Paulness
3 hours ago
NEWS -- FuelPositive Announces Strategic Private Placement Investment, Debt Settlement and Progress in Manitoba
WINNIPEG, MB, Dec. 4, 2024 /CNW/ - FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (the "Company") is pleased to announce a new financing (terms outlined below) which will enable the Company to advance towards the activation of its first system and the commencement of revenue generation. This funding, with existing commitments from a dedicated long-term shareholder and new investors, including Manitoba-based farmers, will allow the Company to complete the final phase of pressure vessel certification, secure third-party engineering certifications, and move forward with the final step: connecting the system to Manitoba's green grid.
"The unwavering support from our investors has been instrumental in driving us closer to realizing our vision for the future of sustainable agriculture," stated Ian Clifford, Co-Founder, CEO and Board Chair of FuelPositive. "This milestone highlights the transformative potential of our technology to address key challenges in farming, energy sustainability, and beyond."
FuelPositive is also actively applying for significant provincial funding in Manitoba to cover the remaining activation costs and help transition the Company into revenue generation. In connection with the application, the founders have engaged a diverse network of supporters across government, academia, farming, and the agricultural industry, receiving many endorsements from leading experts and farmers across Canada. These collaborations underscore FuelPositive's innovative system's broad appeal and ability to contribute to sustainable development, clean energy adoption, and global food security.
The Company remains dedicated to its mission of delivering groundbreaking solutions. It is grateful for its stakeholders' continued confidence and backing, who have played a pivotal role in bringing this revolutionary technology to life.
Terms of the Offering:
FuelPositive Corporation will offer (the "Offering") up to 26,666,667 units (each, a "Unit") by way non-brokered private placement at a price of $0.03 per Unit for gross proceeds of up to $800,000. Each Unit will consist of one common share of the Company and one common share purchase warrant (each, a "Warrant"). Each Warrant will be exercisable at a price of $0.05 for a period of sixty months, provided that in the event the ten-day volume-weighted average closing price of the common shares of the Company on the TSX Venture Exchange exceeds $0.40, the Company will have the right to accelerate the expiry of the Warrants.
The Company has received initial commitments of over $300,000 for the Offering and expects to complete the offering on or before December 31, 2024. The Company intends to utilize the gross proceeds from the Offering to address current outstanding payables incurred in the ordinary course of business and to provide working capital to sustain operations and bring the Manitoba-based system to activation. Except for compensation to directors and officers of the Company in the ordinary course of business, the Company does not anticipate any portion of the proceeds of the Offering will be utilized for payments to non-arms-length parties or persons engaged in investor relations activities.
The Company also announces that it will settle (the "Debt Settlement") outstanding indebtedness totaling $278,940.51 through the issuance of a further 9,298,017 Units at a deemed price of $0.03 per Unit. The Indebtedness is owing by the Company to certain arms-length suppliers and was incurred in connection with the ongoing operations of the Company.
All securities issued in connection with the Offering and the Debt Settlement will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws. In connection with completion of the Offering, the Company may pay finders' fees to eligible third-parties who have assisted in introducing subscribers to the Offering. Completion of the Offering and the Debt Settlement remain subject to the approval of the TSX Venture Exchange.
About FuelPositive Corporation
FuelPositive is leading the future of agriculture with the world's first farmer-owned, on-farm Green Ammonia production systems. The Company's modular and innovative technology offers a predictable, reliable, and affordable solution for directly producing green fertilizer and fuel on-farm, reducing reliance on external supply chains.
Groundbreaking AgTech and Green Energy:
FuelPositive's containerized Green Ammonia production systems are transforming the Green Ammonia industry by decentralizing production. This new fertilizer production approach aims to empower farmers to generate green nitrogen fertilizer and carbon-free fuel on-site, ensuring stable costs and supply. Each ton of ammonia produced by FuelPositive systems eliminates up to 2 tons of CO2e emissions, providing an environmentally sustainable solution that is also easily accessible and remotely monitored, enabling farmers to focus on their operations without added complexity.
First System Delivery: A Milestone in Sustainable Agriculture:
In June 2024, FuelPositive delivered its first commercial system, the FP300, to Tracy and Curtis Hiebert's 11,000-acre grain farm near Sperling, Manitoba. This milestone marks a significant advancement for both FuelPositive and sustainable agriculture. The system activation this fall will further demonstrate the transformative impact of the Company's technology on farming practices, driving a more sustainable future.
Manitoba: A Global Center of Excellence:
FuelPositive is positioning Manitoba as a leader in decentralized Green Ammonia production. The Company's vision includes establishing a world-leading manufacturing hub that will generate highly skilled engineering, science, and trade jobs and contribute to the local economy over the coming years.
See sales details here: https://fuelpositive.com/sales/.
FuelPositive Corporation is based in Ontario and Manitoba (Canada) and trades on the TSX Venture Exchange under the symbol NHHH and in the USA on the OTCQB under the symbol NHHHF.
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 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 to provide 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.
SOURCE FuelPositive Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/04/c5908.html
Paulness
2 months ago
NEWS -- FuelPositive Provides Updates on Site Approvals and Project Timeline
Manitoba Government SupportApprovals and Project Timeline UpdateThe Path ForwardCarbon Credit UpdateFeatured Industry PresentationsPreparing for Launch/Big RevealWINNIPEG, MB, Sept. 25, 2024 /CNW/ - FuelPositive Corporation (TSXV: NHHH) (OTCQB: NHHHF) (the "Company") is pleased to share an update on site approvals and project timeline.
Manitoba Government Support
In the first week of October, Manitoba Minister of Agriculture Ron Kostyshyn, along with Chris Sanderson from DOMA and other key department officials, are scheduled to visit the FuelPositive site for a follow-up meeting. This meeting represents an important opportunity for FuelPositive to engage directly with government leaders, highlighting the Company's commitment to collaboration and its ongoing initiatives.
On September 18, FuelPositive had the opportunity to meet with the Manitoba Minister of Environment and Climate Change, Tracy Schmidt, with key staff DM Paul McConnell, ADM Neil Cunningham and DOMA Julia Antonyshyn to discuss the potential of Green Ammonia in the province. During this meeting, we learned that Green Ammonia has been a key topic in recent cabinet-level budget discussions, reflecting potential upcoming strong support for the technology and its promising growth potential.
