Hydrogen Future Industries Plc Investment in Tower Group and Issue of Equity
16 1월 2023 - 4:00PM
UK Regulatory
TIDMHFI
16 January 2023
Hydrogen Future Industries plc
("HFI" or the "Company")
Investment in Tower Group and Issue of Equity
HFI to Become Preferred Technology Partner for UK-Based Hydrogen Company
Hydrogen Future Industries plc (AQSE:HFI), a developer of proprietary
wind-based green hydrogen production systems, is pleased to announce an
investment in, and collaboration with, Tower Green Holdings Limited ("Tower"),
a developer of hydrogen production and distribution facilities which is
establishing multipurpose hydrogen hubs in the southwest of England to provide
energy storage and hydrogen as a fuel. Under the agreement, HFI's System (as
defined below), which is in development, will be implemented as Tower's
preferred green hydrogen production technology.
HFI has made an initial investment of £100,000 in Tower for a 20% equity stake
in Tower, £50,000 of which has been paid in cash and £50,000 has been settled
by the issue of 500,000 new ordinary shares in HFI at a price of 10p per share
("Investment Shares"). Daniel Maling, Non-executive Director of the Company
will join the board of Tower as part of this partnership. In addition, HFI has
the right to invest a further £50,000 in Tower upon Tower signing an agreement
to collaborate with certain specific project partners for an additional 10%
equity stake in Tower.
On 4 January 2023, a partnership was announced between Tower and Element 2
Limited, a UK-based developer of hydrogen refuelling stations and a retailer of
hydrogen fuel to fleet operators and other consumers, whereby Tower will
provide access to hydrogen for road transport in the southwest of England. The
partnership connects Tower's locally produced green hydrogen with the
infrastructure required to supply fuel to hydrogen-powered trucks and haulage
vehicles.
HFI's technology in development is a wind-based hydrogen production system
combined with electrolyser technologies which aims to generate hydrogen for
under $2 per kilogram (the "System"). A key element of the System is its
proprietary wind turbine, which has been designed with notably distinct
features which allow the turbines to be more efficient than current open rotor
turbines and could increase the efficiency and ultimately lower the cost of
hydrogen production for future partners such as Tower.
Admission
Application has been made for the 500,000 Investment Shares to be admitted to
trading on the Aquis Stock Exchange Growth Market ("Admission"). Admission is
expected to occur at 8:00 am on or around 20 January 2023.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise
33,750,000 ordinary shares, with each share carrying the right to one vote.
Therefore, the total number of voting rights in the Company will be 33,750,000.
This figure may be used by shareholders as the denominator for calculations by
which they will determine if they are required to notify their interest in the
Company, or a change to their interest in the Company, under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
David Ormerod, Executive Director of HFI, commented:
"HFI's System aims to produce affordable green hydrogen and so is well placed
to support companies like Tower as they develop downstream infrastructure and
partnerships to get hydrogen into vehicles and support the decarbonisation of
transport. Through this agreement, not only are we gaining early investment
exposure to the massive growth opportunity in hydrogen refuelling which is
analogous to the rollout of EV charging infrastructure over recent years, we
are also supporting Tower's ambition to become a vertically integrated green
hydrogen producer and distributor in the UK."
Inside Information
This announcement contains inside information for the purposes of the UK Market
Abuse Regulation and the Directors of the Company accept responsibility for the
contents of this announcement.
Enquiries:
Hydrogen Future Industries plc
Daniel Maling +44 (0)20 3475 6834
David Ormerod
Vigo Consulting (Investor Relations)
Ben Simons +44 (0) 20 7390 0230
Peter Jacob
Cairn Financial Advisers LLP (AQSE
Corporate Adviser)
Ludovico Lazzaretti +44 (0) 20 72130 880
Liam Murray
Peterhouse Capital Limited (Broker)
Duncan Vasey +44 (0) 20 7469 0930
About Hydrogen Future Industries
Hydrogen Future Industries was established to invest in projects and companies
focused on the Hydrogen Economy. We are developing proprietary wind and
water-based hydrogen production systems, incorporating hydrogen compression and
storage. Through this technology, we aim to significantly reduce the cost of
hydrogen production from renewable sources and provide on-demand energy storage
in the form of hydrogen at a fraction of the cost of lithium-ion battery
storage. Click here for more information about Hydrogen Future Industries.
Visit our website: www.hydrogenfutureindustries.com
Follow us on social media:
LinkedIn: @Hydrogen Future Industries
Twitter: @HydrogenFI
About Tower
Tower is a developer of hydrogen production and distribution facilities based
in the southwest of England. The company is developing a number of multipurpose
hydrogen hubs which provide long-term energy storage as well as hydrogen as a
fuel and chemical feedstock. Tower is also developing bespoke end-to-end
hydrogen systems for businesses in the hard to abate sectors. Tower is
committed to reducing the South West's reliance on fossil fuels and supporting
its leading role in the UK's drive towards Net Zero.
Caution Regarding Forward Looking Statements
Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,'
'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These statements are not a
guarantee of future performance and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond the Company's
control, are difficult to predict, and could cause actual results to differ
materially from those expressed or forecasted in the forward-looking
statements. The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking statements, which
reflect the view of the Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to events as
of the date on which the statements are made. The Company will not undertake
any obligation to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or unanticipated
events occurring after the date of this announcement except as required by law
or by any appropriate regulatory authority.
END
(END) Dow Jones Newswires
January 16, 2023 02:00 ET (07:00 GMT)
Hydrogen Future Industries (AQSE:HFI)
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