Business Update
18/01/2024 07:00
18 January 2024
Hydrogen Future Industries plc
("HFI" or the "Company")
Business Update
Hydrogen Future Industries plc (https://hydrogenfutureindustries.com/) (AQSE:
HFI), a developer of a proprietary green hydrogen production system featuring
an advanced aerodynamic wind turbine and a high-performance electrolyser, is
pleased to provide the following update on recent activities.
Mining sector Feasibility Study
HFI has commenced its first mining sector feasibility study (the "FS"), which
is being undertaken in collaboration with a mining major on a working mine
site in the USA. The mine site operations involve the treatment of mine
tailings and associated water. The purpose of the FS is to demonstrate the use
of HFI's system to utilise wastewater from tailings as a feedstock to generate
clean energy and clean water as a by-product for on-site mining operations.
The first stage of the FS is underway and includes data collection from HFI's
prototype wind turbine in Montana and the sharing of mine site processing
samples.
MoU signed with Australian renewable energy microgrid partner
Considering Australia's ambitions to become a global hydrogen leader, the
country has been identified by HFI as a target market for the initial
deployment of its patented green hydrogen production system. A Memorandum of
Understanding ("MoU") has been signed with Capricorn Clean Energy Limited to
facilitate the identification of local project and partnering opportunities,
particularly those related to the Australian Renewable Energy Agency's
("ARENA") Regional Microgrids Programme ("RMP") established in August 2023 to
support the development and deployment of renewable energy microgrids. ARENA
has committed up to A$125 million in funding toward the RMP, which is split
into two streams as follows: A) Regional Australia Microgrid Pilots; and B)
First Nations Community Microgrids.
HFI's Board believes the Company's energy system is uniquely placed to
economically provide on-demand green energy through microgrids across
Australia.
Technology development update
Data collection continues on the Company's 1 metre prototype wind turbine in
Montana. Remote measuring equipment is being installed to collect data during
the more extreme winter months. Data collected to date have been consistent
with those collected in the 15,000 hours of computational fluid dynamics
("CFD") and wind tunnel testing and suggests an increase in energy production
of upwards of 270% compared to open rotor wind turbines. These data will be
independently analysed and fed into the mining sector FS described above.
Plenary sessions are underway with the University of Bristol ("UoB") for the
next phase of the HFI electrolyser development announced on 7 December 2023.
It is anticipated that the electrolyser will be utilised in conjunction with
the deployment of the Hydrogen Depleted Uranium Storage ("HyDUS") project, a
collaboration between the UoB, EDF UK (lead partner), Urenco, and the UK
Atomic Energy Authority (UKAEA). Learnings from the UoB collaboration will be
included in ongoing electrolyser patent submissions by HFI.
The Company is focusing its resources on turbine and electrolyser development,
and securing near-term commercial opportunities, prior to progressing other
elements of the system such as the Smart Hydraulic Drive and Dynamic Tower.
Update on Tower Group Investment
Further to the Company's investment for a 20% stake in Tower Green Holdings
Limited ("Tower") announced on 16 January 2023, HFI is pleased to report that
Tower has made significant progress in building its position as the hydrogen
infrastructure developer for Southwest England LL1 (#_cmnt1). Tower attracted
widespread media coverage for its Appledore project, which seeks to develop
onshore hydrogen production and refuelling infrastructure in north Devon and
supply offshore wind support vessels. Tower will continue to develop these
proposals throughout 2024 and its position as the provider of maritime
hydrogen refuelling projects in support of offshore wind and other clean
maritime operations in the region.
Tower has also built a pipeline of other infrastructure projects throughout
the southwest, including a road mobility project in Devon, with real estate
and partnerships secured to supply hydrogen directly to industrial off-takers
and to the strategic road network. Further project announcements are expected
to be made throughout the year. LL2 (#_cmnt2)
Tim Blake, CEO, HFI Energy Systems, commented:
"With the mining sector accounting for 10% of global energy and 80% of
electricity consumption JW3 (#_cmnt3) TB4 (#_cmnt4), the FS provides an
initial step towards the commercial opportunity to produce energy from
wastewater onsite which is vast.
"Billions of litres of wastewater are created every day from industrial
locations such as mine sites which require treatment before release. Mines are
typically remote and require huge energy resources to sustain operations. The
opportunity is for HFI's wind hydrogen production system to solve both
problems. We are excited to be collaborating with one of the world's largest
and most forward-thinking miners to undertake a feasibility study."
"Our technology development team has exceeded expectations in the delivery of
sector-leading technologies. With our prototype wind turbine testing
supporting energy gains of over 270% compared to open rotor configurations and
early-stage electrolyser tests running at 97.1% efficiency, we have a lot to
be excited about. Delivery of the mining feasibility study and our
collaboration with the University of Bristol will be a key focus for 2024."
Daniel Maling, Executive Director of HFI, commented:
"The global mining sector represents one of the biggest end markets for HFI's
energy system due to its high energy requirements and significant wastewater
generation. We are excited to be collaborating with one of the world's largest
and most forward-thinking LL5 (#_cmnt5) TB6 (#_cmnt6)miners to undertake a
Feasibility Study."
"We are also delighted to be expanding our geographical focus to Australia.
The Australian Government's approach to supporting technology-led solutions
for the future energy mix is welcomed. The opportunity to apply elements of
our patented technology to service microgrid project opportunities and grant
funding is compelling."
Enquiries:
Hydrogen Future Industries plc
Daniel Maling, Executive Director +44 (0)20 3475 6834
Vigo Consulting (Investor Relations)
Ben Simons +44 (0) 20 7390 0230
Peter Jacob
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti Liam Murray +44 (0) 20 72130 880
Peterhouse Capital Limited (Broker)
Duncan Vasey +44 (0) 20 7469 0930
Inside Information
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company accept responsibility
for the contents of this announcement.
About Hydrogen Future Industries
Hydrogen Future Industries was established to invest in projects and companies
focused on the Hydrogen Economy. We are developing a proprietary wind-based
hydrogen production system, featuring an advanced aerodynamic wind turbine and
a high-performance electrolyser. Through this technology, we aim to
significantly reduce the cost of hydrogen production from renewable sources
and provide on-demand energy storage in the form of hydrogen at a fraction of
the cost of lithium-ion battery storage. Click here
(https://hydrogenfutureindustries.com/wp-content/uploads/2022/07/HFI-Flyer-for-Website.pdf)
for more information about Hydrogen Future Industries.
Visit our website: www.hydrogenfutureindustries.com
Follow us on social media:
LinkedIn: @Hydrogen Future Industries
Twitter: @HydrogenFI
Caution Regarding Forward Looking Statements
Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not a guarantee of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions security holders and
prospective security holders not to place undue reliance on these
forward-looking statements, which reflect the view of the Company only as of
the date of this announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the statements are
made. The Company will not undertake any obligation to release publicly any
revisions or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of this
announcement except as required by law or by any appropriate regulatory
authority.
LL1 (#_cmntref1)Please provide supporting documentation / links for
statement
LL2 (#_cmntref2)As per comment above, any documentation / comms to support
statements
JW3 (#_cmntref3)Please provide verification
TB4
(#_cmntref4)https://www.theworldcounts.com/challenges/planet-earth/mining/energy-use-in-the-mining-industry
LL5 (#_cmntref5)As per comment above - who is the mining major
TB6 (#_cmntref6)Barrick Gold Corporation
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