Business
Technology & Territory Licensing Agreement
Technology & Territory Licensing Agreement.
About this update from Energy B Plc
[{"type":"text","content":"\n\n31 July 2024\nHydrogen Future Industries PLC\n(\"HFI\" or the \"Company\")\n \nTechnology & Territory Licensing Agreement for up to €2.25 Million\n \nPlan to develop pilot green hydrogen production system in Ireland\nHydrogen Future Industries plc (AQSE: HFI), a developer of a proprietary wind-based green hydrogen production system featuring an advanced aerodynamic wind turbine and a high-performance electrolyser, is pleased to announce a licensing and territory agreement to deploy the Company's technology in the Republic of Ireland via a newly incorporated Irish company, Hydrogen Future Industries (Ireland) Limited (\"HFI Ireland\"). HFI Ireland intends to develop a pilot hydrogen production system in Ireland to demonstrate the production of low-cost green hydrogen.\nThe Company's wholly owned subsidiary, HFI IP Holdings Limited, has granted HFI Ireland an exclusive territory licence for up to 20 years in consideration for which the Company shall:\n1) Receive a licence fee of up to €2,250,000 payable over the term of the licence (including the License Extension, defined below); and\n2) be issued with an initial 30% equity interest in HFI Ireland, increasing to 40% upon HFI Ireland attracting funding of €1 million for the development of a pilot energy system.\nFurther details of the licence and shareholder agreements are included below.\nHFI Ireland's objective is to commercialise the HFI system (including wind turbines and electrolysers) in Ireland and to construct and operate wind turbine farms for the purpose of hydrogen generation, storage, sale, and distribution within the territory. The system's unique features include a smart hydraulic drive that improves efficiency and reduces the cost of energy production. This provides the ability to generate energy over a broader range of wind speeds and, significantly, the turbine can be raised and lowered for optimal wind capture, reducing maintenance and installation costs whilst reducing permitting and approval lead times. The system is designed to meet the needs of remote off-grid communities or energy users to ease the burden on existing national grid infrastructure.\nThe Irish government has set out its National Hydrogen Strategy for developing an indigenous hydrogen sector focused on decarbonisation, energy security, and de...