FuelPositive also submitted a policy briefing to help prioritize farmers using Green Ammonia. With the support and guidance of Counsel PA, the Company advocates for incentives to benefit all Green Ammonia end-users, especially in the agricultural sector.
FuelPositive is optimistic that these meetings will translate into meaningful support from the new provincial government, accelerating the Company's ability to scale its operations and drive impactful growth throughout Manitoba and beyond.
Approvals and Project Timeline Update
Manitoba Inspection and Technical Services (ITS):
FuelPositive has made significant progress toward securing the final ITS operating permit, with recent developments dramatically accelerating the approval process. Following a successful meeting with the Ministry of Labour, the timeline for the permit's approval has been shortened from twelve weeks to just one week, underscoring the enthusiastic support for FuelPositive's efforts in Manitoba.
In late August, FuelPositive held a critical site meeting with ITS engineers and FuelPositive mechanical contractors Wescan, to advance the operational approval timeline. Four senior engineers from ITS were in attendance, and they voiced strong support for the Company's innovative Green Ammonia technology and its ambitious goals in the province.
The meeting reaffirmed the high-quality work completed by FuelPositive and its partners, with only a few remaining items requiring clarification before ITS can issue the final operating permit. The Company has addressed the majority of outstanding questions, and the final clarifications will be submitted by the end of this week. Final adjustments are being made without the need for redesigns, ensuring smooth progress. The Company's Head of Mechanical Engineering and Project Completion Co-Lead, Martin Cina, and Senior Engineer of Record, Hamza Aldaghstany, are leading the effort to provide all necessary clarifications and documents swiftly.
By the end of this week, FuelPositive will have submitted all the required information to ITS. Based on recent discussions, the Company has been advised that the final review will take approximately one week. No further issues have been indicated, and we anticipate that the final permit will be issued very soon.
"FuelPositive's recent meeting with ITS reinforced the quality of engineering work we've accomplished at FuelPositive. While we still have a few clarifications to finalize for the Company's operating permit, I'm optimistic about FuelPositive's progress. The team is focused on addressing these remaining items efficiently, and I appreciate the continued support from the Company's partners as we navigate this critical phase. This is an important step forward for the FuelPositive team and the project. I'm confident that the Company is on the right path to success," stated Hamza Aldaghstany, Senior Engineer of Record at FuelPositive.
Once the permit is secured, FuelPositive will promptly announce this significant milestone to shareholders, marking not only a major step forward toward the activation of the system, but also one of the final steps in the process, bringing the Company closer to its next phase of growth.
Manitoba Hydro Service Connection to Site and FuelPositive System Grid Integration:
FuelPositive is nearing a critical milestone in connecting its system to Manitoba Hydro's green grid. Despite recent above-average rainfall causing a brief delay for farmers and FuelPositive, the Company has been informed that the final connection will be completed in the coming days.
Manitoba Hydro began work on the underground cabling route on September 9, successfully staking the path to supply power to the site. Although the connection was initially scheduled to be completed on September 17, intensive rain caused a temporary pause. Work is expected to resume this week, and FuelPositive anticipates completion of the connection by the end of the week. Shareholders will be promptly updated once the service goes live.
Linking the FuelPositive system to the grid is the final step before activation, which will occur once Manitoba Hydro approves the individual certification of each system container on-site. FuelPositive is collaborating closely with QPS, a strategic Canadian engineering firm specializing in third-party certifications for various entities, including Manitoba Hydro. While a portion of the certification has been completed, recent cost-saving measures led to a temporary pause. However, FuelPositive is consistently evaluating diverse capital options to support the Company's near-term needs and growth. Once additional capital is secured, QPS is prepared to resume and finalize the certification work, which is expected to take approximately three weeks.
Importantly, FuelPositive remains committed to producing Green Ammonia only when the system is fully connected to a green grid but will continue testing and activation readiness using non-grid power sources in the interim.
"As we approach this critical milestone of connecting the first-of-its-kind FuelPositive system to Manitoba Hydro's grid, I'm filled with optimism about the path ahead. Despite recent weather challenges, the Company's team dedication and collaboration with Manitoba Hydro and QPS have positioned us for a successful integration. This connection is not just a technical achievement but a significant step toward realizing FuelPositive's vision for sustainable Green Ammonia production. We're eager to demonstrate the capabilities of FuelPositive's innovative technology and begin making a meaningful impact in the agricultural sector," stated Janusz McNeil, Head of Electrical Engineering and Project Completion Co-Lead at FuelPositive.
After completion of the Inspection and Technical Services (ITS) and Manitoba Hydro work, these certifications will streamline future Manitoba approvals, enabling faster system start-up and grid connections for subsequent systems and facilitating rapid expansion across the province.
Once all final steps involving ITS, Manitoba Hydro, and QPS are completed, FuelPositive expects its team to activate the system within about two weeks.
The connection of the FuelPositive system to the grid will mark a significant milestone for the Company and its shareholders. It will allow FuelPositive to demonstrate its groundbreaking Green Ammonia technology and production capabilities.
Following activation, the Company will be ready to begin selling systems, a long-awaited goal for the Company and its shareholders.
The Path Forward
In our last update, FuelPositive shared the challenges that arose from circumstances affecting the timely approvals of the Company's system in Manitoba. We are pleased to confirm that the situation has been fully addressed, and we have implemented safeguards to ensure no further disruptions occur.
While the Company had anticipated generating revenue by now, the delay in system activation has extended the "wait and see" reality with potential customers. Once on-farm operations are underway, FuelPositive expects this situation to shift.
FuelPositive is taking all necessary steps to keep progress moving forward, ensuring the Company remains on track for system certification and activation. The Company focuses on maintaining financial health and protecting shareholder value as it moves through this crucial phase.
The Company is encouraged by ongoing discussions with stakeholders and the vital feedback it has received, which reinforces FuelPositive's confidence in the path ahead. In addition, the Company expects to receive the next installment of funding in October from the Agricultural Clean Technology Program (ACTP), which will further support its momentum.
While there are challenges, FuelPositive is managing them proactively, and the Company is confident in its ability to continue advancing on-farm activities in Manitoba, pushing toward its broader objectives.
