Xebec Receives $6.3M in Purification Orders as Adoption for Hydrogen Accelerates Worldwide
Xebec’s PSA platform enables more cost effective and greener hydrogen for industry and transportationMONTREAL, July 27, 2020 (GLOBE NEWSWIRE) — Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to announce that it has received $6.3 million in hydrogen and helium PSA purification orders from customers in South Korea, United States, Canada, Italy, Poland, Trinidad and Tobago, and China. As worldwide adoption for hydrogen accelerates, Xebec’s robust and efficient PSA technology is being selected for integration into steam methane reforming and electrolysis hydrogen generation systems. The PSA platform ensures hydrogen production can cost effectively and efficiently meet the industry standard of 99.999% purity for use in fuel cell vehicles (“FCV”) and industry.“When BayoTech was looking for a proven PSA technology to complete our hydrogen generators, Xebec was a great solution. There are few companies in the world that can offer a product which could fit with our containerized systems and achieve the high purity hydrogen required for fuel cell vehicles. We were impressed with Xebec’s long track record, innovative products and capabilities. We see them as a strong partner and look forward to growing together,” states Dwayne Victor, Director, Global Sourcing, BayoTech.Governments around the world are supporting the increased use of hydrogen
On June 25th, 2020, the California Air Resources Board adopted a “first-in-the-world” rule requiring truck manufacturers to transition from diesel trucks and vans to zero-emission vehicles (battery electric and fuel cell electric), with a plan for every new truck sold in California to be zero-emission by 2045. This ruling will help California meet its climate goals and federal air quality standards.The European Commission announced on July 7th, 2020 their hydrogen strategy to achieve a climate neutral Europe. The strategy has several phases, the first one includes the installation of at least 6GW of renewable hydrogen electrolyzers in the EU by 2024 and production of up to one million tons of renewable hydrogen. There is approximately 1GW of electrolyzers installed in the EU today. The second phase (2024-30) includes the installation of at least 40GW of electrolyzers by 2030 and the production of up to ten million tons of renewable hydrogen. Furthermore, there are several financial instruments to support hydrogen development and investment such as the €560 billion Next Generation EU facility, the European Regional Development Fund and the Cohesion Fund, and the €10 billion ETS Innovation Fund.South Korea outlined a plan on July 14th, 2020 to spend 114.1 trillion won ($128 billion CAD) to create jobs and help the economy recover from the coronavirus pandemic. This includes in part, further investment into electric and hydrogen fuel cell vehicles to help achieve net-zero emissions by 2050. The country aims to have 1.13 million electric vehicles (EVs) and 200,000 hydrogen cars on the roads by 2025, up from 91,000 and 5,000 each by the end of 2019.In April of this year, China’s National Energy Administration issued a draft Development Plan for the New Energy Vehicle Industry 2021-2035 that included hydrogen as an energy source for the first time. Its focus is on the development of hydrogen vehicle technology and the roll out of hydrogen refueling infrastructure and storage. In addition, Beijing mapped out a plan in 2019 to increase the number of hydrogen filling stations to 1,000 and have one million FCVs on the road by 2030.“Xebec is in a unique position with our PSA platform because it can be used in all hydrogen generation systems. Hydrogen comes out of a steam methane reformer or electrolyzer with impurities that need to be removed in order to achieve a desired quality. We’ve been developing our purification technology for decades and it is a tried and tested solution that can be applied to everything from helium, renewable natural gas, and hydrogen. It’s exciting to see our Cleantech systems order flow pick up as we continue to grapple with the need to decarbonize and fight climate change,” says Dr. Prabhu Rao, Chief Operating Officer, Xebec Adsorption Inc.Related links:
https://asia.nikkei.com/Business/China-tech/Hydrogen-Valley-powers-China-s-fuel-cell-industryFor more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
+1 450.979.8700 ext 5762About Xebec Adsorption Inc.
Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.About BayoTech Inc.
BayoTech is an energy solutions company committed to addressing the need for consistent, cost-effective supply of hydrogen. We offer modular, scalable, and rapidly deployable hydrogen generation plants for on-site hydrogen production that empower our customers to take control of their hydrogen supply chain. BayoTech’s steam methane reformers achieve high energy efficiency without dependence on exported steam by high recuperation of heat for internal use. Further, the BayoTech reformer has a small form factor, allowing it to be deployed at or near the point of use. This significant improvement in efficiency, along with eliminating transportation need, translates into a reduced carbon footprint.Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including statements concerning future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects as well as the expectations of management of Xebec with respect to information regarding the business and the expansion and growth of Xebec operations, involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Xebec’s public documents, including in the most recent annual management discussion and analysis and annual information form, filed on SEDAR at www.sedar.com. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy, notably as a consequence of the Covid-19 pandemic, Xebec’s capacity to generate revenue growth, the availability to Xebec of financing and credit alternatives and access to capital, Xebec’s capacity to meet all its other commitments and business plans, Xebec’s limited number of customers, the potential loss of key employees, changes in the use of proceeds relating to the loan, share price volatility, and other factors. Although Xebec believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Xebec disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.