Hydrogen Future Ind. - Technology & Territory Licensing Agreement
31/07/2024 07:00
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RNS Number : 4751Y Hydrogen Future Industries PLC 31 July 2024
31 July 2024
Hydrogen Future Industries PLC
("HFI" or the "Company")
Technology & Territory Licensing Agreement for up to €2.25 Million
Plan to develop pilot green hydrogen production system in Ireland
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
announce a licensing and territory agreement to deploy the Company's
technology in the Republic of Ireland via a newly incorporated Irish company,
Hydrogen Future Industries (Ireland) Limited ("HFI Ireland"). HFI Ireland
intends to develop a pilot hydrogen production system in Ireland to
demonstrate the production of low-cost green hydrogen.
The Company's wholly owned subsidiary, HFI IP Holdings Limited, has granted
HFI Ireland an exclusive territory licence for up to 20 years in consideration
for which the Company shall:
1) Receive a licence fee of up to €2,250,000 payable over the term of
the licence (including the License Extension, defined below); and
2) be issued with an initial 30% equity interest in HFI Ireland,
increasing to 40% upon HFI Ireland attracting funding of €1 million for the
development of a pilot energy system.
Further details of the licence and shareholder agreements are included below.
HFI Ireland's objective is to commercialise the HFI system (including wind
turbines and electrolysers) in Ireland and to construct and operate wind
turbine farms for the purpose of hydrogen generation, storage, sale, and
distribution within the territory. The system's unique features include a
smart hydraulic drive that improves efficiency and reduces the cost of energy
production. This provides the ability to generate energy over a broader range
of wind speeds and, significantly, the turbine can be raised and lowered for
optimal wind capture, reducing maintenance and installation costs whilst
reducing permitting and approval lead times. The system is designed to meet
the needs of remote off-grid communities or energy users to ease the burden on
existing national grid infrastructure.
The Irish government has set out its National Hydrogen Strategy for developing
an indigenous hydrogen sector focused on decarbonisation, energy security, and
developing industrial opportunities. Pursuant to this national policy, HFI
Ireland's management believes there are significant opportunities to attract
government support and other funding to accelerate the development of the
business in Ireland. Accordingly, the Company intends to provide HFI Ireland
with completed front-end engineering designs to facilitate any applications
for government grant aid, private equity and EIIS funding.
HFI Ireland Licence Fee and Shareholder Agreements
HFI has entered into a shareholder agreement which governs the establishment
and key commercial objectives of HFI Ireland ("Shareholder Agreement").
Notably, HFI's ownership will increase from its current 30% interest in the
issued share capital of HFI Ireland to 40%, if financing of at least €1
million has been secured by HFI Ireland towards the funding of a pilot energy
production system within the country.
An exclusive territorial licence has also been granted to HFI Ireland, via
HFI's IP holding company, HFI IP Holdings Limited (the "Licence"). Key details
of the Licence are:
1) HFI will receive an aggregate licence fee of €750,000 from HFI
Ireland during the first 10-year period of the Licence. The fee is payable in
equal annual instalments over the period of the Licence
2) HFI Ireland has been granted a first right of refusal pursuant to
which it may extend the exclusive Licence for a further 10 years for an
additional aggregate fee of €1.5 million, payable in equal annual
instalments ("License Extension")
3) The permitted purpose of the Licence is the purchase, assembly,
manufacture, sale and development of HFI's proprietary wind-based green
hydrogen production systems including wind turbines and high-performance
electrolysers and the creation and storage of hydrogen
4) The existing HFI patents subject to the Licence are detailed in the
appendix to this announcement
In accordance with the Shareholder Agreement, HFI has the right to appoint two
directors to the board of HFI Ireland alongside its two Irish directors Ms
Katie Campbell and Mr James Campbell. Ms Campbell has over 14 years as a
global IT executive working with some of the largest companies in the world.