"As we navigate these challenges, I'm inspired by the resilience of our team. Our proactive approach ensures we take the necessary steps to keep the project on track and seize the opportunities ahead. The system's activation is a key milestone for FuelPositive and a major step toward realizing our vision for sustainable agriculture in Manitoba and beyond," said Ian Clifford, Co-Founder and CEO of FuelPositive.
Carbon Credit Update
Andre Mech continues to lead FuelPositive's exploration into carbon credits for Green Ammonia, prioritizing opportunities for the Company's clients, especially farmers. He is collaborating with a third-party expert to enhance FuelPositive's negotiation efforts with the Government of Manitoba and to facilitate the monetization of Green Ammonia production for all stakeholders.
Green Ammonia produced on-site using a new and novel process, is recognized as a new type of fertilizer, which could benefit from a government compliance market. Initially, FuelPositive will likely start monetizing emission reductions in the voluntary market to enable immediate offsets at a discount to the ultimate benefit of compliance offsets. The logic behind this approach is to provide financial incentives to farmers right away while we work in parallel with the government to advance regulatory frameworks.
In Canada, carbon credits are categorized into two main types: compliance credits and voluntary credits. Compliance credits are part of regulatory frameworks established by provincial governments, including the Government of Manitoba, which set limits on greenhouse gas emissions. Companies that exceed these limits must purchase compliance credits to offset their excess emissions, creating a financial incentive to reduce their carbon footprint. The voluntary market in Canada allows companies and individuals to buy carbon credits to offset their emissions in support of various sustainability initiatives.
As demand for carbon credits rises in Canada and worldwide, prices are expected to increase, creating advantageous opportunities for farmers. FuelPositive plans to follow up with the Manitoba Minister of Finance on these developments and will keep the Company shareholders updated, with more information anticipated in October.
"As FuelPositive advances its exploration into carbon credits for Green Ammonia, I'm excited about the significant opportunities ahead for farmers and stakeholders. The recognition of Green Ammonia as a new type of fertilizer opens doors for near-term financial incentives, allowing us to create real value right now. FuelPositive's strategic approach to entering the voluntary market positions us to capitalize on rising demand for carbon credits, and I am confident that, together, we can drive meaningful progress toward a more sustainable future in agriculture," stated Andre Mech, Emission Reduction and Carbon Credit Advisor at FuelPositive.
Featured Industry Presentations:
FuelPositive is thrilled to announce its upcoming industry and stakeholder engagements, showcasing the Company's commitment to advancing Green Ammonia technology and sustainability in agriculture. The FuelPositive team will participate in key industry events, engaging with farmers, stakeholders, and industry leaders to discuss the transformative potential of Green Ammonia as a sustainable fertilizer and fossil fuel replacement solution. These presentations will highlight the Company's innovative approach to carbon credits and the benefits of on-site production, offering valuable insights into how FuelPositive's technology can empower farmers to reduce their environmental impact, enhance productivity, and strengthen their financial resilience.
On October 17, FuelPositive is honored to be invited as the keynote speaker at the annual general meeting of the Bioscience Association of Manitoba (BAM) in Winnipeg. The company will share its vision for the future of sustainable agriculture.
Following this, Ian Clifford, Co-Founder and CEO of FuelPositive, will have the exciting opportunity to be featured on a breakout panel at the Manitoba Environmental Industries Association (MEIA) Cleantech Conference 2024 on November 20 in Winnipeg, discussing "Smart Farms, Clean Tech: Advancing Sustainable Agriculture."
The Company is also thrilled to participate in two exclusive Green Ammonia workshops tailored specifically for farmers and the supporting industry. The Western Canada Workshop will occur on November 26 in Sperling, Manitoba, while the Eastern Canada Workshop is scheduled for November 28 in Guelph, Ontario. Both workshops, by invitation only, are designed to foster collaboration and knowledge sharing among key stakeholders, with a detailed agenda coming in the following weeks.
These workshops are part of the initiatives of the Global Nitrogen Innovation Center for Clean Energy and the Environment (https://niccee.org/), an international research initiative involving experts from the USA, UK, and Canada. Professor Claudia Wagner-Riddle and Professor Mario Tenuta will lead these workshops, which will explore innovative solutions for sustainable agriculture and the transformative potential of Green Ammonia.
Preparing for the Official Launch: A Commitment to Sustainability
As FuelPositive prepares for the official big reveal of its innovative technology, the Company is excited to introduce a mural project on-site by renowned Manitoba artist Kal Barteski. This mural, featuring vibrant depictions of polar bears incongruously sitting in an agricultural context, aims to raise awareness about their struggle for survival and the urgent environmental challenges faced by all species, including humans, as we collectively confront the realities of climate change.
Commissioned in anticipation of the launch, initially scheduled for early August, the mural is finally in progress and will serve as a powerful visual representation of FuelPositive's commitment to sustainability. Once the system is activated and revenue generation commences, we hope to plan a memorable launch.
"As polar bears face the existential threat of climate change and habitat loss, their plight reminds us of the broader environmental crisis. If we don't reverse the effects of greenhouse gas emissions, including those from agriculture, humans will face more and more challenging consequences," said Luna Clifford, Co-Founder and CIO at FuelPositive.
"The mural is also a symbol of the multi-generational aspect of farming, honouring the deep roots that sustain agricultural communities while highlighting the urgent need to protect the people and the land that nourishes us. This artwork serves as a reminder of the legacy we leave for future generations. FuelPositive is dedicated to bridging the gap between rural and urban life, emphasizing the vital role of farmers in ensuring global food security as we work together to create a sustainable future for all." concluded Luna Clifford.
Kal Barteski is a Canadian artist from Manitoba, an activist, TEDx speaker, tactical urbanist, published author, and 2020 winner of the Women Entrepreneur of the Year Award presented by the Manitoba Women's Enterprise Centre (MWEC). This recognition honours her contributions as an artist and entrepreneur in promoting environmental awareness and community engagement.
Kal is passionate about polar bears, positive words, sea ice and environmental health, and advocates for the wild. She is a promoter of community and collaboration. She uses brush lettering and ink drips to celebrate imperfection." She created the POLAR BEAR FUND (https://www.polarbearfund.ca/) to support innovative polar bear conservation. She coordinated the international mural festival: SeaWalls CHURCHILL (https://www.seawallschurchill.ca/).
