PowerTap Hydrogen Capital Corp has issued an update on its 49%-owned Progressus Clean Technologies Inc subsidiary, noting that the company executed a Letter of Intent (LOI) in June to be acquired by BioQuest Corp.
BioQuest will acquire all issued and outstanding shares of Progressus, and Progressus shareholders will receive BioQuest shares. More details from the transaction will be released once the definitive agreement is executed, the company said.
Progressus owns the rights to exclusive intellectual property that can enable the extraction of dilute amounts of hydrogen, at high purity, from a variety of different gas streams, known as syngas.
READ: PowerTap Hydrogen updates on municipal approvals and corporate development
Water electrolysis is the standard for hydrogen production, but it typically requires 40 to 50 kilowatt-hours (kWh) per kilogram of hydrogen produced. However, with Progressus’ unique cell design, fabrication and membrane technology, oxygen-free electrolysis is possible at industry-leading efficiencies with an improved safety profile, the company said.
This is because hydrogen can be produced for a variety of gas streams utilizing hydrogen that is present in small amounts, a source the company noted is currently often wasted, with less than 15 kWh of electricity per kilogram of hydrogen.
This technology can provide up to 70% energy savings for each kilogram of hydrogen produced, the company added, which has the potential to result in billions of dollars in savings for the global hydrogen economy.
Specifically, this solution has the potential to solve the complicated question of how to store green energy and hydrogen for utilization during off-peak periods and/or during demand spikes.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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