WATERLOO, Ontario, Feb. 06, 2024 (GLOBE NEWSWIRE) -- FuelPositive Corporation, a leading Green Ammonia Company (TSX.V: NHHH) (OTCQB: NHHHF) (the “Company” or “FuelPositive”) provides updates on recent achievements, new initiatives, and completion of financing.
Government Spotlight:
FuelPositive's year got off to a great start with an impactful visit from the Federal Minister of Agriculture, the Honorable Lawrence MacAulay, and two local Members of Parliament, the Honorable Bardish Chagger and MP Tim Louis, at its Northland facility, which was a landmark and celebratory event for the young company. The Minister of Agriculture and the MPs engaged directly with FuelPositive’s team.
Minister MacAulay, an experienced potato farmer from Charlottetown, PEI, understands the challenges Canadian farmers face: the pressure from fluctuating fertilizer prices and supply, the effects of climate change, and the rising demand to sustain a growing population.
Ongoing dialogue and additional minister/government officials' visits are scheduled to explore further avenues of support for the company's rapid growth.
Jeanne Milne, FuelPositive’s Senior Government Relations Advisor, remarked, "Witnessing the FuelPositive team's pride in presenting our groundbreaking technology at our Research and Development Facility at 99 Northland was truly inspiring. Government officials recognized the pivotal role this technology can play in transforming the agricultural sector."
FP300 “On-Farm” Readiness:
FuelPositive remains on track to deliver its first commercial system in early Spring 2024. Due to additional safety verification steps, the updated delivery date is now April 15th.
The company announces the introduction of a Performance Guarantee on operating costs (OPEX) and production output for the trailblazing early adopters of FuelPositive technology.
The first FP300 system has officially been moved to FuelPositive's new 15,000-square-foot manufacturing facility for the Factory Acceptance Test (FAT). The FAT is the final approval step before delivery and on-farm installation.
FuelPositive has invited the Hieberts and other customer-farmers to visit its facilities throughout March 2024. The Hieberts will complete their Factory Acceptance Test and receive training on their initial FP300 system.
Other interested customers will have a firsthand look at FuelPositive’s proprietary technology as they make their final purchase commitments.
Nelson Leite, COO of FuelPositive, announced, "We've relocated the FP300 to our new manufacturing facility. In the next few weeks, we'll focus on finalizing commissioning, optimization, and safety checks for on-farm deployment in Manitoba. We’re looking forward to hosting some select customers to the facility throughout March and welcoming the Hieberts for their Factory Acceptance Testing and related training.”
Marketing and Sales:
FuelPositive is in the final stages of selecting Public and Media Relations firms, with the announcement expected by the end of February.
Ian Clifford, FuelPositive’s CEO, stated, "We are selecting the most strategic media and public relations suppliers with a targeted understanding of our technology and audiences. We will announce our decision shortly."
The company focuses its initial sales efforts in Manitoba, Canada, capitalizing on the green grid, numerous qualifying farmers, and strong government support. Ian Clifford emphasized, "With these advantages, many Manitoba farmers will directly benefit from our fertilizer and fuel solutions."
FuelPositive is also focusing on commercializing the FP1500 system in response to global inquiries from farms 10,000 acres and larger. This system produces 500 metric tonnes of Green Ammonia annually, five times more than the FP300, while maintaining a similar footprint and offering a more cost-effective rate per tonne.
People and Culture:
As part of its strategic expansion, the Company has recruited its first Director of Sales, who will join the team this month. In the last two months, FuelPositive welcomed a Controller, a Senior Purchaser, an Engineer of Record, and a Senior Electrical Engineer to the team. These key hires and promotions from within the organization will support the Company in achieving its ambitious goals.
Cheryl Allen, Director of Human Resources at FuelPositive, remarked, "Leading the crucial task of sourcing and recommending new team members has been an honour and pleasure for me. As we expand into a prominent green technology and manufacturing entity, I look forward to continuing my leadership role in supporting our growth journey."