Kal Barteski's commissioned work underscores the urgent need for action. Protecting polar bears is not just about saving a keystone species, it's also about addressing climate change to preserve the fragile Arctic ecosystem. Through this partnership and powerful imagery, FuelPositive is committed to advancing sustainable agriculture and championing climate action for future generations.
"I'm thrilled to be part of the FuelPositive project. As a proud prairie girl, I have a deep appreciation for the land and the farming practices that sustain us. I also believe in the importance of preserving our natural environment while developing smart, innovative solutions that lead to a brighter, more sustainable future for agriculture and our communities." said Kal Barteski, Mural Artist and Advocate.
About FuelPositive Corporation
FuelPositive is leading the future of agriculture with the world's first farmer-owned, on-farm Green Ammonia production systems. The Company's modular and innovative technology offers a predictable, reliable, and affordable solution for directly producing green fertilizer and fuel on-farm, reducing reliance on external supply chains.
Groundbreaking AgTech and Green Energy:
FuelPositive's containerized Green Ammonia production systems are transforming the ammonia industry by decentralizing production. This empowers farmers to generate green nitrogen fertilizer and carbon-free fuel on-site, ensuring stable costs and supply. Each ton of ammonia produced by FuelPositive systems eliminates up to 2 tons of CO2e emissions, providing an environmentally sustainable solution that is also easily accessible and remotely monitored, enabling farmers to focus on their operations without added complexity.
First System Delivery: A Milestone in Sustainable Agriculture:
In June 2024, FuelPositive delivered its first commercial system, the FP300, to Tracy and Curtis Hiebert's 11,000-acre grain farm near Sperling, Manitoba. This milestone marks a significant advancement for both FuelPositive and sustainable agriculture. The system activation this fall will further demonstrate the transformative impact of the Company's technology on farming practices, driving a more sustainable future.
Manitoba: A Global Center of Excellence:
FuelPositive is positioning Manitoba as a leader in decentralized Green Ammonia production. The Company's vision includes establishing a world-leading manufacturing hub that will generate highly skilled engineering, science, and trade jobs and contribute to the local economy over the coming years.
Farmer-Centric Solutions:
FuelPositive addresses farmers' financial and operational challenges due to fluctuating fertilizer and fuel costs. Farmers gain control over their nitrogen fertilizer supply by producing Green Ammonia on-site, reducing costs and ensuring price stability. This solution alleviates the financial burden and empowers farmers to plan more confidently for the future, safeguarding their land and resources for the next generation. By adopting sustainable practices today, farmers contribute to a cleaner world and a more secure future for those who follow in their footsteps.
FuelPositive is committed to creating a Canadian success story with technology developed and intellectual property owned in Canada. The Company values ethical practices, including precision agriculture and cruelty-free approaches that support genuinely sustainable agriculture. FuelPositive's diverse and inclusive team is united by a common goal: to make a positive impact that goes beyond financial success. By prioritizing environmental stewardship and social responsibility, FuelPositive aims to drive meaningful change that benefits our communities and the environment.
See sales details here: https://fuelpositive.com/sales
FuelPositive Corporation is based in Ontario and Manitoba (Canada) and trades on the TSX Venture Exchange under the symbol NHHH and on the OTCQB in the USA under the symbol NHHHF.
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) accepts 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 to provide 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.
For further information, please contact:
Ian Clifford, Co-founder, Chief Executive Officer and Board Chair
mailto://ian@fuelpositive.com
Tel: 416.535.8395
https://www.fuelpositive.com
Jodee Mason, Senior Account Director, Counsel Public Affairs, Inc.
mailto://jmason@counselpa.com
Tel: 204.898.7183
https://www.counselpa.com
Investor Relations United States & International: RB Milestone Group (RBMG)
mailto://fuelpositive@rbmilestone.com
Investor Relations Canada: Transcend Capital Inc.
mailto://et@transcendcapitalinc.com
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2024/25/c6441.html
Paulness
3 months ago
NEWS -- FuelPositive Closes Final Tranche of Private Placement
FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (the "Company") announces that it has closed a non-brokered private placement (the “Offering”) and has issued 8,925,055 units (each, a “Unit”) at a price of $0.055 per Unit for gross proceeds of $490,878. Each “Unit” consists of one common share of the Company, and one common share purchase warrant exercisable at a price of $0.07 until August 29, 2029.
The Offering represents the final tranche of the placement previously announced by the Company on May 28, 2024.
No finders’ fees or commissions were paid in connection with completion of the Offering. All securities issued in connection with the Offering are subject to restrictions on resale until December 30, 2024 in accordance with applicable securities laws.
About FuelPositive Corporation
FuelPositive is a Canadian technology company dedicated to delivering commercially feasible and sustainable clean technology solutions that follow a circular approach, ensuring the entire lifecycle of our products is environmentally friendly. This includes an on-farm/onsite, containerized Green Ammonia (NH3) production system that effectively eliminates carbon emissions during the production process.
By focusing on technologies that are clean, sustainable, economically advantageous and realizable, the Company aims to help mitigate climate change, addressing unsustainable agricultural practices through innovative technology and practical solutions that can be implemented now. The FuelPositive on-farm/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-farm/onsite, where and when needed. This eliminates wildly fluctuating supply chains and offers end-users clean fertilizer, energy and Green Ammonia supply security while eliminating carbon emissions from the production process. The first customers will be farmers. Farmers use 80% of the traditional grey ammonia produced today as fertilizer.
See purchasing details here: https://fuelpositive.com/sales/.
FuelPositive Corporation is based in Waterloo and Manitoba (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
Co-Founder, Chief Executive Officer and Board Chair
mailto://Ian@fuelpositive.com
Tel: 416.535.8395
https://www.fuelpositive.com
Jodee Mason
Senior Account Director
Counsel Public Affairs, Inc.
mailto://jmason@counselpa.com
Tel: 204.898.7183
https://www.counselpa.com
Investor Relations United States & International:
RB Milestone Group (RBMG)
mailto://fuelpositive@rbmilestone.com
Investor Relations Canada:
Transcend Capital Inc.
mailto://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 to provide 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.
