Receives Funding From Highland Engineering for Development of Its Patent Pending Novel AmmEL–H2 Green Hydrogen System
GUELPH, Ontario, Feb. 01, 2022 (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 in the development of novel hydrogen and lithium recovery technologies receives contract of approximately CAD $250,000 from Highland Engineering of Michigan for development of its patent pending novel AmmEL–H2 technology.
Highland Engineering Inc. is a preferred small business supplier of ground support equipment to all US Department of Defense agencies, as well as the Federal Emergency Management Agency, the Bureau of Reclamation, and many industrial companies. It has extensive expertise in integrating new technologies, including water treatment options, into pilot scale, industrial and military systems that are usable by its customers.
CWTI’s AmmEL–H2 technology has the potential to be one of the world’s most environmentally and economically beneficial hydrogen technologies. It not only produces green hydrogen; it also simultaneously removes toxic ammonia from wastewater. As the AmmEL–H2 system benefits from two revenue streams, this process is an important alternative to traditional electrolyzers that are used only to produce hydrogen gas.
The global green hydrogen market is experiencing rapid growth. Goldman Sachs Global Investment Research, European Commission estimates that the global green hydrogen market will reach US$11T in 2050, and asserts that “hydrogen looks poised to become a once-in-a-generation opportunity”.
Dr. Gene Shelp, CEO, said “We are very proud to collaborate with Highland Engineering in the development of our green hydrogen technology, which testifies to the originality of our intellectual property. Our green hydrogen initiative is relevant to municipalities and industries globally. This is the latest achievement for Current Water and we anticipate 2022 to become our most successful year-to-date with accelerating sales and revenues that will enhance our international reputation.
The Company’s goal is to convert costly municipal wastewater treatment facilities into profit centers by converting ammonia waste 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 will 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 can therefore dramatically improve the poor atmospheric conditions plaguing major cities globally.
Governments across the world are increasingly adopting ambitious hydrogen energy strategies. For example, the United States Department of Energy – Hydrogen Program Plan, released in 2020, indicates a 15–fold increase in annual shipments of fuel cells since 2015, and projects a global market for hydrogen technologies of US$2.5T and a U.S. hydrogen economy valued at US $750B annually, comprising 3.4 million jobs by 2050. Furthermore, the report describes a strategic plan to accelerate research, development, and deployment of hydrogen related technologies.
The Government of Canada released HYDROGEN STRATEGY FOR CANADA – Seizing the Opportunities for Hydrogen in 2020. It outlines a process to achieve net–zero emissions, create up to 350,000 green jobs, and become a global industrial leader of clean renewable fuels by 2050. CWTI believes that its novel technology for the recovery of hydrogen from contaminated wastewater can play an important role in helping Canada achieve its goals.
Simultaneously, CWTI is exploring numerous applications and opportunities for its ammonia treatment/hydrogen recovery technology, including advanced biogas, fertilizer production, steel production, aviation, and maritime sectors, which are all striving to decarbonize.”
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.
