TORONTO, Nov. 10, 2022 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (“FuelPositive” or the “Company”) is issuing a series of updates, news releases and images to share its progress as it enters the final assembly and validation phase of its on-farm, containerized green ammonia production system. Building its team and completing its initial manufacturing facility, R&D lab and new corporate headquarters, are critical milestones, allowing the Company to expedite the commercialization of its products.
“At the same time that we’ve been working on our first demonstration system, we’ve been preparing our Company to handle rapid growth. We knew early on that we needed to assemble a powerful team of people that could scale up quickly, applying their experience and expertise. We’ve done it right. We knew exactly the kind of talent we needed, and we immediately put into place the necessary systems to attract and secure the best people. We’ve been helped because as soon as they hear about it, job candidates recognize the incredible contribution our Company is going to make to sustainability in agriculture and global food security. They want to be a part of it,” said Nelson Leite, FuelPositive Chief Operating Officer and Board Director. “We believe the team we’ve built is the best in the business!”
“We also knew our team would need top quality manufacturing facilities, a highly sophisticated R&D lab, and more office space to get it all done. We said we’d do it all, and we are proud to be able to demonstrate that we have – in what feels like record-breaking time!” added Leite.
A number of significant hires have been completed, strengthening the Waterloo team as it works toward completing the system build and starting first batch manufacturing. Specifically, a Chemical Engineer, Electrical Engineer, Design and Execution Manager, Master Electrician and an Office Manager have joined the team. In addition, a Purchasing Manager, another Chemical Engineer, a High-Pressure Process Piping expert and Sales Representatives have also been hired.
“Nelson and our human resources team have done an outstanding job in attracting and securing the best people to fulfil critical roles across the organization,” commented Ian Clifford, CEO and Board Chair. “On behalf of all of our shareholders, we are deeply grateful for all of this challenging work!”
New Corporate & Sales Headquarters
FuelPositive has opened corporate offices at 420 Weber Street in Waterloo, Ontario which will serve as the corporate and sales headquarters. “Staff are excited to expand into this modern space, situated just blocks from our manufacturing facility and steps away from Laurier University and University of Waterloo with whom we work closely,” said Nelson Leite. “This will provide us with more room to grow as we build our sales and engineering teams.”
Manufacturing and R&D Lab Open & Completed
The initial manufacturing facility and R&D lab at 99 Northland in Waterloo, Ontario have been completed and staff is fully operational. The final validation of the containerized system is being conducted there, and batch manufacturing will be carried out at that site until the Company is ready to move to mass manufacturing.
Announced in August, FuelPositive has identified a site near its Waterloo facilities where it will be custom-building a factory with its land development partner. It will be a large, state-of-the-art facility, up to 140,000 square feet, and will meet the Company’s needs when it switches from batch manufacturing to serial or assembly line manufacturing in late 2023.
The Company also announces that it has granted a total of 34,250,000 incentive stock options (the “Options”) to certain directors, officers, employees and consultants. The Options vest and become exercisable over a 24-month period, with one quarter of the Options vesting after six months and a further one quarter vesting every six months thereafter. The Options are exercisable to acquire an equivalent number of common shares of the Company at a price of CDN $0.13 for a period of 60 months.
FuelPositive is a Canadian technology company committed to providing commercially viable and sustainable, “cradle to cradle”, clean technology solutions, including an on-site, containerized green ammonia (NH3) production system that eliminates carbon emissions from the production of the green ammonia. By focusing on technologies that are clean, sustainable and economically advantageous/realizable, the Company aims to change the course of climate change through practical solutions that can be implemented in the short term.
The FuelPositive onsite, containerized green ammonia production system is designed to produce pure, anhydrous ammonia for multiple applications, including fertilizer for farming, fuel for grain drying and internal combustion engines, a practical alternative for fuel cells and a solution for grid storage. Green ammonia is also considered a key enabler of the hydrogen economy.
FuelPositive systems are designed to provide for green ammonia production on-site, where it’s needed. This eliminates wildly fluctuating supply chains and offers end-users energy and supply security while cutting carbon emissions from the production process. The first customers will be farmers. Farmers use 80% of the traditional ammonia produced today as fertilizer.
The Company began accepting pre-sale inquiries in August 2022. See pre-sale details here: https://fuelpositive.com/pre-sales/.
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.
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 the expected expenditures of the proceeds of the private placement, 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.
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