Paulness
3 months ago
NEWS -- FuelPositive Approaches Activation as Strategic Alliances Strengthen
WINNIPEG, MB, Aug. 26, 2024 /CNW/ - FuelPositive Corporation (TSXV: NHHH) (OTCQB: NHHHF) (the "Company") is pleased to provide a comprehensive update highlighting significant progress as the Company closes in on system activation and broadens its network of strategic partners.
Key Highlights:
Manitoba Minister of Finance MeetingProject Timeline UpdateStrengthening the and Addressing ChallengesFinancing DevelopmentsSales EffortsStrategic Network ExpansionManitoba Minister of Finance Meeting:
FuelPositive had a productive meeting with Manitoba's Minister of Finance, Adrien Sala, at the Legislature in Winnipeg on August 19, 2024. The meeting marked a crucial step in advancing FuelPositive's vision. The discussions indicated a strong synergy between FuelPositive's goals and Manitoba's priorities, highlighting shared objectives supporting economic and environmental progress.
While the specific discussions remain confidential, Minister Sala's understanding and interest were clear. Both FuelPositive and the Minister's office remain open to continuing the dialogue.
FuelPositive's Key priorities:
Accelerating the timeline for on-farm Green Ammonia production in collaboration with Manitoba Hydro.Exploring various existing and model energy rates for farmers producing Green Ammonia on-farm, with the intent of providing predictable energy costs and support the transition to a carbon-free economy and global food security.Expanding opportunities for carbon credits to benefit farmers, aligning with the Company's commitment to decentralized, resilient rural green nitrogen fertilizer and energy solutions.Exploring incentives to encourage the adoption of decentralized renewable energy across the province.
Promoting Green Ammonia as a clean fuel alternative for grain drying.Planning a state-of-the-art automated manufacturing facility in Manitoba, potentially in the CentrePort region, to initially scale production to 500 FP1500 systems annuallyCreating numerous clean economy jobs in engineering, science and skilled trades."Our recent meeting with Minister Sala represents a pivotal milestone for FuelPositive's strategy," said Luna Clifford, Co-Founder and Chief Impact Officer at FuelPositive. "As Manitoba prepares to finalize key budget decisions, our ongoing dialogue with the province's leadership across various ministries, including Agriculture, Economic Development, Finance, Labour, and the Environment next, positions FuelPositive to drive innovation while supporting the government's progressive goals."
Project Timeline Update:
Ministry of Labour:On August 22, 2024, FuelPositive engaged with the Ministry of Labour and the Deputy Minister to discuss Manitoba's evolving strategy. This strategy increasingly prioritizes initiatives that create essential clean economy jobs and stimulate substantial economic growth across the province.
The Deputy Minister was familiar with FuelPositive's project, and the discussions were constructive in advancing the file through the process. This alignment with Manitoba's new priorities positions FuelPositive to contribute meaningfully to the province's clean energy and agricultural goals.
"We have encountered only support and encouragement since we arrived in Manitoba, and we are confident that the current discussions will profoundly impact our future growth and the broader economic landscape in Manitoba. We look forward to clarifying the situation regarding the final approval needed to activate the system," added Ian Clifford, Co-Founder and Chief Executive Officer and Chair of the Board at FuelPositive.
Inspection and Technical Services (ITS):The Company is pleased to provide an update on the final approval process. The Inspection and Technical Services (ITS) division of the Ministry of Labour, responsible for inspecting pressure vessels, will conduct their final on-site inspection during the last week of August. This inspection is anticipated to be a crucial step—a milestone eagerly awaited by stakeholders—as it will provide a clear timeline for approval, enabling FuelPositive to move forward with activation and secure its first sales.
ITS is responsible for Boiler and Pressure Vessel safety in Manitoba. Through physical and remote inspections, ITS is committed to working with industry and owners to reduce safety risks by confirming compliance with The Steam and Pressure Plants Act, The Power Engineers Act, and the Regulations set out by the Government of Manitoba.
ITS works with industry to oversee the safe construction, installation, and operation of Boilers and Pressure Vessels within Manitoba. ITS works with equipment owners, manufacturers, installers, and licensed power engineers to ensure safety standards are followed. ITS enforces Boiler and Pressure Vessel safety standards through design registration, inspections, examinations, and licensing.
Manitoba Hydro:FuelPositive is pleased to report that it has secured September 17 as the date for the final power connection to the site. The Company is actively working with Manitoba Hydro to accelerate this timeline.
With over 50 years of experience, Manitoba Hydro has become one of Canada's largest energy utilities that generates, transmits, and distributes electricity primarily from renewable hydroelectric sources. Manitoba Hydro shares FuelPositive's vision of delivering clean energy solutions to support the well-being of Manitobans and contribute to the province's long-term prosperity. www.hydro.mb.ca
"We are now fully engaged and ready to showcase our technology. We are excited to be at this pivotal juncture and look forward to sharing further progress with our stakeholders," stated Janusz McNeill, Head of Electrical Engineering and Project Completion Co-Lead.
Strengthening the Team: Promoting Excellence and Addressing ChallengesFuelPositive is taking decisive steps to overcome the July activation setbacks and a series of avoidable delays caused by internal challenges. While these setbacks were unexpected, they have provided an opportunity for FuelPositive to refine its focus, strengthen its team, and reinforce its commitment to operational excellence. The Company has addressed these challenges head-on, implementing improvements that have restored momentum and strengthened its ability to achieve its mission.
FuelPositive's commitment to transparency and continuous improvement remains unwavering. By learning from recent experiences and strengthening the team's capabilities, FuelPositive has regained momentum and is driving its mission forward with renewed resolve. These proactive measures have already proven beneficial, setting the stage for imminent activation and paving the way for the Company's long-term, consistent growth.
FuelPositive is proud to announce the promotion of three outstanding team members whose leadership, perseverance, and expertise have been instrumental in overcoming these challenges:
Martin Cina has been promoted to Head of Mechanical Engineering and Project Completion Co-LeadJanusz McNeill has been promoted to Head of Electrical Engineering and Project Completion Co-LeadFrancisco Mora has been promoted to Head of Chemical Engineering.These leaders are spearheading critical initiatives that have realigned FuelPositive's timeline and driven the Company forward.
