Clear Hydrogen UK Ltd. (CHUK) to announce the expansion of its contract with Proton Technologies.
This press release includes multimedia. See the full statement here: https://www.businesswire.com/news/home/20220424005133/ar/
Left to Right: Proton COO Setayesh Afshordi, Directors Belinda Oakland, Hertford King and Grant Strem (Photo: Business Wire)
Proton has the least expensive method for producing pure hydrogen, and is the most environmentally friendly and least expensive method of hydrogen production.
The plan is to produce net hydrogen from former offshore oil assets in the UK, while removing significant amounts of carbon dioxide as solid carbons within the same systems.
In 2021, the founders of CHUK invested C$3.7 million in Proton to obtain a license to produce 20 tons per day for use in the UK and Ireland. The expansion announced today is 250 times larger, giving a total implied license value of C$925 million for 5,000 tons per day. The terms include 45% of the ownership of CHUK that will go to Proton, which will provide further technical support and oversight of governance for the CHUK team. Two of CHUK’s founders will also join Proton’s board of directors.
CHUK President Hertford King said: “We look forward to the jobs and economic security that this will bring to the UK using low-cost proton technology, negative carbon technology to take advantage of the equipment, assets, offshore knowledge and people that are already supporting energy production overseas in the UK. It is our intention to be CHUK An important component of the UK’s drive to become low-carbon energy independent, and our contract with Proton is a huge step towards helping us achieve this goal.”
Grant Stream, President, Proton Technologies said: “Our mission is to spread highly scalable clean energy technology around the world as quickly as possible. We would like to partner with critical and capable groups like CHUK to close purchase agreements already in the advanced discussions. Proton conditioning can be accessed. easily into appliance solutions for an offshore environment within the reach of UK experts, and this partnership with CHUK is good news for the environment and the UK economy in general.The energy sector is around $10 trillion annually.We expect to produce hydrogen at a lower energy cost than natural gas;implications for That’s deep.”
The original text of this announcement is the official approved version. Translations are provided for convenience only and must refer to the text in the original language, which is the only copy of the text with legal effect.
View the original at businesswire.com: https://www.businesswire.com/news/home/20220424005133/ar/
Contact:
for more information:
Hertford King
or
Grant Stream
+ 1-403-467-1220
source: work wire
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