FuelPositive Corp., Toronto, said on March 29 it has entered into an intellectual property purchase agreement, dated March 26, 2021, with Dr. Ibrahim Dincer and his team for a first-of-its-kind technology to produce ammonia in a zero-emission manner, by utilizing only water, air and electricity. In the near future, FuelPositive said it will be announcing the details of the commercial scale prototype build of its next-generation carbon-free NH3 systems.
“The addition of this technology into our intellectual property portfolio will expand our sustainable energy mandate and mission,” said Ian Clifford, FuelPositive CEO. “This technology has the potential to significantly decrease carbon emissions and make Canada and our company a leader in CO2 reduction. As work continues on our foundational Composition Modified Barium Titanate (CMBT) technology with a group associated with NASA, we will be building on the Dincer team’s carbon-free NH3 intellectual property for the development of commercial-scale solutions.”
“My team and I are delighted about entering into this agreement with FuelPositive,” said Dr. Ibrahim Dincer. “The timing is ideal for the commercial development of our carbon-free NH3 system and associated technologies, and the FuelPositive team and their consultants are well positioned to bring our commercial solutions to market. The coming months and years are going to be exciting for all of us and we look forward to making a consequential positive change in reducing global CO2 emissions.”
In consideration for the acquisition of all rights to the technology, the FuelPositive has agreed to issue 50,000,000 common shares to Dr. Dincer and his team, of which 35,000,000 will be issuable upon completion of the acquisition and the balance will be issued after twelve months.
Completion of the acquisition remains subject to the approval of the TSX Venture Exchange and cannot be completed until such approval is received. In connection with completion of the acquisition, the company does not expect to assume any material liabilities other than in connection with issuance of common shares to Dr. Dincer and his team.