"Our team of highly qualified and creative experts in chemical, electrical, and mechanical engineering, as well as skilled trades, is deeply committed to our mission of supporting farmers and protecting the environment. The elevation of these key individuals to Project Lead roles in their area of expertise has significantly enhanced the efficiency and transparency of our Manitoba project. Their hard work, vision and accountability, along with the contributions of other key team members, have allowed us to move forward with renewed confidence and excitement for what lies ahead for FuelPositive in Manitoba," said Cheryl Allen, Chief People and Culture Officer.
Financing Developments:
FuelPositive is actively pursuing multiple avenues to secure non-dilutive funding, essential for driving the next expansion stage.
Recent developments include:
Consistent engagement with Farm Credit Canada (FCC), and strategic meetings with FuelPositive's Senior Relationship Manager, Andrew Chewpa and others.The Royal Bank of Canada (RBC) has shown strong interest, highlighted by FuelPositive's participation in a recent RBC roundtable in ManitobaFCC and RBC have both demonstrated strong interest in fueling FuelPositive's growth. They are actively collaborating with the Company to develop innovative financing solutions that will make FuelPositive's technology accessible to more farmers, including those who may not be able to purchase systems outright. These programs may include lease-to-own models, ensuring broader adoption of FuelPositive's solutions and driving the transition to sustainable farming.Final TSX approval is expected imminently, and FuelPositive look forward to concluding the previously announced private placement within the next few daysRBC Climate Action Institute:
FuelPositive is honoured to have had the opportunity to participate in the roundtable "Ideas into Action: Investing in Manitoba's Agriculture and Agri-Food Sector to Drive Innovation" on August 14, hosted by the RBC Climate Action Institute and John Stackhouse, Senior Vice President, Office of the CEO. The event took place at the University of Manitoba's Glenlea Research Station. The roundtable focused on transforming visionary ideas into actionable strategies for advancing innovation in Manitoba's agriculture and agri-processing sectors. This roundtable brought together a select group of stakeholders to collaboratively explore transformative investments that can build a robust ecosystem of partners and amplify impact across Canada.
The discussions identified bold opportunities for Manitoba's agriculture sector and turning innovative ideas into concrete, directed investments that will drive meaningful change. Much of the discussion was focused on the imperative of Green Ammonia adoption; FuelPositive is proud to contribute to this forward-thinking dialogue and be part of shaping the future of sustainable agriculture in Manitoba.
Conserving Capital:
Simultaneously, the Company is carefully managing resources by streamlining operations and temporarily pausing secondary initiatives. These efforts are designed to conserve capital and sharpen focus as FuelPositive transitions toward securing sales post-activation and future manufacturing. With these strategic actions, FuelPositive is positioning itself to advance confidently into the next stage of its mission.
"The recent delays in Manitoba have added challenges to our capital-raising efforts, as some stakeholders prefer to wait until activation is complete. However, this transitional time is precisely when their support is most crucial. The Company is confident that momentum will shift rapidly once our system is activated." stated Ian Clifford, CEO. Throughout the summer, we've welcomed numerous stakeholders to our site, all with a keen interest in investing or purchasing systems once we are fully operational."
Sales Efforts:
"FuelPositive has identified and qualified many potential customers in Manitoba for the FP1500 system over the summer and remains committed to the prompt activation of its first on-farm system, which will trigger the first sales and help the company with its focus on transitioning towards revenue generation," stated Michael Heslin, Director of Sales at FuelPositive. "The Company is busy with multiple visits to the Sperling site each week from potential investors and customers of the FuelPositive technology."
Amongst recent visitors:
RBC Agricultural BankingFCC ValuationsManitoba Ministry of AgricultureThe Keystone Potato Producers' Association (KPPA) Susan AinsworthMeridian ManufacturingBioscience Association of Manitoba (BAM)Winnipeg Chamber of CommerceCanada Ukraine Chamber of CommerceBryan Lung, Engineering Supervisor, Carl Havixbeck, Technical Sales and Lorne Grieger, Director, Technical Sales from Prairie Agricultural Machinery Institute (PAMI).Numerous farmers"With nearly 50 years of pioneering agricultural innovation, PAMI has transformed traditional farming into a modern, sustainable industry. Our deep-rooted passion for agriculture and commitment to continuous improvement drives us to support advancements such as FuelPositive's On-Farm Green Ammonia technology.
We believe it has the power to enhance food security, fertilizer sustainability, and agriculture efficiency in a rapidly changing world. With our expertise in agri-food processing, process management, machine testing, and more, we are dedicated to fostering a future where agriculture thrives through innovation," stated Carl Havixbeck, Technical Sales at PAMI.
"FuelPositive's decentralized approach offers significant advantages over traditional fertilizer companies that rely on centralized production and complex supply chains. Unlike conventional fertilizers that must be transported to farms seasonally or as needed, facing increasing delays due to strikes, infrastructure challenges, or labor disputes—such as the recent tensions with Air Canada and CN—FuelPositive's technology allows farmers to produce Green Ammonia directly on their farms," added Luna Clifford CIO. "Centralized supply chains are vulnerable to disruptions from failing infrastructure, human disputes, and logistical bottlenecks, which are likely to worsen over time, leading to significant delays and added stress for farmers. With FuelPositive, farmers gain greater control and independence, protecting their operations from the many points of friction that can arise in centralized systems."
Expansion of Strategic Networks:
FuelPositive is grateful for its tremendous progress, thanks to the exceptional support from the Company's expanding network of Manitoba-based advisors and farmers, including Dr. Mario Tenuta, Darrell Brown, Chad Berry, and Rick Rutherford. Their expertise and connections in Manitoba have been vital in supporting the Company's engagement with strategic stakeholders and interested farmers, guiding the Manitoba project and growth initiatives toward success.
"We are incredibly grateful to be supported by such a dedicated and knowledgeable network. Our advisor's generous support, valuable advice, and strong connections have consistently reinforced our confidence that Manitoba is the ideal location for our Company's future success. We are inspired by the incredible people we have met leading progress, innovation, and excellence across technology, agriculture, the environment, and social and economic development," added Luna Clifford, CIO.
