dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT"
or the "Company") is pleased to announce that is has concluded a
Collaboration Agreement with Cipher Neutron Inc. (“CN” or “Cipher
Neutron”) to further jointly develop, produce and market
state-of-the-art Hydrogen technology, including AEM Electrolyser
technology, that is designed to produce Green Hydrogen for
world-wide large infrastructure projects, and Reversible Fuel Cell
technology applied to emergency preparedness and efficient storage
of Hydrogen as a long-term source of power.
Cipher Neutron is a rapidly growing disruptive technology
company focused on Electrolysers for Green Hydrogen production and
Reversible Fuel Cells for power generation and energy storage
solutions. Cipher Neutron combines a global group of collaborating
scientists that team up with engineers, technology developers,
experts in hydrogen technology, investment bankers and people that
have worked in hydrogen and power generation for decades. Cipher
Neutron’s innovative products, such as Electrolysers and Reversible
Fuel Cells under development, have unique advantages over other
Hydrogen production, power generation and energy storage solutions
currently available in the global market.
Collaboration Agreement
In collaboration with dynaCERT, CN plans to expand the
development of dynaCERT’s previously announced Anion Exchange
Membrane (AEM) Electrolysers with a goal to expand dynaCERT’s
collaborative Research & Development and to accomplish the
following:
- A 5-Kilowatt AEM Electrolyser that can meet the commercial
specifications of potential clients internationally;
- A 50-Kilowatt AEM Electrolyser that can meet the commercial
specifications of potential clients internationally;
- A 250-Kilowatt AEM Electrolyser that can meet the commercial
specifications of potential clients internationally;
- A line of Reversible Fuel Cells to meet the growing variety of
customer’s emerging needs internationally; and,
- A Production Facility meeting the suitability requirements to
offer these products to international clients in a timely and
reliable manner and on a cost competitive basis.
AEM Advantages
AEM is considered as a superior hybrid solution combining the
benefits of both PEM electrolysers and Alkaline electrolysers. The
major issue with PEM technology is the high cost owing to the use
of precious metals such as Platinum and Iridium as catalysts. AEM
does not require such precious metals making it more sustainable
and cost effective than PEM electrolysers. The major drawback in
Alkaline electrolysis is its low current density and highly
corrosive alkaline solution used as the electrolyte. The AEM
technology offers higher current density using significantly
reduced amounts of corrosive electrolytes compared with alkaline
electrolysers.
Green Hydrogen Cost Reductions
Green Hydrogen is defined as hydrogen that is produced from
water electrolysis using clean electric power (i.e. electric power
from hydro, solar, nuclear & wind), resulting in a zero GHG
footprint. Grey Hydrogen, by comparison may often have a
significant GHG footprint, as such hydrogen is produced by the
steam methane reforming process.
One of the major hurdles of Green Hydrogen is its high
production cost. CN and dynaCERT technology is designed to address
this major industry problem. A typical commercially available
electrolyser consumes more than 51 kilowatt-hours (“kWh”) of energy
to produce one (1) kilogram of Hydrogen or 77% efficiency (based on
High Heating Value calculations of H2 Gas). Cipher Neutron’s and
dynaCERT’s jointly developed 5 Kilowatt AEM Electrolyser slashes
the energy consumption down to 48 kWh, thereby achieving 82%
efficiency.
Our highly efficient AEM Electrolyser can produce more Hydrogen
per kWh than typical commercially available electrolysers and
enables Green Hydrogen at affordable prices. For example, if clean
electric power were available to a customer at USD 4 cents per kWh,
the Green Hydrogen production cost of our 5 Kilowatt AEM
Electrolyser would be under USD $2.00 per kilogram of Green
Hydrogen Gas.
The R&D goals of CN and dynaCERT are to eventually design
and produce commercially larger systems capable of producing Green
Hydrogen Gas at more competitive prices, in order to excel at the
ever increasing competitive Green Hydrogen pricing marketplace and
stay at the forefront and cutting edge of the Hydrogen
technology.
On a larger scale, CN and dynaCERT’s 1 Megawatt AEM Electrolyser
will be designed to achieve the production of 498 kilograms of
Hydrogen Gas per 24 hour day as compared to 470 kilograms of the
current lesser efficient electrolysers commercially available
today. This 28 kilogram difference in daily production of Hydrogen
Gas equates to powering 36 compact Fuel Cell cars travelling up to
100 kilometers without producing any CO2 emissions. This travel
distance would otherwise represent over half a tonne per day of CO2
emitted into the atmosphere from typical gas powered Internal
Combustion Engine cars assuming a fuel economy of 7 Litres/100
kilometre.
Capital Cost Reduction of Green Hydrogen
Electrolysers
Research and Development teams of dynaCERT and CN have focussed
on cost efficiency and mitigating material costs. Operational
efficiency and the core material costs go hand in hand with design
engineering. Our 5 Kilowatt AEM Electrolyser is highly efficient
and has achieved a higher current density of 2 amps/cm2 as compared
to 0.07 amps/cm2 in a traditional alkaline electrolyser. Each cell
in our 5 Kilowatt AEM electrolyser produces 28 times more Hydrogen
Gas than a traditional alkaline cell of equivalent size. This cost
reduction in raw materials, the elimination of the use of Platinum
group metals as catalysts, coupled with our unique design, allows
the AEM 250 kilowatt stacks planned by dynaCERT and CN to be priced
below USD $950/kilowatt, believed to be a most compelling
proposition to users of electrolyser technology.
