Energy
Wednesday, November 8th, 2023 3:03 pm EDT
Key Points
- Completion of 3rd Party Verification: FuelPositive Corporation (TSX.V: NHHH) has successfully completed third-party verification of the FP300 Green Ammonia output rate. This verification provides the company with essential data to confirm their operating cost assumptions.
- Accepting Deposits for Commercial Systems: With the verified output rate in hand, the company is now positioned to accept 30% deposits on the previously announced initial 30 commercial systems. These deposits represent a significant financial milestone for the company.
- Transition to Revenue-Producing Entity: FuelPositive marks a transitional point in its evolution, shifting from a pre-revenue startup to a revenue-producing commercial entity. The 30% deposits on the initial 30 FP300 systems amount to nearly C$9,000,000, with the completed sale of these systems potentially reaching approximately C$30,000,000. This development is viewed as an exciting and significant step for the company and its stakeholders worldwide.
FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (the “Company” or “FuelPositive”) announces the completion of 3rd party verification of the FP300 Green Ammonia output rate. With this data in hand, the Company is now positioned to accept 30% deposits on the previously announced initial 30 commercial systems and ramp up its production. The base price of the FP300 Green Ammonia system is C$950,000.
Nelson Leite, COO and Board Member, commented, “With the 3rd party validated output rate completed, we can confirm our operating cost assumptions. This validation triggers the critical step of accepting 30% deposits from our lead customers for the initial 30 commercial systems.”
Ian Clifford, CEO and Board Chair, added, “This marks a transitional point in our evolution as a Company: shifting from a pre-revenue start-up to a revenue-producing commercial entity. 30% deposits on the initial 30 FP300 systems represents nearly C$9,000,000, with the completed sale of these systems representing approximately C$30,000,000. Additionally, we have hundreds of systems in our sales pipeline. It’s a very exciting time for all of us at FuelPositive and our stakeholders worldwide.”
Reza Esmailpour, P. Eng., at third-party process validation service M2AR Consulting of Cambridge, Ontario, stated: “We were impressed by the exceptional precision and meticulousness displayed by the FuelPositive team in their testing and data collection methods. Their system is truly notable, demonstrating a ground-breaking modular process of creating Green Ammonia. The validation period was highly successful. We look forward to further collaboration with FuelPositive in evaluating their subsequent processes and systems for the market.”
For additional information, please contact:
Ian Clifford
Chief Executive Officer and Board Chair
ian@fuelpositive.com
Tel: 416.535.8395
www.fuelpositive.com
Investor Relations United States & International:
RB Milestone Group (RBMG)
fuelpositive@rbmilestone.com
Investor Relations Canada:
Transcend Capital Inc.
et@transcendcapitalinc.com
About FuelPositive
FuelPositive is a Canadian technology company committed to providing commercially viable and sustainable, “cradle to cradle” clean technology solutions, including an on-farm/onsite, containerized Green Ammonia (NH3) production system that eliminates carbon emissions from the production of Green Ammonia.
By focusing on technologies that are clean, sustainable, economically advantageous and realizable, the Company aims to help mitigate climate change, addressing unsustainable agricultural practices through innovative technology and practical solutions that can be implemented now. The FuelPositive on-farm/onsite, containerized Green Ammonia production system is designed to produce pure, anhydrous ammonia for multiple applications, including fertilizer for farming, fuel for grain drying and internal combustion engines, a practical alternative for fuel cells and a solution for grid storage. Green Ammonia is also considered a key enabler of the hydrogen economy.
FuelPositive systems are designed to provide for Green Ammonia production on-farm/onsite, where and when needed. This eliminates wildly fluctuating supply chains and offers end-users clean fertilizer, energy and Green Ammonia supply security while eliminating carbon emissions from the production process. The first customers will be farmers. Farmers use 80% of the traditional grey ammonia produced today as fertilizer.
See pre-sale details here: https://fuelpositive.com/pre-sales/.