Bioscience Association of Manitoba (BAM):Through this growing network, FuelPositive was introduced to Andrea Ladouceur, President, and Janelle Hacault, Business Development Manager of the Bioscience Association of Manitoba (BAM), who invited FuelPositive to become members.
BAM connects its members with key industry players and provides valuable insights into the ag-tech and bioscience sectors. Thanks to BAM, FuelPositive has established connections with new stakeholders, including PrairiesCan, CentrePort, Westcap, and others.
Additionally, FuelPositive will be featured in BAM's Annual Report and a new promotional video alongside seven other handpicked companies representing and promoting technology and bioscience in Manitoba. FuelPositive is also proud to have been selected to participate in an upcoming event at the Manitoba legislature in September, highlighting the province's top technology and bioscience companies.
Andrea Ladouceur, President of BAM, expressed her excitement for FuelPositive's impact, stating, "BAM is very excited with the impact that Fuel Positive will make with this technology. It will increase producers' options to access needed inputs to help us continue to feed the world while addressing climate change by reducing GHGs. This type of innovation is key to meeting the challenges of today and tomorrow."
Bioscience Association Manitoba (BAM) is an industry association for Manitoba's bioscience sector and supports over 150 member companies in health, agriculture, and clean biotechnology. BAM is dedicated to providing industry development, advocacy, workforce development, industry promotion and connectivity." https://biomb.ca
Rural Manitoba Economic Development (RMED):Thanks to the efforts of Deanna Fridfinnson, the Economic Development Advisor at Rural Manitoba Economic Development (RMED), FuelPositive has begun connecting with key rural community stakeholders, including farmers and city councils. RMED has already started assisting FuelPositive in meeting farmers, potential buyers and investors and evaluating potential manufacturing locations near the Winnipeg airport and CentrePort. Their guidance has introduced FuelPositive to promising areas to potentially build the Company's new manufacturing capabilities that offer strategic advantages like proximity to the Company customer base, skilled labour, affordable housing and tax incentives.
Deanna Fridfinnson, RMED's Economic Development Advisor, expressed RMED's endorsement, stating, "RMED proudly supports FuelPositive in their mission to revolutionize on-farm Green Ammonia and clean energy production. We are committed to fostering collaboration and connecting resources to help FuelPositive thrive in rural Manitoba with their innovative on-site containerized Green Ammonia systems."
Manitoba is an ideal location for FuelPositive Corporation's growth due to its green grid and affordable electricity, which support sustainable manufacturing operations. The province offers abundant and cost-effective space for expansion and strategic distribution access that reduces shipping costs to customers in Canada and beyond. Manitoba's government also strongly supports sustainable agriculture and green anhydrous ammonia initiatives, providing many valuable resources and aligning with the Company's mission.
Manitoba is also focused on green job creation and is committed to a carbon-free economy. With a large customer base of technology-driven farmers and access to areas like CentrePort for mass manufacturing and distribution, Manitoba provides the ideal setting for FuelPositive's expansion.
Mindscape Studios:FuelPositive is collaborating with Mindscape Studios to capture the excitement of the Company's first system's delivery and commissioning. Their stunning drone footage and photography, combined with interviews featuring FuelPositive's team members and advisors, culminate in an engaging informational and promotional video highlighting the passion and dedication driving the Company's mission. This project is a genuine team effort, bringing all employees together to celebrate these significant milestones as FuelPositive prepares for activation.
Gosia Fazio, Co-Founder of Mindscape Studios Inc., shared her thoughts on the collaboration: "From the moment we met Luna and Ian Clifford, we were struck by their profound passion and the transformative potential of their mission. The concept of producing Green Ammonia from renewable energy right here in Manitoba is groundbreaking. As we interviewed various members of the FuelPositive team, it became clear that their shared commitment to this vision transcends roles and backgrounds. Everyone we spoke to shares a common drive to create a greener, more sustainable future. The energy at the farm site is palpable, with a collective belief that this project could redefine agricultural practices across Canada and beyond. We at Mindscape Studios are thrilled to contribute to documenting FuelPositive's pioneering work."
In Summary:
As the Company approaches critical milestones, FuelPositive is entering an exciting phase of growth and innovation. With the continued support of its stakeholders, strategic partners, and a strengthened team, FuelPositive is well-positioned to revolutionize the agricultural industry with the Company's Green Ammonia technology. The momentum FuelPositive has built through its recent achievements sets the stage for a future filled with transformative possibilities.
The Company looks forward to sharing more updates as it moves toward activation and beyond. FuelPositive is confident in the positive impact it can make in Manitoba, across Canada, and around the world.
About FuelPositive Corporation
FuelPositive is a Canadian technology company dedicated to delivering commercially feasible and sustainable clean technology solutions that follow a circular approach, ensuring the entire lifecycle of our products is environmentally friendly. This includes an on-farm/onsite, containerized Green Ammonia (NH3) production system that effectively eliminates carbon emissions during the production process.
By focusing on technologies that are clean, sustainable, economically advantageous and realizable, the Company aims to help mitigate climate change, addressing unsustainable agricultural practices through innovative technology and practical solutions that can be implemented now. The FuelPositive on-farm/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-farm/onsite, where and when needed. This eliminates wildly fluctuating supply chains and offers end-users clean fertilizer, energy and Green Ammonia supply security while eliminating carbon emissions from the production process. The first customers will be farmers. Farmers use 80% of the traditional grey ammonia produced today as fertilizer.
See pre-sale details here: https://fuelpositive.com/pre-sales/.
FuelPositive Corporation is based in Waterloo and Manitoba (Canada) and trades on the TSX Venture Exchange under the symbol NHHH and in the USA on the OTCQB under the symbol NHHHF.
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 to provide 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.
SOURCE FuelPositive Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2024/26/c1972.html
Paulness
5 months ago
NEWS -- FuelPositive: Completes On-Farm Commissioning of the First Scalable Green Ammonia Production System and Announces New Manitoba-Based Partnerships
WINNIPEG, Manitoba, July 19, 2024 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (the “Company”) is thrilled to announce the completion of on-farm commissioning of its first scalable Green Ammonia production system.
Francisco Mora, FuelPositive's Lead Chemical Engineer, commented, “We are excited to unveil our technology to the world and initiate the production of Green Ammonia. We are virtually ready to activate our system and produce ammonia. Our only setback during commissioning has been related to two on-the-ground certifications specific to Manitoba, which are required before turning the system on fully.”
