Technology Update, Board Changes & Establishment of Advisory Board
24/05/2023 07:00
24 May 2023
Hydrogen Future Industries plc
("HFI" or the "Company")
Technology Update,
Board Changes
&
Establishment of Advisory Board
Hydrogen Future Industries plc (AQSE: HFI), a developer of a proprietary
wind-based green hydrogen production system, is pleased to provide an update
on the complementary components of the system under development, alongside
other corporate updates.
Technology Update
As announced on 28 April 2023, HFI expects to shortly commence a third and
final testing phase of an upgraded version of the 1 metre diameter wind
turbine. The upgraded wind turbine will be used to measure the energy output
over an 8 to 12 week period before work commences on a larger diameter
commercial wind turbine. The data gained from the performance of the wind
turbine will be compared to the wind tunnel results and used in the design of
the larger diameter wind turbines.
HFI has established a facility in Birmingham, UK, where work is ongoing to
incorporate the variable hydraulic drive and/or electro-magnetic clutch, which
are part of the patents acquired and announced on 5 October 2022, to increase
efficiency and lower the cost of energy production.
The concept testing of an electrolyser for the hydrogen production system is
currently taking place in California, USA, led by quantum-physicist, Dr
Nicholas Blake, a consultant to HFI and brother of Timothy Blake (Chief
Executive Officer of HFI Energy Systems Limited, the Company's wholly owned
development subsidiary and director of the Company's joint venture subsidiary,
HFI IP Holdings Limited). The objective of the testing is to build an
electrolyser with cheaper and more readily available materials that improves
power efficiency and longevity.
Board Changes
Effective immediately, Daniel Maling, currently Non-Executive Chairman, will
become Executive Chairman, taking on primary managerial responsibility for the
Company. David Ormerod, currently Executive Director, will become a
Non-Executive Director, allowing him to focus on other commitments while
enabling the Company to continue to benefit from his significant energy
industry expertise.
Advisory Board
The Company has formed a new hydrogen advisory board ("Advisory Board") to
advise HFI's Board of Directors and review additional hydrogen-related
technology opportunities. The Advisory Board will initially comprise Timothy
Blake and Dr Nicholas Blake.
Dr Blake holds a Ph.D. in quantum electrodynamics and has more than 30 years'
postdoctoral research experience in this field. Dr Blake spent five years
developing hydrogen fuel cell technology for the US Government prior to the
technology being sold to Toyota Group.
Daniel Maling, Executive Chairman of HFI, commented:
"HFI is making excellent development progress, now from facilities in both the
USA and UK. We are delighted to welcome the accomplished Dr Nicholas Blake to
the Advisory Board and look forward to benefitting from his expertise as we
gear up for subsequent testing phases with a larger diameter commercial
system. We believe our system can achieve a breakthrough in green hydrogen
production economics and look forward to reporting further updates as the
testing programme advances."
Enquiries:
Hydrogen Future Industries plc
Daniel Maling, 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 Liam Murray +44 (0) 20 72130 880
Peterhouse Capital Limited (Broker)
Duncan Vasey +44 (0) 20 7469 0930
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.
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.
Copyright (c) 2023 PR Newswire Association,LLC. All Rights Reserved