TIDMMEN
RNS Number : 6123X
Molecular Energies PLC
27 April 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR").
27 April 2023
MOLECULAR ENERGIES PLC
("Molecular" or the "Company")
BUSINESS UPDATE
Molecular Energies PLC (AIM: MEN), the international energy
Company with both hydrocarbon and alternative energy divisions,
provides an update on its Green House Capital alternative Energy
Division.
Green House Capital
Green House Capital is a 75% owned subsidiary of Molecular
Energies PLC ("Molecular") which acts as an incubator to promote
and develop green and new-energy related business. By way of
example, Molecular has had recent success in incubating and
spinning out the London Stock Exchange (AIM) listed company ATOME
Energy PLC ("ATOME"), in which the Company retains a 25%
shareholding.
Dual Fuel ("DFL")
Molecular Energies PLC is firmly of the view that hydrogen fuel
is the best solution to decarbonise long-haul land transport in the
global energy transition.
The use of hydrogen fuel for mobility applications will not be
an overnight revolution. Near-term adoption rates of brand new
hydrogen powered vehicles (either fuel cell or hydrogen internal
combustion engines) are likely to be low. This is due to the high
purchase cost for the vehicles and limited production runs, despite
fiscal incentives which are, in any event, increasingly costly to
governments and taxpayers alike.
Molecular is focusing on engineering a dual fuel solution,
enabling the use of both diesel and hydrogen fuels simultaneously
in long haul vehicles at up to a 50% fuel blend. This will
materially reduce vehicle emissions and extend vehicle range whilst
allowing vehicles to still run on diesel only for maximum
flexibility and performance. DFL aims to convert existing vehicles
within a matter of days at a low, commercially justifiable cost
without requiring users to buy brand new, expensive, hydrogen long
haul vehicles with long lead times.
DFL is a 50:50 joint venture between Green House Capital and
G-volution Ltd, a leading UK based dual fuel technology company.
DFL is undertaking engineering work in a test cell environment, and
a prototype vehicle engine has already been identified which is one
of the most common for long haul transport in Paraguay which is
where DFL will test prototypes on the road. As a sparsely populated
agriculturally based economy with surface area larger than the size
of Germany, Paraguay is reliant on road transport and barges to
move all its heavy loads, making it a prime location for DFL's
first operations.
DFL is already in advanced discussions with its first lead
customer and others have been identified to follow in due course.
The objective is to have the prototype vehicle in trial operation
at or around the end of 2023 with batch conversions starting in
2024. The vehicles will run on hydrogen supplied by the Mobility
Division of Molecular's former subsidiary, ATOME Energy, whose 1MW
mobility electrolyser is due to start producing hydrogen before the
end of the year. It is intended that users are offered an
attractive package of conversion and guaranteed fuel supply at
fixed cost. The package will be complemented by an innovative
refueling method originated by Molecular of which is more is set
out below.
On successful trial, it is intended that DFL will be swiftly
rolled out in other countries as the engineering works already
underway are aimed to satisfy international standards.
HYSO
Although the current refueling of hydrogen vehicles is handled
much like the refueling of diesel and petrol vehicles, the
refueling infrastructure is costly due to the requirement of
specialist equipment with long lead times. Further, these refueling
methods will inevitably lack good economics until there is a wider
availability of hydrogen vehicles which, for the above reasons, is
unlikely to be soon.
Green House Capital, via its 100% subsidiary, HYSO, is
developing an innovative solution which provides flexible hydrogen
refueling. This seeks to provide the optimum location and
environment in which to refuel which avoids the need for expensive
fixed hydrogen infrastructure. Preliminary concept designs have
been prepared and discussions are taking place with leading
automotive engineering consultants with the objective of providing
an internationally usable solution to be trialed at or around the
end of this year, initially complimenting DFL's operations in
Paraguay.
Whilst the intended solution is focused on DFL, the future
objective is to extend this to hydrogen only vehicles on an
international basis. Further announcements will be made in due
course.
ATON 6 PLC
Molecular and ATOME Energy, in which the Company currently has a
25% holding, are both involved in businesses where the generation
of carbon credits is a natural possibility for their business
models.
The markets for origination, development and sale of carbon
credits are fast-developing, although far from mature and demand
for quality assured, responsibly sourced credits is fast expanding.
ATON 6 has been created as a 100% subsidiary of Green House Capital
to become a part of this increasing area of business.
ATON 6's proposition is to benefit from pre-purchasing carbon
credits from within the Molecular family of companies and intends
to responsibly source quality assured voluntary carbon credits.
These credits will then be held and/or sold to third parties/retail
market.
Extensive contacts and experience of the Molecular group of
family companies in South America places the Company in a fertile
position to develop a long-term pipeline of credits, supplemented
by buying verified, readily available carbon credits for trading.
Molecular is taking steps to rapidly commercialise ATON 6 during
this year and further announcements will be made in due course.
Other Projects
The Company is in various discussions regarding further projects
into which Green House Capital may invest. The focus is on
businesses with strong economic potential and a positive
environmental impact. Lithium projects within Green House Capital
remains a work in progress.
Peter Levine, Chairman, commented: "The direction of Molecular's
mobility divisions is clear, with the intent, as a disruptor, to
break the glass ceiling of the current predominant views on
hydrogen mobility and infrastructure rollout by offering cost
effective carbon reduction solutions and a user friendly, scalable
hydrogen refueling approach.
"We believe our focus on green and alternative energy projects
will create significant value for our public company investors
whilst we consider options for our hydrocarbon business in
Argentina.
"We anticipate saying more on this subject at or around the
announcement of our annual results in a month or so time".
For further information, please visit
www.molecularenergiesplc.com or contact:
Molecular Energies PLC +44 (0)20 7016 7950
Nikita Levine, Investor Relations info@molecularenergiesplc.com
finnCap (Nominated Advisor and
broker)
Christopher Raggett, George Dollemore +44 (0)20 7220 0500
Tavistock (Financial PR & IR)
Simon Hudson, Nick Elwes, Charles
Baister +44 (0)20 7920 3150
Notes to Editors
Molecular Energies PLC is an AIM listed company at the forefront
of energy development and has interests across the energy spectrum,
from oil and gas projects to subdivisions in the green and
alternative energy sub-sectors.
The Company has oil and gas production in two geographical
markets: Argentina and the United States, as well as exploration
assets in both Argentina and Paraguay. The Company also has two
separate subdivisions which are focused on early-stage
opportunities in the green and/or alternative energy sub-
sector.
Activities in the green and alternative energy space are being
carried out under the Green House Capital brand and through AIM
listed ATOME Energy PLC operating in Paraguay and Iceland,
producing green hydrogen and ammonia for use in fuels.
With a strong strategic and institutional base of support, an
in-country management team as well as the Chairman whose interests
as the largest shareholder are aligned to those of its
shareholders, Molecular gives UK investors access to an energy
growth story combined with world class standards of corporate
governance, environmental and social responsibility.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine,
Chairman.
-ends-
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFLFLASSIRFIV
(END) Dow Jones Newswires
April 27, 2023 02:00 ET (06:00 GMT)
Molecular Energies (LSE:MEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Molecular Energies (LSE:MEN)
Historical Stock Chart
From Jul 2023 to Jul 2024