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.
Under this collaboration, the NH3 technologies that will be developed within one year will include and are not limited to the following:
- Ammonia Power and Heat Engine
- Ammonia as Sustainable Fuel and Hydrogen production
- Ammonia Fuel Cells
- Diesel and gasoline engine conversion systems
- Solar Ammonia Synthesis
Based on the continued success of our collaboration with Ontario Tech University further areas of collaboration may include:
- Electrochemical ammonia synthesis
- Hydrocarbon ammonia synthesis without emitting the carbon or CO2
- Waste Heat Engine and Waste Waters to Ammonia
- Plastics to ammonia
- Direct sequester of CO2 into elemental carbon
Hydrofuel has previously invested $50,000 with matching Mitacs funding for six research projects with Ontario Tech University covering many aspects of the production and use of ammonia fuel and energy.
Currently, a three-part "Sectoral use of ammonia as a clean solution" project is well underway, including the development and experimental testing of an ammonia-fueled power generator, the investigation of the ammonia economy starting from production to last-use in various sectors, and finally, a review of the ammonia economy with a cradle-to-grave pollution and emissions approach.
Professor Dincer and Hydrofuel's previous NH3 energy research findings "New evidence on greener energy solutions" indicate green ammonia is a promising alternative to fossil fuels with an extensive range of applications:
- NH3 helps reduce life-cycle costs and emissions in numerous transportation applications by more than 50 per cent.
- As a carbon-free fuel, fertilizer, refrigerant, working fluid and hydrogen storage media, NH3 is a uniquely broad green solution to global energy and environmental challenges.
- NH3 is the most environmentally benign transportation fuel compared with gasoline, gaseous or liquid hydrogen, liquefied petroleum gas, diesel, compressed natural gas, electric (where electricity is created from fossil-fuel driven plants*) and hybrid electric vehicles.
*Electricity production in a diesel co-generation plant emits more than twice the amount of greenhouse gas when compared to an equal energy quantity of NH3.
Hydrofuel has announced a three-year commercial demonstration project with Toronto based TFX International Auto Transport to convert diesel generators and transport trucks to run on multi-fuels including ammonia.
About Hydrofuel Inc.:
Hydrofuel Canada Inc. and its predecessor C.A.E.C.- Canadian Alternative Energy Corp. of Mississauga, Ontario have over 40 years of experience in Ammonia energy and fuel systems technologies. Hydrofuel®™ are registered Trade-Marks in Canada, the USA and EU.
SOURCE Hydro Fuel Canada Inc