomes
disproportionate to its power output.

 

The results of these initial trials confirm that approximately 20% of hydrogen
can be safely introduced into a heavy-duty diesel vehicle engine resulting in
a proportionate reduction in the amount of emissions. The results also
indicate that DFL's solution will significantly extend the range of
heavy-goods vehicles.

 

DFL will now undertake a further test of its technological solution in a live
rolling-road environment in Q1 2024 which is intended to complete the
calibration of the software behind the system.

 

Upon successful completion of the rolling-road tests DFL expects to deliver
its first retrofit solutions to customers in its lead country Paraguay in Q3
2024 with first customers already identified and the Government having a
supportive and defined hydrogen mobility plan. DFL's offering will be
supported by the supply of 100% green hydrogen generated by G-Mobility its
sister company within Green House.

 

Paraguay is an economically and politically stable landlocked country with no
active railway network which relies on a fleet of approximately 75,000 long
range heavy diesel trucks and 3,000 barges for its infrastructure logistics.
MEN, through the network created by its current and historic operations in
Paraguay as well as its sister company Atome Energy, is particularly well
positioned to penetrate this market.

 

DFL's cost-effective retrofit technology is positioned to provide fleet
operators with an affordable and transitional decarbonisation solution which
will expand the range of their vehicles without the need for an extensive
hydrogen refueling network the latter being a material and expensive negative
factor in other hydrogen mobility solutions.

 

The results of this initial trial demonstrate that the DFL technology is
capable of substantial displacement of diesel within a heavy goods engine
which will ultimately lead to a compelling commercial opportunity for its
customers with the offering intended to roll out worldwide after using
Paraguay as a lead country.

 

Green House IPO

 

The Green House AIM IPO is expected in Q1 2024.

 

Green House has made strong progress in preparations for its AIM IPO with all
primary workstreams set to complete in the near term. Green House is
encouraged by feedback received from investors seen to date which confirms the
view that Green House can build on its significant progress with market
support as an independent entity.

 

Christopher Raggett, CEO of Green House, commented:

 

"Operations within Green House continue to progress at pace and the latest
technological breakthrough of Dual Fuel is particularly encouraging as we seek
to bring this solution to a fertile target market very quickly.

 

Dual Fuel has a significant advantage over other hydrogen mobility solutions
in that it can use existing vehicles at a modest retrofit cost, avoid having
an expensive hydrogen refueling network whilst at the same time importantly
reduce carbon emissions as a transition to Net Zero.

 

With this progress we look forward to the successful spin out and admission to
AIM of Green House in 2024."

 

For more information, please visit www.molecularenergiesplc.com
(http://www.molecularenergiesplc.com) or contact:

 

 Molecular Energies PLC                                            +44 (0)20 7016 7950

 Peter Levine, Chairman                                            info@molecularenergiesplc.com (mailto:info@molecularenergiesplc.com)

 Rob Shepherd, Group FD

 Cavendish Capital Markets Limited (Nominated Advisor and Broker)  +44 (0)20 7220 0500

 Simon Hicks, George Dollemore

 Tavistock (Financial PR & IR)                                     +44 (0)20 7920 3150

 Simon Hudson, Nick Elwes, Charles Baister

 

Notes to Editors

Molecular Energies PLC is an AIM listed company at the forefront of energy
development and has interests across the energy spectrum, from an oil and gas
project to the green and alternative energy sector.

 

The Company currently has an oil exploration asset in Paraguay. The Company
has two separate subdivisions which are focused on early-stage opportunities
in the green and/or alternative energy sub-sector.

 

Activities in the green and alternative energy space are being carried out
direct through Molecular and under the Green House Capital brand and through
AIM listed Atome Energy PLC, a green hydrogen, ammonia, and fertiliser company
operating in Paraguay, Costa Rica and Iceland, in which Molecular currently
has 20.5%.

 

With a strong strategic and institutional base of support, no third-party
financial debt and a Chairman whose interests as the largest shareholder are
aligned to those of its shareholders, Molecular gives UK investors access to
an energy growth story combined with world class standards of corporate
governance, environmental and social responsibility.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for
the release of this announcement on behalf of the Company was Robert Shepherd,
Finance Director.

 

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