Hydrogen Future Ind. - Management/Directorate Changes, Development Update
25/04/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240425:nRSY9139La&default-theme=true
RNS Number : 9139L Hydrogen Future Industries PLC 25 April 2024
25 April 2024
Hydrogen Future Industries plc
("HFI", the "Company" or the "Group")
Management, Directorate and Advisory Board Changes
&
Development Update
Hydrogen Future Industries plc (https://hydrogenfutureindustries.com/) (AQSE:
HFI), a developer of a proprietary wind-based green hydrogen production system
featuring an advanced aerodynamic wind turbine and a high-performance
electrolyser, announces the following updates.
Turbine systems engineer Timothy Blake to lead Group as CEO
Timothy Blake has been appointed to the role of Chief Executive Officer of HFI
(non-Board position) with immediate effect.
Since March 2022, Mr Blake has been the Chief Executive Officer of HFI Energy
Systems Limited ("HESL"), a wholly owned subsidiary of HFI, and has been
leading the Company's wind turbine and hydrogen electrolyser development
activities. He has considerable experience in the development of efficient
turbine systems, an area in which he has specialised for over 13 years and
written multiple patents. Prior to working on the development of turbine
systems, Mr Blake spent numerous years and built a niche and highly regarded
network in the motorsport and transportation industries, working alongside
companies including Lexus, Toyota, General Motors, and Airbus. He is the
largest shareholder in the Company, holding 24.83% of the current issued share
capital of the Company.
Board changes
Fungai Ndoro has stepped down as a Non-Executive Director with immediate
effect to pursue other business opportunities, and Daniel Maling has
transitioned from Executive Director to the role of Chief Commercial Officer
with immediate effect. The directors are currently searching for a suitable
additional Non-Executive Director candidate.
Professor Tom Scott joins Advisory Board
Professor Tom Scott has been appointed to the Company's Hydrogen Advisory
Board ("Advisory Board"), alongside Dr Nicholas Blake and Timothy Blake.
Professor Scott is a professor at the University of Bristol ("UoB") and leads
the HyDUS project, a collaboration involving EDF UK (lead partner), UoB,
Urenco and the UK Atomic Energy Authority ("UKAEA"). HyDUS is developing a
unique hydrogen storage system designed to help balance fluctuations in the
supply of energy from renewable energy sources, such as wind and solar, as
well as provide nuclear powerplant sites with a load following capability.
Professor Scott's appointment further strengthens HFI's ties with UoB as the
two parties continue to explore new projects on which to collaborate by
sharing people, resources, and joint grant funding opportunities.
Technology development update
Following on from the Company's technology development update announced on 18
January 2024, HFI's 1-metre prototype wind turbine has demonstrated
exceptional durability and performance in the face of some of the harshest
environmental conditions in Montana. With temperatures falling to
approximately -50° Celsius, and wind gusts reaching 70 mph, the turbine is
now undergoing a comprehensive overhaul. The strip down and mechanical
analysis of the turbine aims to enhance the turbine through the installation
of cutting-edge carbon fibre rotor blades and a new yaw control system
designed and engineered by the HFI development team.
Accompanying these improvements is a sophisticated array of telemetry
equipment, for the energy performance trials and an objective third-party
assessment.
The HFI development of the Anion Exchange Membrane Water Electrolyser
("AEMWE") has been relocated to new laboratory facilities in Ojai, California.
This strategic move enables HFI to expedite the development of its inaugural
commercial scale electrolyser and develop new intellectual property and
assembly of electrodes, whilst also advancing efficiency leaps and
cost-reduction strategies. Notably, HFI's electrodes are evolving to operate
effectively without the need for expensive platinum group metals, marking a
significant stride towards sustainable cost efficiencies which is one of the
project's primary objectives as announced 31 January 2024.
Mining sector feasibility study
The Company has continued with the preparation of the feasibility study
relating to the use of HFI's technology to produce green hydrogen from
contaminated water created during mining processes. The Company aims to
demonstrate that the technology can produce green hydrogen for use on site at
$2 per kg, which equates to an electrical energy supply of approximately $0.12
per kilowatt-hour.
The full complement of HFI technologies is required for the successful
generation of clean and affordable energy from green hydrogen in remote mining
locations.
