- Global Green Hydrogen market expected to reach
US$72 Billion by 2030(4) with growth anticipated at a 54.7% CAGR between 2021 and 2028(3) - Progressus’ advanced electrolyzer system (AES) intellectual property shown to provide up to 70% energy cost savings relative to conventional electrolyzer technologies
- Progressus’ AES intellectual property capable of extracting and producing hydrogen from blended natural gas streams that are becoming prevalent in projects around the globe
- Since 2020, there have been more than two dozen hydrogen injection projects announced in
the United States - Major utilities from around the globe such as SoCalGas, CenterPoint Energy, Enbridge,
ATCO Gas , Snam SpA, Enagas S.A., andOpen Grid Europe are actively working on projects to inject hydrogen into their natural gas grids, thus increasing the availability of green power and ensuring energy security for the future
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 – often called “syngas”. Utilizing its unique cell design, fabrication, and membrane technology, oxygen free electrolysis is possible at industry leading efficiencies with an improved safety profile.
Within the industry today, water electrolysis is the norm for hydrogen production. This traditional technology generally requires 40 - 50 kWh of electricity per kilogram of hydrogen produced(1). With Progressus’ AES technology, hydrogen can be produced for a variety of gas streams utilizing hydrogen that is present in small amounts, often wasted today, with less than 15 kWh of electricity required to produce each kilogram of hydrogen(2). Using these numbers as an illustration, AES technology can provide up to 70% energy savings for each kilogram of hydrogen produced. This has the potential to result in billions of dollars in savings for the global hydrogen economy.
With almost unprecedented levels of potential growth in the global green hydrogen market at a 54.7% compound annual growth rate between 2021 and 2028(3), the market is expected to reach
Since 2020, there have been more than two dozen hydrogen injection projects announced in
The Company’s intellectual property is uniquely positioned to potentially capitalize on this global opportunity. While currently focused on applications for small scale residential use, applications can be scaled dramatically across industries including ammonia fertilizer production, refining, transportation, and others.
The LOI sets forth certain understandings between
ABOUT Progressus Clean Technologies
Progressus Clean Technologies (formerly
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Forward Looking Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Statements in this press release concerning the company’s expectations, plans, business outlook or future performance, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements.” Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s failure to implement or otherwise achieve the benefits of its proposed business initiatives and plans; the failure of the Company and Progressus to enter into a definitive agreement related to the Transaction; the Company’s ability to raise the funding required to support its continued operations and the implementation of its business plan; the ability of the Company to develop effective new products and receive required approvals; competitive factors, including customer acceptance of the Company’s based products that are typically more expensive than existing Products; dependence upon third-party vendors, including to manufacture its products; and other risks detailed in the Company's periodic report filings with the
Contact:
- https://www.energy.gov/eere/fuelcells/doe-technical-targets-hydrogen-production-electrolysis
- Founder analysis, presentations, and discussion
- https://reports.valuates.com/reports/ALLI-Manu-4Q70/green-hydrogen
- https://www.globenewswire.com/en/news-release/2022/06/29/2471419/0/en/Green-Hydrogen-Market-Size-is-projected-to-reach-USD-72-Billion-by-2030-growing-at-a-CAGR-of-55-Straits-Research.html
- https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/gas-utilities-get-to-work-piloting-hydrogen-use-in-distribution-systems-69302367
- https://www.reuters.com/business/cop/europes-gas-firms-prime-pipelines-hydrogen-highway-2021-11-18/
Source:
2022 GlobeNewswire, Inc., source