Hydrogen Future Industries PLC Expands to Ireland with Licensing Agreement
Key Ideas
- Hydrogen Future Industries PLC has signed a licensing agreement to develop a pilot green hydrogen production system in Ireland, aiming to demonstrate the production of low-cost green hydrogen.
- The company will receive a license fee of up to €2.25 million over 20 years and an initial 30% equity interest in the newly formed Irish company, with plans to increase it to 40% upon securing funding.
- HFI's technology features advanced wind turbines and electrolysers with unique smart hydraulic drive, designed to generate energy efficiently across a broader range of wind speeds, suitable for off-grid communities and energy users.
- The Irish government's National Hydrogen Strategy aligns with HFI's goals, providing opportunities for government support and funding to accelerate the business development in Ireland's energy sector, particularly in the west of Ireland with ideal wind conditions.
Hydrogen Future Industries PLC (HFI) has announced a licensing and territory agreement to deploy its proprietary wind-based green hydrogen production system in the Republic of Ireland. The company's new entity, Hydrogen Future Industries (Ireland) Limited, plans to develop a pilot hydrogen production system to showcase low-cost green hydrogen generation. HFI will receive a license fee of up to €2.25 million over the 20-year exclusive territory agreement and an initial 30% equity interest in the Irish company. This equity interest is set to increase to 40% upon attracting €1 million in funding for a pilot energy system. The HFI system features advanced wind turbines and electrolysers with a smart hydraulic drive, enhancing energy production efficiency and lowering costs. The National Hydrogen Strategy of the Irish government supports HFI's objectives for decarbonisation and energy security. The partnership aims to construct wind turbine farms in Ireland for hydrogen generation, storage, and distribution, targeting off-grid communities and reducing the burden on national grid infrastructure. HFI sees significant potential in Ireland's energy sector, leveraging government grants, private equity, and funding opportunities. The company plans to provide engineering designs to facilitate grant aid applications and accelerate business development. With the establishment of HFI's technology in Ireland, there is a positive outlook on unlocking new sources of renewable energy and advancing the country's energy transition towards hydrogen infrastructure.
Topics
Utilities
Renewable Energy
Green Technology
Energy Sector
Government Support
Wind Energy
Investment Opportunities
Technology Development
Licensing Agreement
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