Discussions are underway with key engineering groups to scope services and
equipment to demonstrate the viability of HFI's system on mine sites.
Neil Ritson, Non-Executive Chairman, commented:
"We are delighted that Timothy Blake has agreed to lead the business as CEO
having already been spearheading our system development activities since 2022.
Timothy is principally responsible for the development of what we believe will
represent a game-changing performance improvement in the wind turbine sector
globally, having completely rethought the traditional turbine model. When you
pair the performance of our turbine with that of our novel electrolyser in
development, the potential for cheap hydrogen production at scale is
incredibly exciting.
"I would like to thank outgoing Non-Executive Director Fungai Ndoro for her
contributions in listing the business on the Aquis Stock Exchange and
executing numerous transactions during her tenure."
Tim Blake, Chief Executive Officer, commented:
"I am excited to formally lead HFI as CEO just as our state-of-the-art wind
turbine is poised to become a pivotal component of the mining sector
feasibility study in the US. The study signifies our commitment to pushing the
boundaries of what is possible in renewable energy generation in even the most
unforgiving environments.
"The Company is strategically channelling its resources. Our vision is clear:
to forge and secure commercial collaborations and partnerships that will
catapult the industrial application of our technologies initially within the
mining and energy sectors."
Enquiries:
Hydrogen Future Industries plc
Timothy Blake, Chief Executive Officer +44 (0) 20 3475 6834
Daniel Maling, Chief Commercial Officer
Vigo Consulting (Investor Relations)
Ben Simons +44 (0) 20 7390 0230
Peter Jacob
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti +44 (0) 20 72130 880
Liam Murray
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, incorporating hydrogen compression and storage.
Hydrogen Future Industries is at the forefront of green hydrogen production
with its integrated system that marries an advanced ducted wind turbine with a
state-of-the-art Anion Exchange Membrane Water Electrolyser (AEMWE). This
innovative pairing is designed to optimise renewable energy for the efficient
production of hydrogen.
Click here
(https://hydrogenfutureindustries.com/wp-content/uploads/2022/07/HFI-Flyer-for-Website.pdf)
for more information about Hydrogen Future Industries.
About HFI wind turbine technology
The HFI wind turbine is at TRL (Technology Readiness Level) 6-7, showcasing an
advanced design with superior aerodynamics and rotor blade technology that
generates three times the energy of a traditional open rotor design. The aim
is to generate energy at a cost below $30/MWh and a unit CAPEX of $700,000/MW.
This innovation represents a smaller, quieter, and more efficient alternative
to existing wind energy generation technology. The turbine's unique features
include a smart hydraulic drive that improves efficiency and reduces the cost
of energy production, the ability to generate energy over a broader range of
wind speeds, and versatile energy output in hydraulic, DC, or AC forms without
the need for additional AC to DC rectifiers for hydrogen production.
Significantly, the turbine can be raised and lowered for optimal wind capture,
reducing maintenance and installation costs, as servicing can be performed at
ground level.
About HFI Anion Exchange Membrane Water Electrolyser (AEMWE) technology
At TRL 4-5, the HFI Anion Exchange Membrane Water Electrolyser (AEMWE)
presents a step forward in power efficiency, longevity, and cost-reduction for
green hydrogen production. Testing has confirmed a cell efficiency of 97%,
notably higher than the 80-85% of rival technologies. Constructed without
platinum group metal catalysts, the AEMWE utilises more affordable and
accessible materials, resulting in a projected cost that is 50% lower per kW
than the PEM electrolyser. It is designed to deliver high efficiency even with
variable energy supply typical of renewable sources, and it features a unique
system where individual cells can be replaced without halting hydrogen
production. The AEMWE's catalysts are chemically attached to the electrodes,
preventing wash-off and ensuring durability. The ongoing patent applications
aim to protect the unique intellectual property developed around this
technology.
Visit our website: www.hydrogenfutureindustries.com
(http://www.hydrogenfutureindustries.com/)
Follow us on social media:
LinkedIn: @Hydrogen Future Industries
(https://www.linkedin.com/company/hydrogen-future-industries)
X (formerly Twitter): @HydrogenFI (https://twitter.com/HydrogenFI)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NEXIIMATMTTTBMI