DiagnaMed and EIREX Collaborate to Develop and Commercialize Novel Modular Technology Producing Hydrogen from Water
TORONTO, Nov. 14, 2024 (GLOBE NEWSWIRE) — DiagnaMed Holdings Corp. (“DiagnaMed” or the “Company”) (CSE: DMED) (OTCQB: DGNMF), a life sciences company focused on molecular hydrogen and AI diagnostics, is pleased to announce it has entered into a collaboration agreement with EIREX, a hydrogen technology company, for the development and commercialization of EIREX’s novel modular carbon-free technology that extracts hydrogen from water and overcomes the challenges currently faced by producing hydrogen via electrolysis.
Hydrogen produced by electrolysis has an industry target to reach a cost of $2 per kilogram by 2030. The EIREX hydrogen technology aims to surpass this by demonstrating a baseline production level on its commercial pilot prototype, targeting a cost of $0.25 per kilogram and $0.10 per kilogram for commercial units. EIREX has developed a prototype and is currently prepared to produce its commercial pilot prototype. A showcase of their research work can be found here.
Table #1: EIREX technology vs Electrolysis in generating hydrogen
Hydrogen is well-known for its industrial use as a pollution-free fuel. The global hydrogen generation market size was estimated at USD 170.14 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2024 to 20301.
Although hydrogen use is growing, the current production method and cost limits its full potential for broader adoption of on-site-on-demand hydrogen in industrial plants, hospitals and medical centers, and for treating various unmet medical needs. Worldwide hydrogen production is almost exclusively (96%) derived from fossil fuels, with water electrolysis accounting for a residual share (4%)2. Hydrogen produced from water electrolysis using renewable electricity costs approximately USD $4 per kilogram3. There is a significant unmet need for an efficient and low-cost hydrogen-producing technology, and EIREX’s technology aims to fill this gap.
The collaboration between DiagnaMed and EIREX will focus on advancing the development of the commercial pilot prototype. DiagnaMed will also seek to establish partnerships with life sciences companies, hospitals and medical centers that would benefit from having its own source of hydrogen for not only operational purposes and energy backup, but also for medical treatments. Molecular hydrogen has been clinically demonstrated to provide antioxidant, anti-inflammatory and neuroprotective effects. It can potentially aid in managing chronic diseases by diminishing oxidative stress and the associated inflammatory pathways. The cellular bioavailability of molecular hydrogen is high4 and has the potential for antiaging, neurodegenerative disorders (i.e. Parkinson’s and Alzheimer’s disease), mental health conditions (i.e. Depression)4, diabetes, cancer, rheumatoid arthritis, inflammatory muscular disorders, transplantation, and diseases of the eye, pancreas, liver, lung, kidney, intestinal and skin5.
Fabio Chianelli, CEO of DiagnaMed, commented:
We are excited to evolve our business in developing novel methods of producing hydrogen for industrial use and medical applications for treating a variety of diseases and disorders.
“DiagnaMed aims to be a leader in providing molecular hydrogen. Our collaboration with EIREX will provide a foundation for reaching this goal.”
READ the latest news shaping the hydrogen market at Hydrogen Central
DiagnaMed and EIREX Collaborate to Develop and Commercialize Novel Modular Technology Producing Hydrogen from Water, source
