Hydrofuel and Ontario Tech University sign letter of intent to commercialize ammonia energy technologies
| Newswire, March 31, 2021
MISSISSAUGA, ON,March 31, 2021 /CNW/ - Hydrofuel Canada Inc. ("Hydrofuel") and Ontario Tech University have signed a letter of intent. This letter outlines an exclusive option to sponsor research projects and negotiate commercial rights to a specialized portfolio of ammonia-related technologies at Ontario Tech University. Hydrofuel has raisedin capital investments to support this initiative.
In addition to the $500,000 investment to support this initiative, Hydrofuel announced today [March 31, 2021] that it has closed a non-brokered private placement Offering for $1.3 Million.
Hydrofuel CEO, Greg Vezina noted, "Under the terms of the January 27, 2021 letter of intent outlining an exclusive option to sponsor ammonia related research projects at Ontario Tech University, Hydrofuel's investment of a minimum $500,000 (with or without matching government funding) will be used to begin negotiations with Ontario Tech University regarding the terms of an exclusive commercial license agreement."
Hydrofuel is committed to raising all the funds needed to commercialize several ammonia technologies along with any additional technologies developed as a result of working with Ontario Tech University.
Hydrofuel Announces Fully-Subscribed Offering for $1.3 Million
| Newswire, March 31, 2021
Hydrofuel to licence ammonia and hydrogen technologies from multiple institutions and companies to provide complete end to end solutions.
MISSISSAUGA, ON, March 31, 2021 /CNW/ - Hydrofuel Canada Inc. ("Hydrofuel") is pleased to announce that it has closed a non-brokered private placement (the "Offering") of 2,000,000 units (each, a "Unit") at a price of $0.65 per unit for gross proceeds of $1,300,000 CAD.
"Hydrofuel anticipates utilizing the proceeds of the Offering for developing, licencing and commercialization of its proprietary ammonia (NH3) energy and fuel production, storage and utilization technologies, including for converting diesel and gasoline engines, generators and combined cooling, heating and power (CCHP) units to use multi-fuels including ammonia and hydrogen, and for general working capital and corporate purposes," according to Hydrofuel CEO Greg Vezina.
Hydrofuel will also be licencing ammonia and hydrogen energy technologies from multiple institutions and companies to provide complete start to finish or beginning to end clean energy solutions. All of Hydrofuel's technologies, products and services will be marketed globally using the Hydrofuel® trademarks registered in Canada, the USA and EU.
Ammonia (NH3) molecules contain one part nitrogen, and three parts hydrogen. NH3 is an extremely promising environmentally friendly fuel source because it contains absolutely no carbon, contains 1.5 times the hydrogen than liquid hydrogen (H2), and substantially reduces global GHG emissions.
Diesel generators and trucks to use green ammonia fuel.
| EINPresswire, June 17, 2019
Greg Vezina of Hydrofuel Inc., a pioneer in the field of ammonia fuel technologies, was profiled in this news item on the CBC National News, originally broadcast across Canada on Nov. 6, 2006, and broadcast worldwide on CNN World Report by CNN International on Dec. 16, 2006.