Vortex Energy Congratulates World Energy GH2 for Receiving International Investment
VANCOUVER, British Columbia, May 19, 2023 (GLOBE NEWSWIRE) — Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) (“Vortex” or the “Company“) congratulates World Energy GH2 (“GH2”), for receiving an initial $50 million dollar USD investment in its $4.2 billion dollar wind-green hydrogen project from SK Ecoplant (“SK”) for a 20% stake in the GH2 Project which also includes 164 wind turbines that will power hydrogen and ammonia plants in Stephenville, NL. Recently, Prime Minister Justin Trudeau and South Korean President Yoon Suk Yeol met this week and signed a memorandum of understanding on critical minerals, clean energy transition and energy security.
Vortex Energy’s Robinson River Salt Project is in close proximity to the GH2 project, which the Company sees as a great opportunity for potential collaboration. Vortex Energy holds innovative technology which may have the potential to be implemented in the supply chain of ammonia transportation and hydrogen fuel at the point of use.
The investment comes on the back of the “Hydrogen Alliance” announcement between Canada and Germany, which aims to export hydrogen to Germany by 2025. The announcement was made in Stephenville where Prime Minister Trudeau and German Chancellor Olaf Scholz announced a transatlantic supply corridor for clean energy through the transportation of ammonia/hydrogen.
“This investment in the province serves as major validation that Vortex is in the right place at the right time,” said Paul Sparkes, Chief Executive Officer of Vortex. “Newfoundland and Labrador is quickly becoming a global hub for green hydrogen and green energy production, storage, and transportation through these major investments. Vortex’s ammonia to high-purity hydrogen technology serves as a key piece in hydrogen transportation by using ammonia as a safe and cost-effective carrier. Additionally, Vortex’s potential salt caverns can provide hydrogen storage as needed. The Vortex team welcomes additional investment and partners to the province as it becomes the go-to global hub for green energy production.”
Figure 1 – Stephenville Regional Map
About Vortex Energy Corp.
Vortex Energy Corp. is an exploration stage company engaged principally in the acquisition, exploration, and development of mineral properties in North America. The Company is currently advancing its Robinson River Salt Project in Stephenville in the Province of Newfoundland & Labrador covering over 17,000 hectares. Leveraging the Robinson River Salt project, the Company is also exploring the development of technologies to efficiently store green Hydrogen in Salt Caverns. Vortex also holds the Fire Eye Project, which is located in the Wollaston Domain of northern Saskatchewan, Canada.
On Behalf of the Board of Directors
Chief Executive Officer, Director
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Cautionary Note Regarding Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties, including with respect to the Company’s business and plans. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or 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. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7ec1bb43-209d-44e1-8c2e-7bf63ea06972