Hydrofuel Canada acquires Kontak
The acquisition will help Hydrofuel to gain access to patented hydrogen ammonia fuel release.
Hydrofuel Canada Inc. has agreed to acquire US-based Kontak Hydrogen Storage, LLC in an all-stock transaction.
Kontak’s technology can efficiently release hydrogen from a dozen potential carrier molecules identified so far. Of the carriers, the highest storage capacity is anhydrous ammonia, with (17.3% hydrogen by weight) stored in liquid form like propane.
Ammonia (NH3) is an environmentally friendly fuel source as it has no carbon and contains 1.5 times more hydrogen than liquid hydrogen (H2). Ammonia is also ideal for commuter, eVTOL, drone, regional aircraft, marine, transport truck, agricultural and industrial engine, and power generation uses.
Kontak’s patented reactor filters hydrogen and sends it directly to a fuel cell or internal combustion engine. The technology was developed under a National Science Foundation Grant. Kontak also has patents pending on low-cost combined hydrogen, ammonia, and battery energy station technology that can store as much as three times the energy of conventional systems.
Hydrofuel also announced to launch a private placement offering of US$ 5 million where US$ 3 million will be dedicated for developing, commercialisation and licencing of the Kontak technologies, and the remaining US$ 2 million will be used for the commercialisation of Hydrofuel’s proprietary ammonia (NH3) energy and fuel production, storage and utilisation technologies
Earlier in 2021, Hydrofuel and Ontario Tech agreed on an exclusive option to sponsor research projects and negotiate commercial rights to a specialised portfolio of ammonia-related technologies. Hydrofuel previously also announced a three-year commercial demonstration project with Toronto based TFX International Auto Transport to convert diesel generators and transport trucks to run on multi-fuels, including ammonia, using Hydrofuel’s aftermarket technology.