- FuelPositive is a technology company focused on developing clean energy solutions such as a green ammonia production system, its flagship product
- The company recently held its AGM, in which management discussed the milestones achieved in 2021 and the plans for 2022 and beyond
- According to FuelPositive, the first demonstration unit of its green ammonia production system is on track to be “farm-ready” by late summer 2022, although some issues outside its control may cause a delay in operationalization/commissioning at the farm level
- Management also updated shareholders on the remote monitoring capability of the system, carbon credits as a result of the emission reductions, and more
On April 19, FuelPositive (TSX.V: NHHH) (OTCQB: NHHHF), a company focused on developing clean energy solutions, held its virtual Annual General Meeting (“AGM”) in which the management, as well as Dr. Ibrahim Dincer – the lead inventor of the company’s flagship green ammonia production system, and Curtis Hiebert – FuelPositive’s first demonstration project partner, addressed shareholders, investors, and the general public. The management team also fielded questions (https://ibn.fm/lg1Zo).
As part of the presentation, FuelPositive CEO and Board Chair Ian Clifford, Chief Operating Officer Nelson Leite, Senior Advisor on Agricultural Implementation Derek Boudreau, and Advisor on Carbon Credits and Emissions Reduction André Mech separately shared themed insights into the company’s progress throughout 2021 and the plans for the coming year.
For FuelPositive, 2021 helped the company inch closer toward what Clifford described as the edge of commercializing its flagship product. “It’s astounding when you think that we’ve gone from a cold start, with the acquisition of the intellectual property for the technology 13 months ago, to be ready for the field five months from now. Within that time frame, we’ve accomplished so much: we basically have a new company, a new team, and a unique product that is going to make a disruptive difference in the world. And it’s all been done during a global pandemic with serious supply chain issues. I’m very proud of our progress,” commented Clifford.
Through the 13 months, FuelPositive garnered interest from farmers, including the family of Tracy and Curtis Hiebert. The Hiebert family, which operates a multi-generation family farm that has used anhydrous grey ammonia as a nitrogen fertilizer since 1968 and is, therefore, experienced at safely handling the compound, approached the company a few months ago, with the correspondence resulting in a Letter of Intent signed recently making them FuelPositive’s first demonstration project partners (https://ibn.fm/f2Kxh).
“It has probably been three years [since] we started seeing a struggle in the supply of fertilizers in general. It was even worse this year where we were waiting for the longest we have waited, [yet] we pre-bought in late August-early September 2021,” said Curtis Hiebert in a recorded video when asked about his experience trying to get fertilizer over the past several years. The pre-buying approach helped Curtis lock in the price, further noting it would not have been possible to get the farm’s supply for the 2022 fall planting season had they not locked in the price. Curtis also highlighted the increase in the prices of anhydrous grey ammonia from around CA650/ton in spring 2021 to $1,200/ton in fall 2021. “And I understand that the price is double that now,” Curtis added.
It is this price volatility and uncertainty in supply that FuelPositive aims to help farmers address with its containerized green ammonia production system. And according to Nelson Leite, the first demonstration system is on track to be farm-ready by late summer 2022 as “everything that we have control over is going according to plan.” Leite, however, noted that supply chain challenges, transportation logistic issues in transporting the system from Ontario to Manitoba, site preparation (storage tanks), and permits for the production, storage, and handling of green anhydrous ammonia could translate to slight delays in the operationalization of the system on the site.
Additionally, FuelPositive management also discussed the system’s interface, observing that it will feature remote connectivity at 145 points within the system, that will leverage the company’s machine learning (“ML”) and artificial intelligence (“AI”) software through which FuelPositive will remotely monitor, optimize, and maintain the system. Nonetheless, customers will still receive onsite training.
As a company committed to clean energy solutions, FuelPositive recognizes the negative impact the large-scale manufacture of anhydrous grey ammonia has on the environment. Globally, producing one tonne of grey ammonia generates 2.87 metric tons of greenhouse gas emissions. With agriculture using up 80% of all grey ammonia being produced currently, FuelPositive is positioning its system as a way to dramatically reduce the carbon footprint of agriculture, simultaneously creating an avenue for customers to offset the prices of the system and the company to fund future growth through the sale of carbon credits. On his part, André Mech outlined the carbon credit value in Canada per year.
Looking ahead, FuelPositive has set the milestones it intends to achieve in the coming year. Already, the company is on track to meet them, according to the presentation (https://ibn.fm/5mh6v). Some of these milestones include:
- Expansion of the team
- Securing lab and R&D space, manufacturing space, and larger offices
- Filing for a non-provisional patent and further provisional patents as the company expands its intellectual property portfolio
- R&D, including studies evaluating ways to offset NOx emissions from the use of green ammonia in agriculture as well as investigations into developing green ammonia-powered internal combustion engines and grain drying systems
- Meeting with federal and provincial governments
- Validating the purity, rate of production, energy consumed, operating expenses (“OPEX”) of its system
- Determining the cost of the system (CAPEX) to end users and sales models
- Starting next batch manufacturing and preparing for serial (assembly line) manufacturing
To view the AGM video, please visit https://ibn.fm/W6dqZ
For more information, visit the company’s website at www.FuelPositive.com.
NOTE TO INVESTORS: The latest news and updates relating to NHHHF are available in the company’s newsroom at https://ibn.fm/NHHHF
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