(image: Korea Bizwire)
TORONTO, Feb. 1 (Korea Bizwire) — Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX: AAB) is pleased to announce it has entered into a definitive agreement to acquire 41.67% of AES-100 Inc. AES-100 Inc. has acquired exclusive rights and all intellectual property pertaining to T2M Global’s Advanced Electrolyzer System for the production of hydrogen from dilute syngas (the “Transaction”). T2M Global is the world’s leader in clean energy technology using hydrogen with zero carbon footprint and no greenhouse gas emissions. The technology is revolutionzing the use of fuel cells for transportation and is expected to be a major contributor to the world wide goal of zero carbon footprint by 2050, as recommended by the Paris Accord on Greenhouse Gas emissions.
“Greenhouse gases are the single major cause of pollution and planet global warming. Today the world produces over 27 billion tons of greenhouse gases per year. With the world’s population expected to grow to 10 billion by 2050, reduction of greenhouse gases and producing a clean energy footprint is critical to the survival of mankind”, said Stan Bharti, President and CEO of Aberdeen.
The Advanced Electrolyzer System (AES) is a world-class system created by T2M Global and assigned to AES-100 Inc. Its proprietary technology allows for much lower cost production of hydrogen with no greenhouse gas emissions. AES is the only technology capable of producing high purity green hydrogen at highly competitive costs. AES targets <$5/kg H2, a significant and material improvement from the $10-15/kg H2 levels currently in the marketplace. This significant cost savings through AES should accelerate the adoption of hydrogen technology andpromote growth of fuel cell vehicle and renewable energy sectors.
Pinakin Patel, co-founder of T2M Global commented, “Currently dilute syngas is mostly wasted or underutilized because it is too expensive to upgrade to higher value hydrogen. AES converts this wasted resource to a profit center. AES is a highly modular technology for deployment in multiple market segments and phase capacity addition.. Preliminary estimates for the worldwide dilute syngas hydrogen market show it is valued at well over $50B/yr. Our world-class AES technology provides a foundation to capture a large portion of this market.”
T2M Global has put together a team of world-renowned experts in the hydrogen industry with over 300 years of relevant experience. This includes technology development, modular design for manufacturing and commercialization in multiple markets. The team’s experience in market responsive product development, cost reduction and service agreements will be available to AES-100 Inc. as it advances the AES technology. Most notably, the team includes:
Pinakin Patel (President) - World leader in hydrogen and fuel cell technologies with over 40 years of experience and 30+ patents. Has received over $500 million in R&D funding for development of projects worldwide. Recipient of prestigious awards from US-DOE, State of Connecticut, ASME, Electrochemical Society and others. Supported dozens of start-ups in alternate energy and associated supply chain development, including strategic alliance and funding development. Highly successful track record with multi-national sponsors, including BASF, Sempra, Exxon, Mitsubishi, Haldor Topsoe, EPRI, NASA, California State agencies, such as CARB and CEC, Canada-SDTC, and many others.
Dr. Ludwig Lipp (Vice President) - Lead project manager with deep expertise in fuel cells and hydrogen, with over 25 years of experience and 10+ patents. Secured over 25 million dollars in R&D funds. Recipient of the 2009 DOE Hydrogen Program R&D Award, in recognition of outstanding contributions to electrochemical hydrogen compression (EHC). Managed over a dozen interdisciplinary R&D projects and holds the world record for electrochemical hydrogen compression with 30,000 hours of operation.
Pursuant to the Transaction, Aberdeen shall invest $1,000,000 per year into AES-100 Inc. for a period of two years following the closing of the Transaction.
Closing of the Transaction to acquire 41.67% of AES-100 Inc. is subject to, among other things, compliance with all applicable regulatory requirements and receipts of all necessary regulatory, corporate, third-party, board and shareholder approvals, including the approval of the Toronto Stock Exchange. There can be no assurances that the Transaction will be completed as proposed, or at all. The Transaction is an arms-length transaction and no change in management or the board of directors of Aberdeen is contemplated.
ABOUT ABERDEEN INTERNATIONAL
Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the mining and metals and renewable energy sectors.
For additional information, please visit our website at www.aberdeeninternational.ca.
For further information, please contact:
Ryan Ptolemy
Chief Financial Officer
Aberdeen International Inc.
ryanp@fmfinancialgroup.com
+1 416-861-5882
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding: the acquisition by Aberdeen of 41.67% of AES-100 Inc.; the merits and applications of the AES technology; the potential cost savings and cost advantages of the AES technology; the renewable energy sectors, including hydrogen and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company’s website at www.aberdeeninternational.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Source: Aberdeen International Inc. via GLOBE NEWSWIRE
