ABERDEEN INTERNATIONAL (TSX:AAB, FR:A8H, OTC:AABVF) Technology Partner T2M Global Selected by the US Department Of Energy to Use AES-100 Technology to Address New $50 Billion Syngas-To-Hydrogen Market Opportunity
TORONTO, April 15, 2021 (GLOBE NEWSWIRE) — Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX: AAB F:A8H, OTC:AABVF) is pleased to share an update regarding its recent acquisition, AES-100 Inc., from T2M Global (see press releases dated February 1, 2021, February 11, 2021, March 3, 2021 and March 10, 2021, April 8, 2021).
AES-100 has been selected by US Department of Energy (DOE) to be deployed at Hawaii Gas in order to improve overall efficiency of Synthetic Natural Gas (SNG) production and the extraction of pure hydrogen (fuel-cell-ready) from a low-purity waste syngas stream. The expected benefits are (a) an improved cost of production of natural gas for Hawaii Gas; (b) a reduced carbon footprint; and (c) a new revenue stream from the sale of hydrogen into rapidly growing markets for low-carbon fuel and industrial uses.
President of T2M Global, Pinakin Patel, said “Hawaii has the highest electricity prices in the USA (30 to 40 cents/kWh). Recovering hydrogen from stranded dilute syngas can add millions of dollars in new revenue for Hawaii Gas and make it electricity-independent. It will also provide much needed hydrogen for a growing fleet of fuel-cell vehicles in Hawaii, as well as forklifts provided by Plug Power Inc.”
The project is expected to open a pathway for AES-100 to address worldwide dilute syngas-to-hydrogen market of over $50 billion: Hawaii Gas currently produces natural gas from the cracking of naphtha (an oil derivative); the natural gas is then consumed by over 1 million customers in heating, cooking, and energy applications. In the production of natural gas, there is a resulting low-purity hydrogen waste stream (syngas). Using the modular AES technology, which selectively separates high-purity hydrogen from this waste stream using an electrochemical process, Hawaii Gas will be able to create a new revenue stream, while concurrently improving the quality, energy, and emissions intensity of existing natural gas production.
The DOE-sponsored project is intended to prove AES-100’s capabilities as a scalable solution to not only improving plant efficiencies and carbon footprint – at a time when the energy sector is under growing pressure to decarbonize – but also pivoting product offerings towards the forecast $2.5 trillion hydrogen market.
ABOUT ABERDEEN INTERNATIONAL INC.
Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the rare metals and renewable energy sectors. AES-100 Inc., an Aberdeen portfolio investment, owns the exclusive rights and all intellectual property pertaining to T2M Global’s Advanced Electrolyzer System (AES-100) for the production of hydrogen from dilute syngas.
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Aberdeen International Inc.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding: the potential uses of the AES technology by the US Department of Energy; the merits and applications of the AES technology; the potential cost savings and cost advantages of the AES technology; the renewable energy sectors, including hydrogen; 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.aberdeen.green/. 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.