Aberdeen International Looks to Expand Into Hydrogen Renewable Energy
TORONTO, Dec. 17, 2020 (GLOBE NEWSWIRE) — Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX: AAB) is pleased to announce its intention to augment its investment strategy with a larger focus on renewable energies, particularly the hydrogen sector.
The Company believes that the hydrogen sector is on the verge of a breakthrough due to the clean tech revolution and its economic advantages over incumbent fueling technologies. Hydrogen’s high energy to mass ratio makes it particularly suitable for heavy-duty, long-distance road freight, maritime and aviation applications. Industry analysts forecast demand for hydrogen to grow to 575 million tonnes per year by 2050 in a market worth more than US$1 trillion.Hydrogen powered vehicles have major advantages over battery electric, gas, and diesel vehicles (driving range, fueling time and cost per mile).Billions of dollars’ worth of hydrogen long haul trucks and cars are expected on the market in next 2-4 years from incumbents and upstarts in the next 36 months.Over 20 countries, collectively representing around 70% of global GDP, are proposing hydrogen strategies or roadmaps as key elements of their decarbonizations plans.Established vehicle manufacturers (Toyota, Hyundai, Daimler and Volvo) have announced that they are ramping up their delivery schedules of hydrogen powered cars and long-haul trucks and many other applications in the industrial and energy markets are growing at a substantial rate.In order to strengthen our capabilities in the hydrogen space, the Company is pleased to announce the appointment of Mr. Martin Schuermann and Mr. Halady Prabhu as strategic advisors.Martin Schuermann has been a serial entrepreneur throughout different industries and has been involved in the clean energy sector since 2009, becoming the CEO of Vision Motor Corp and Vision Industries where they were focused on developing zero emission transportation solutions, using hydrogen as the dominant energy storage medium. Mr. Prabhu has more than a decade of experience in the renewable energy industry having worked with EDF Énergies Nouvelles Canada (EDF EN), one of the leading renewable energy companies in the world and other leading solar PV developers globally. Mr. Prabhu is involved in transactions in the renewable energy and clean tech sector and is constantly identifying new opportunities in the energy storage and hydrogen economy sector. He is actively involved in identifying new technologies and opportunities in the fast-growing hydrogen sector in both the mobility and industrial verticals. Mr. Prabhu has an extensive network of companies and individuals playing key roles in the hydrogen economy from which the company will leverage to gain exposure to this rapidly growing sector.The Company believes by investing, financing, and helping lead the development of hydrogen as an alternative energy fuel source, we will drive significant shareholder value going forward. We seek to partner with leading-edge researchers, government agencies and forward-looking energy entities to advance the technology, attract end-market users and position hydrogen, as the main alternative energy fuel source.ABOUT ABERDEEN INTERNATIONALAberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the mining and metals and renewable energy sectors.For additional information, please visit our website at www.aberdeeninternational.ca.For further information, please contact:Ryan Ptolemy
Chief Financial Officer
Aberdeen International Inc.
+1 416-861-5882Cautionary NotesThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the renewable energy sectors, including hydrogen, the impact of appointees as strategic advisors and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company’s website at www.aberdeeninternational.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.