Hydrogen Future Ind. - Tech & Feasibility Study Update, Board Changes
06/11/2024 07:00
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RNS Number : 0589L Hydrogen Future Industries PLC 06 November 2024
6 November 2024
Hydrogen Future Industries PLC
("HFI" or the "Company")
Technology & Feasibility Study Update, Board Changes
Hydrogen Future Industries (https://hydrogenfutureindustries.com/) 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, is pleased to
provide the following update on its technology development and feasibility
activities, alongside board changes.
Technology & Feasibility Study Update
Wind Turbine & Mining Feasibility Study
Further testing of the 1-metre diameter wind turbine prototype in Montana,
USA has been delayed due to a fault with the control unit which requires
upgrading, and a shortage of specialist consultants at site in recent months.
The replacement parts and requisite personnel are expected to arrive in
Whitehall, Montana later this month as the Company looks to maximise testing
operational time during the historically windier period in the winter months.
The improved testing configuration will enable remote data collection whilst
new sensors will provide more reliable automatic yaw and turbine braking
control in high winds.
Tim Blake, CEO, has recently returned from an extended site visit to Whitehall
having conducted a review of the testing facilities and equipment whilst
meeting with key stakeholders. Mr Blake also took delivery of several litres
of wastewater from the mine site tailings facility proximate to the wind
turbine site. The wastewater has recently been delivered to the University of
Bristol for analysis so that the Company can determine the appropriate
separation and cleaning process for its use as electrolysis feedstock.
Agreement has also been reached with Schneider Electric ("Schneider") to
provide key software to assist in the flow-sheet and economic analysis to
support the mine site feasibility study at Whitehall, and other locations
within the major mining company's international operations. It is expected
that the analysis provided by the Schneider software will provide further
evidence of the positive carbon and economic benefits the HFI system could
deliver in the mining sector.
Electrolyser development
Concept testing of the Company's novel electrolyser continued throughout the
period in California, USA, led by quantum-physicist, Dr Nicholas Blake, a
consultant to HFI and Technical Advisory Board member. The series of tests
undertaken achieved an exceptional efficiency of over 97%.
The Company is now undertaking to expedite the development of its inaugural
commercial scale electrolyser and apply for patents around the new
intellectual property, whilst advancing efficiency and cost-reduction
strategies. Notably, HFI's electrolyser operates efficiently without the need
for expensive platinum group metals, marking a significant stride towards
reduced operational and maintenance cost, one of the project's primary
objectives.
Board Changes
Effective immediately Mr Neil Ritson will assume the role of Executive
Chairman. Mr Daniel Maling will transition to the role of Non-Executive
Director, enabling him to focus on his executive responsibilities outside of
the business. Mr Tim Blake remains as the non-board CEO of the Company
responsible for development and commercial activities.
As announced on 1 November 2024, the Board are reviewing potential candidates
for a new independent non-executive director.
Tim Blake, CEO, commented:
"Whilst the turbine testing delays are frustrating, I have been encouraged by
the feedback and enthusiasm of our local partners in Montana. The need for new
sources of renewable energy and energy infrastructure is compelling. Our
relationships in Whitehall are providing us with access to a significant
opportunity to unlock a new renewable energy hub utilising our latest
generation green hydrogen technology."
Neil Ritson, Executive Chairman, commented:
"The development of new technology is rarely straightforward, and we have been
managing through a period of equipment and resourcing issues. Whilst the
capital markets remain challenging, we believe our project in Montana will
attract new sources of non-dilutive investment in the coming months and the
Board remains optimistic about the Company's future as end user markets start
to increasingly demand future supplies of green hydrogen."
Enquiries:
Hydrogen Future Industries plc
Neil Ritson, Executive Chairman +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 +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.
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)
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.
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