Business
LOI signed with BurnStar Technologies
LOI signed with BurnStar Technologies.
About this update from Ironveld Plc
[{"type":"text","content":"\n \n \n \n Ironveld Plc\n \n \n \n \n LOI signed with BurnStar Technologies for Hydrogen Production\n \n \n \n Ironveld plc (\"Ironveld\" or the \"Company\"), the AIM quoted mining development company, is pleased to confirm that its subsidiary, Ironveld Energy (Pty) Limited (\"Ironveld Energy\"), has signed a Letter of Intent (\"LOI\") with BurnStar Technologies (Pty) Limited (\"BurnStar\"), to proceed towards a binding Legal Agreement (the \"Agreement\") under which BurnStar will, implement its patent-pending 'Guilt-Free Hydrogen'\n \n ™\n \n technology, to process Liquefied Natural Gas (\"LNG\") on site at Ironveld's Rustenburg smelter.\n \n \n \n \n \n Under the Agreement, BurnStar will produce hydrogen as a furnace reductant gas which could significantly reduce Ironveld's carbon consumption and enable Ironveld to produce premium priced 'green metals' in South Africa.\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n ·\n BurnStar has a patent-pending protected technology in more than 45 countries which can produce hydrogen from various hydrocarbons including flare gas, LPG, naphtha and LNG. BurnStar owns and applies the trade name 'Guilt-Free Hydrogen'\n ™;\n \n \n \n \n \n ·\n BurnStar will supply and install a commercial plant at its own cost at Ironveld's Rustenburg smelter facility;\n \n \n \n \n \n ·\n Use of hydrogen as a reducing agent within Ironveld's smelting process has the potential to significantly reduce total carbon consumption, reduce production costs, and enable the production of premium priced 'green metals';\n \n \n \n \n \n ·\n Binding Agreement expected to be signed within two months.\n \n \n \n \n \n \n \n \n \n \n \n Martin Eales, CEO of Ironveld, said\n \n : \"This is a hugely significant step for Ironveld. Our partnership with BurnStar will allow us to benefit from an on-site supply of hydrogen at extremely attractive prices, which has the potential to virtually eliminate carbon consumption from our production process and achieve 'green metal' end products. This may lead to Ironveld having the ability to certify its end products, ensuring that their sustainability credentials are reflected in their market value. We look forward to finalising the formal Legal Agreement with Dr Brand and his team in the coming months.\"\n \n \n \n \n \n  ...