Sector Recognition:
FuelPositive is proud to announce that it has been selected as an International Industry Innovation Leader and a “Living Lab” by NICCEE (the Global Nitrogen Innovation Center for Clean Energy and the Environment). “NICCEE … involves collaborators from eight countries: academia, NGOs, international organizations, government agencies, and private companies. These partnerships offer complementary expertise and present a diverse portfolio of opportunities to investigate the emerging challenges and possibilities of Green Ammonia technologies.”
FuelPositive's FP300, addressing nitrogen-related pollution, is referenced as a "living lab" for its innovative use of Green Ammonia. This sector recognition aligns with FuelPositive's ongoing efforts to reduce agricultural and fuel-switching nitrogen-related emissions.
Luna Clifford, FuelPositive’s Chief Impact Officer, stated, “NICCEE recognition highlights our innovative technology and commitment to responsible Green Ammonia use, showcasing FuelPositive's holistic approach to mitigating and eliminating all agricultural greenhouse gas emissions. The work that NICCEE is doing is vital to addressing one of the planet's most volatile greenhouse gas emissions. It is a critical and timely undertaking.”
Carbon Credits:
FuelPositive is developing a cutting-edge method to collect carbon credits in real-time while also focusing on the emission-free combustion of Green Ammonia.
This monetization method will be linked to real-time trading platforms, allowing FuelPositive to help offset its customer’s operational and capital costs. The company aims to help farmers profit from producing Green Ammonia on their farms faster.
Andre Mech, FuelPositive’s Advisor for Carbon Credits and Emissions Reduction, stated, "FuelPositive’s Green Ammonia production system is an excellent example of what carbon credit legislation aims to promote. With zero emissions across Scope 1, 2, and 3, a decentralized on-farm system from FuelPositive will maximize carbon credit value within any jurisdiction."
Finances:
FuelPositive has secured an additional $550,000 in the final tranche of its current financing, which is expected to close in the next several days. This brings the total raised in this placement to $1,900,000.
Despite prevailing global challenges in the public markets, FuelPositive remains resilient. This financing will give the company essential funding for final testing, intellectual property advancements, and growth plans.
Ian Clifford, FuelPositive’s CEO, stated, "Our transition to revenue is imminent. We've invested considerable time to reach this point and are deeply grateful for the patience and support of our stakeholders. As we defy skeptics, break new ground, and establish a whole new sector, we recognize the unprecedented position we hold today. Our journey owes much to the trust and confidence of both new and long-standing investors and shareholders. We’re looking forward to our upcoming successes and sharing the rewards with our shareholders."
About FuelPositive Corporation
FuelPositive Corporation is at the forefront of Canadian technology and is committed to delivering sustainable, environmentally responsible Green Ammonia solutions. Our innovative approach includes on-farm/on-site, containerized Green Ammonia production systems, effectively eliminating carbon emissions.
Our commercial Green Ammonia systems are versatile, serving multiple applications, including fertilizer for farming, fuel for grain drying, internal combustion engines, and hydrogen storage for fuel cells and other sectors.
Our main customer base consists of farmers, who currently utilize 80% of the global ammonia production. We address their nitrogen fertilizer needs while advocating for environmental change.
Our Canadian company leverages Canada's expertise in technology and environmental stewardship to empower communities worldwide against food insecurity. We're shaping a more resilient future for generations through collaboration and innovation.
FuelPositive: Fuel for a Mindful World.
See Sales details here: https://fuelpositive.com/sales/.
FuelPositive Corporation is based in Waterloo (Canada) and trades on the TSX Venture Exchange under the symbol NHHH and in the USA on the OTCQB under the symbol NHHHF.
For further information, please contact:
Ian Clifford
Chief Executive Officer and Board Chair
investors@fuelpositive.com
Tel: 416.535.8395
www.fuelpositive.com
Investor Relations United States & International:
RB Milestone Group (RBMG)
fuelpositive@rbmilestone.com
Investor Relations Canada:
Transcend Capital Inc.
et@transcendcapitalinc.com
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) that are based on expectations, estimates and projections as of the date of this news release. The information in this release about future plans and objectives of the Company, including with respect to further testing and implementation of the FP300 system, are forward-looking statements.
These forward-looking statements are based on assumptions and estimates of management of the Company at the time they were made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies can directly or indirectly affect and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Forward-looking information is provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information, except to the extent required by applicable law.
