Hydrogen Future Industries inks investment in and collaboration deal with Tower Green Holdings to provide energy storage and hydrogen as a fuel.
Hydrogen Future Industries PLC (AQSE:HFI) (HFI), the Aquis-listed developer of proprietary wind-based green hydrogen production systems, has unveiled an investment in and collaboration with Tower Green Holdings Limited, to provide energy storage and hydrogen as a fuel.
Tower is a developer of hydrogen production and distribution facilities which is establishing multipurpose hydrogen hubs in the southwest of England. Under the agreement, HFI’s system, which is in development, will be implemented as Tower’s preferred green hydrogen production technology.
HFI has made an initial investment of £100,000 in Tower for a 20% equity stake, £50,000 of which has been paid in cash and £50,000 has been settled by the issue of 500,000 new ordinary shares in HFI at a price of 10p per share. In addition, HFI has the right to invest a further £50,000 in Tower upon it signing an agreement to collaborate with certain specific project partners for an additional 10% equity stake in Tower.
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A non-executive director of HFI, Daniel Maling, will join the board of Tower as part of the partnership.
On 4 January 2023, a partnership was announced between Tower and Element 2 Limited, a UK-based developer of hydrogen refuelling stations and a retailer of hydrogen fuel to fleet operators and other consumers, whereby Tower will provide access to hydrogen for road transport in the southwest of England. The partnership connects Tower’s locally produced green hydrogen with the infrastructure required to supply fuel to hydrogen-powered trucks and haulage vehicles.
HFI’s technology in development is a wind-based hydrogen production system combined with electrolyser technologies which aims to generate hydrogen for under US$2 per kilogram.
A key element of HFI’s system is its proprietary wind turbine, which has been designed with notably distinct features which allow the turbines to be more efficient than current open-rotor turbines and could increase the efficiency and ultimately lower the cost of hydrogen production for future
David Ormerod, executive director of HFI, commented:
HFI’s System aims to produce affordable green hydrogen and so is well placed to support companies like Tower as they develop downstream infrastructure and partnerships to get hydrogen into vehicles and support the decarbonisation of transport.
“Through this agreement, not only are we gaining early investment exposure to the massive growth opportunity in hydrogen refuelling which is analogous to the rollout of EV charging infrastructure over recent years, we are also supporting Tower’s ambition to become a vertically integrated green hydrogen producer and distributor in the UK.”
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Hydrogen Future Industries inks investment in and collaboration deal with Tower Green Holdings to provide energy storage and hydrogen as a fuel, January 16, 2022