Ian Clifford, Co-Founder and CEO, explained further, “We are excited and prepared to activate ammonia production in our first on-farm system and demonstrate our groundbreaking technology to the world. Currently, we are awaiting the final go-ahead from the province before proceeding. Unfortunately, our team was inaccurately informed of the completion and timeline of two necessary Manitoba certifications. We have addressed this issue.
While these approvals are essential to comply with Manitoba's requirements and to complete the final activation of the system, we are confident that we are compliant and that obtaining these certifications is a formality. We will continue to advise on this progress.”
Luna Clifford, Co-Founder and CIO, added:
“Fortunately, our team's skill, resourcefulness, and strong connections and advisors in Manitoba have allowed us to address the situation promptly. We have been supported by skilled and reputable Manitoba-based companies that have helped facilitate the company's transition to the province.
Leading mechanical and electrical contractors Wescan and Tri-Star Automation, the engineering firm QPS Evaluation Services Inc., and site safety specialist Quint Services have been pivotal in this process.
These local alliances have facilitated the on-farm commissioning of our first system and have guided us through the final regulatory hurdles, helping minimize delays.
Their invaluable support has helped FuelPositive navigate and adapt to Manitoba's specific on-the-ground requirements, ensuring a smooth and efficient integration.”
Jon Treloar, Mechanical Division Manager of Wescan Construction Services https://wescan-services.com, commented,
“We’re excited about the transformative impact FuelPositive can have on agriculture in Manitoba and beyond. FuelPositive has contracted us to help navigate the specific regulatory landscape of Manitoba.
Our extensive experience in dealing with the Ministry of Labour requirements ensures that FuelPositive has the necessary guidance and that their final "on the ground" approvals are underway.
Additionally, Wescan has provided FuelPositive with highly skilled Manitoba-certified contractors to expedite the approval process and support commissioning the first FP300 unit. These contractors offer critical electrical and mechanical support, helping to accelerate the project timeline.
Manitoba is known for its stringent regulations. However, the good news is that once FuelPositive’s first system is certified as "ready" for Manitoba, the certification process for subsequent systems will be much quicker and largely routine.”
David Thorarinson, Owner and CEO of Tri-Star Automation https://tristarautomation.ca commented,
“Our team at Tri-Star Automation is leveraging its extensive expertise to empower FuelPositive by providing essential electrical contracting, optimizing collaboration with Manitoba Hydro, and consulting on developing cutting-edge mass production capabilities in the province.”
Reagan Coppicus, Owner of Quint Services Ltd. https://quintservices.com, added,
“At Quint Services, we recognize the critical importance of safety planning for FuelPositive’s first-of-its-kind on-farm Green Ammonia manufacturing system and related storage. Our thorough safety and emergency response services ensure that FuelPositive can produce and store Green Ammonia with complete assurance, safeguarding farmers in emergencies. With our expert consulting and dedicated emergency response team, we are committed to helping FuelPositive create a safer and more sustainable future in agriculture.”
FuelPositive is also pleased to share that the Company has received numerous visits from interested farmers, stakeholders, and new association members eager to see the Company’s system in person at the Hiebert’s farm in Sperling.
This interest highlights the excitement and potential FuelPositive’s technology and business model holds for the agricultural sector, particularly for farmers.
Rick Rutherford, a third-generation owner and farmer at Rutherford Farms in Grosse Isle, Manitoba, https://www.rutherfordfarms.ca, commented,
“We have closely followed FuelPositive's groundbreaking projects in Waterloo, Ontario and Sperling, Manitoba.
Excited by their innovative approach, we've eagerly participated in the initial tranche of their current financing round and are now closely monitoring the progress of our investment.
As a near-net-zero-carbon farming operation, one of our most significant challenges has been reducing the carbon footprint of our nitrogen fertilizers.
Integrating FuelPositive’s technologies on our 12,000-acre farm has the potential to propel us into a carbon net-zero reality.
This milestone would be an incredible achievement for us, and it would set a transformative precedent for sustainable agriculture in Canada and worldwide!”
Ian Clifford added, “We’re thrilled by the overwhelmingly positive response and support we've received from farmers, government agencies, and stakeholders across Manitoba since our arrival, resulting in many different site visits throughout July.
It's incredibly humbling to witness the enthusiasm, interest and demand for innovative solutions like ours in the agricultural sector.”
Luna Clifford concludes, “We're eager to produce ammonia on-site. While we have encountered some regulatory delays and are waiting to proceed, we continue to grow our network and promote FuelPositive interests and growth in Manitoba. Our commitment to delivering impactful solutions to farmers remains unwavering.”
About FuelPositive Corporation
FuelPositive is a Canadian technology company dedicated to delivering commercially feasible and sustainable clean technology solutions that follow a circular approach, ensuring the entire lifecycle of our products is environmentally friendly. This includes an on-farm/onsite, containerized Green Ammonia (NH3) production system that effectively eliminates carbon emissions during the production process.
By focusing on technologies that are clean, sustainable, economically advantageous and realizable, the Company aims to help mitigate climate change, addressing unsustainable agricultural practices through innovative technology and practical solutions that can be implemented now. The FuelPositive on-farm/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-farm/onsite, where and when needed. This eliminates wildly fluctuating supply chains and offers end-users clean fertilizer, energy and Green Ammonia supply security while eliminating carbon emissions from the production process. The first customers will be farmers. Farmers use 80% of the traditional grey ammonia produced today as fertilizer.
See pre-sale details here: https://fuelpositive.com/sales/.
FuelPositive Corporation is based in Waterloo and Manitoba (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
Co-Founder, Chief Executive Officer and Board Chair
mailto://Ian@fuelpositive.com
Tel: 416.535.8395
https://www.fuelpositive.com
Jodee Mason
Senior Account Director
Counsel Public Affairs, Inc.
mailto://jmason@counselpa.com
Tel: 204.898.7183
https://www.counselpa.com
Investor Relations United States & International:
RB Milestone Group (RBMG)
mailto://fuelpositive@rbmilestone.com
Investor Relations Canada:
Transcend Capital Inc.
mailto://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 to provide 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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