- FILES PROVISIONAL PATENT APPLICATION FOR ITS AMMEL-H2 “GREEN HYDROGEN” TECHNOLOGY -
GUELPH, Ontario, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V: WATR) ("CWTI" or "the Company" or "the Corporation"), an emerging technology leader in the management of industrial and municipal wastewater, and now in the development of novel hydrogen and lithium recovery technologies announces the filing of a provisional patent application for its AmmEl-H2 system.
The filing of this application with the U.S. Patent and Trademark Office (USPTO) establishes an early effective filing date and allows CWTI to ascribe the phrase “patent pending” to any commercial products, methods, or services contemplated by the subject matter claimed. The patent application, once converted into a U.S. non-provisional, utility application, provides the detailed claims upon which legal protection is afforded upon a grant of a U.S. patent. CWTI also plans to submit individual national stage patent applications in select international jurisdictions.
Grand View Research (July 2020) reported that the global green hydrogen market size was valued at US $786.9 million in 2019 and that at a projected compound annual growth rate (CAGR) of 14.24%, the global green hydrogen market size is expected to reach US $2.3B by 2027. In its recently released UK Hydrogen Strategy report, the UK government anticipates that hydrogen will account for 20-35% of the country’s total national energy consumption by 2050, and other countries are announcing similar predictions, see UK Hydrogen Strategy article. In addition, Goldman Sachs Global Investment Research, European Commission estimates that the global green hydrogen market will reach US $13T in 2050, and asserts that “hydrogen looks poised to become a once-in-a-generation opportunity”, see Green Hydrogen article.
Our patent pending AmmEl-H2 technology generates hydrogen gas while simultaneously removing toxic ammonia from wastewater. This process differs from traditional electrolyzers that are operated for the sole purpose of producing hydrogen gas. Therefore, the AmmEl-H2 has the benefit of generating dual purpose revenue streams.
Dr. Gene Shelp, CEO said, “During the past year, Current Water has leveraged its technical endowment into pursuing new markets and business opportunities. One of the most exciting opportunities is “green hydrogen”. The company’s goal is to convert costly municipal wastewater treatment facilities into profit centers by converting the ammonia into environmentally friendly nitrogen gas and pure, fuel cell grade, hydrogen gas. Due to the ubiquity of wastewater treatment plants around the globe, our vision is to convert these facilities into energy storage centers − vital components in the future electrical grid.
These locally-created energy storage centers would facilitate the transition of municipal fleets from conventional internal combustion engine vehicles to more efficient hydrogen-powered, fuel-cell electric vehicles. In contrast to conventional internal combustion engines, fuel cell electric vehicles do not generate exhaust pollutants, and therefore can dramatically improve the poor atmospheric conditions plaguing major cities globally.”
Neither the TSX Venture Exchange Inc. 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.
About Current Water Technologies Inc.
Current Water Technologies is a “Technology Company” applying its patented and proprietary “Electrochemical Technologies” to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Incorporated operates as a division of the Company and continue to function as an integrated pump station manufacturer specializing in custom design and automation.
The common shares trade on Tier ll of the TSX Venture Exchange under the symbol “WATR”.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
Andreas Curkovic, Proconsul Capital: 416-577-9927
Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO
Tel: (519) 836-6155
Fax: (519) 836-5683
E-mail: gshelp@currentwatertechnologies.com
Web Site: www.currentwatertechnologies.com
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Current Water Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Current Water believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Current Water undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