With her years of experience, she has a proven track record of developing and
executing large successful marketing campaigns that drive growth and
engagement. Mr Campbell has practiced as a commercial solicitor for over 40
years focussing on the technology, energy, and property sectors. He has
represented many Foreign Direct Investment corporations from Silicon Valley.
Furthermore, he has worked closely with the German steel group KORF KG and
worked on Combined Heat and Power projects for Irish Steel.
Prior to entering the Licence agreement, the Company held 70% of the issued
share capital of HFI Ireland for the purposes of incorporating the new entity
and upon the execution of the Licence, the Company now holds 30% of the issued
share capital of HFI Ireland. Tim Blake, CEO of the Company and Daniel Maling,
Chief Commercial Officer of the Company, are both directors of HFI Ireland.
Daniel Maling, Chief Commercial Officer, commented:
"There is an energy crisis in Ireland due to the incremental demand being
driven primarily from the growth of data centres. There is a positive
political drive to unlock new sources of renewable energy. The establishment
of hydrogen infrastructure is central to Ireland's energy transition. In
particular, the west of Ireland's terrain and prevailing wind conditions are
ideal for HFI's turbines which are smaller, lighter and more environmentally
friendly than current solutions. The HFI system provides data centres,
industry and agriculture with a unique opportunity to supply their own
renewable energy."
Neil Ritson, Chairman, commented:
"This territorial licensing deal further validates the value of our IP and its
importance in the renewable energy sector. Our CEO, Tim Blake, has been a
regular visitor to Ireland over the last decade and has established
relationships with key industry players. We look forward to providing further
updates as we identify specific project opportunities and secure new sources
of non-dilutive financing."
Enquiries:
Hydrogen Future Industries plc
Neil Ritson, Chairman +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)
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.
Appendix - Schedule of Patents
Title of Invention Type of Application Jurisdiction(s) Issue Date Patent No.
U.S. Patent Filings WIND ENERGY SYSTEM AND METHOD FOR USING SAME U.S. Provisional U.S. N/A N/A
WIND ENERGY SYSTEM AND METHOD FOR USING SAME U.S. Nonprovisional (utility) U.S. 22/12/2015 9217412
WIND ENERGY SYSTEM AND METHOD FOR USING SAME U.S. Nonprovisional (utility) U.S. 16/02/2016 9261073
WIND ENERGY SYSTEM AND METHOD FOR USING SAME U.S. Nonprovisional (utility) U.S. 16/01/2018 9869299
PCT Patent Filings WIND ENERGY SYSTEM AND METHOD FOR USING SAME PCT
WIND ENERGY SYSTEM AND METHOD FOR USING SAME PCT
Foreign Patent Filings WIND ENERGY SYSTEM AND METHOD FOR USING SAME National Stage (under PCT/IB13/01158) Europe 13/07/2016 2844868
WIND ENERGY SYSTEM AND METHOD FOR USING SAME National Stage (under PCT/IB13/01037) Europe 17/02/2016 2844867
WIND ENERGY SYSTEM AND METHOD FOR USING SAME National Stage (under PCT/IB2013/001158) India
WIND ENERGY SYSTEM AND METHOD FOR USING SAME National Stage (under PCT/IB2013/001037) India
WIND ENERGY SYSTEM AND METHOD FOR USING SAME National Stage (under PCT/IB2013/001158) China
WIND ENERGY SYSTEM AND METHOD FOR USING SAME National Stage (under PCT/IB2013/001037) China 30/10/2018 201380030401.5
WIND ENERGY SYSTEM AND METHOD FOR USING SAME National Stage (under PCT/IB2013/001037); Hong Kong recordation of Chinese Hong Kong 06/12/2019 HK1206805
Patent Application No. 201380030401.5
WIND ENERGY SYSTEM AND METHOD FOR USING SAME National Stage (under PCT/IB2013/001158); Hong Kong recordation of Chinese Hong Kong
Patent Application No. 201380030361.4
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