Current Global Market
CN and dynaCERT have pioneered a five (5) Kilowatt AEM stack (a
key technological subcomponent of an electrolyser) and plan to take
their breakthrough transformative work to the next level with a
trailblazing fifty (50) Kilowatt Electrolyser. This cutting-edge
development is set to meet the current targets of the global
hydrogen market, with the visionary scientists of the two companies
going even further by planning to develop a futuristic two hundred
and fifty (250) Kilowatt Electrolyser to meet and bid for future
large infrastructure projects. The 5 Kilowatt AEM Electrolyser is
planned to be market ready by Q4 2023 making it the largest
capacity single-stack AEM Electrolyser commercially available
today.
Hydrogen use today is dominated by industry, namely: oil
refining, ammonia production, methanol production and steel
production. In today’s hydrogen production, steam methane reforming
accounts for more than 95 percent of the worldwide production of
hydrogen also known as grey hydrogen. Steam reformers use heat,
pressure, and catalysts to produce hydrogen gas from fossil fuels
such as natural gas. This process generates about ten kilograms of
carbon dioxide (CO2) per kilogram of hydrogen produced. As per the
International Energy Agency, current production of grey hydrogen,
mainly used in the chemical and petrochemical sectors, is
responsible for more than 900,000,000 tonnes of CO2 emissions per
year. As a result, switching those industry sectors to low-emission
hydrogen use is a priority.
Growth of Green Hydrogen Market
Green Hydrogen is the only hydrogen type fully compatible with
net-zero emission targets and sustainable, climate-safe energy use.
Green Hydrogen produced by AEM Electrolysers of dynaCERT and CN,
has the potential to emerge as a vital clean energy carrier. The
global Green Hydrogen market size is valued by Grand View Research
at USD 3.2 Billion in 2021 and is expected to expand at a compound
annual growth rate or CAGR of 39.5% from 2022 to 2030.
Reversible Fuel Cell Technology
Cipher Neutron's remarkable work in developing the world's first
patent pending Reversible Fuel Cell using Graphene Slurry to store
hydrogen in a non-compressed form is set to modernize the industry.
Cipher Neutron's dynamic and versatile Reversible Fuel Cells can be
used both as an Electrolyser in it’s E-Mode (Hydrogen generation
mode) and as a Fuel cell in it’s FC-Mode (Power Generation mode).
Cipher Neutron plans to be the first company to commercialize
Reversible Fuel Cells for residential and industrial use.
Reversible Fuel Cells
Cipher Neutron’s unique all-in-one Reversible Fuel Cell
technology is designed to replace the need for two separate systems
i.e. an Electrolyser system and a Fuel Cell system, thereby
offering significantly less expensive solutions to clients that
require both fuel cells and electrolysers.
The growing demand for reliable emergency preparedness devices
in the world has created an international need for an economically
viable source of backup electricity during periods of surging
prices and times of natural disasters, war and suffering. Cipher
Neutron’s Reversible Fuel Cell technology can provide carbon free
power storage in the form of hydrogen and supply of electric power
on demand at attractive prices.
Emerging off-grid solar and wind power projects use
electrolysers for hydrogen production used to store energy and for
later use in Fuel Cells to supply uninterrupted power to their
intended loads. These Hydrogen projects typically include expensive
and costly energy sources, electrolysers, hydrogen compressors,
hydrogen storage tanks and fuel cells. Our Reversible Fuel Cell
technology reduces such costs significantly.
The combined benefits of these two proprietary technologies, and
the elimination of componants, allows for significant reductions in
project investment capital and operating and maintenance costs in
applications where dynaCERT and CN expect to emerge as strong
bidders for large global infrastructure projects, chemical and
steel production, and off-grid remote projects, in the next
decade.
In a bid to target off-grid communities, including but not
limited to cottages, remote villages, and islands, CN plans to
launch in the market by Q1 2025 its 5 Kilowatt and 10 Kilowatt
Reversible Fuel Cells.
Graphene Technology for Safe &
Efficient Energy Storage
Furthermore, our labs have demonstrated that using Graphene
Slurry for Hydrogen storage eliminates the requirement for Hydrogen
compressors and, accordingly, CN’s research team has applied for a
patent relating to this breakthrough technology.
Cipher Neutron's polymer acid electrolyte-based Reversible Fuel
Cell with Graphene Slurry has the similar energy density as
Lithium-ion batteries. This non-toxic energy storage method
combines a lower carbon footprint, affordable recycling options and
unparalleled safety, especially for residential and commercial
applications.
Significant Investment by
dynaCERT
Under the Collaboration Agreement, dynaCERT plans to invest in
CN up to $17,500,000 upon the exercise of common share options at
various prices granted by CN to dynaCERT (the “CN options”).
dynaCERT may exercise such options at various expiry dates up to
July 31, 2025, which may give dynaCERT up to a 50% ownership of CN
based on current CN shares outstanding on an undiluted basis.
The proceeds of this investment is expected to be used by CN, in
collaboration with dynaCERT, to develop a state-of-the-art
International Hydrogen Research & Development facility in the
Greater Toronto Metropolitan area, which will enable the
development of AEM 250 Kilowatt Electrolysers while ensuring
dynaCERT and CN retain their role in the Hydrogen Economy. As well,
part of the proceeds shall be used to establish the necessary
Production and Quality Control facilities for the company’s line of
Reversible Fuel Cell models, and AEM Electrolyser models.
In order to quickly advance dynaCERT’s and CN’s penetration in
the Hydrogen Economy and the AEM Electrolyser industry, dynaCERT
has committed to exercise certain of its CN options in amounts
ranging up to 50% of the net proceeds of any equity financing by
dynaCERT up to a maximum of $5,000,000 at favourable seed capital
exercise prices of CN equity to dynaCERT. When dynaCERT exercises
such options, dynaCERT may then own 25% of CN on an undiluted
basis.
In conjunction with executives at Cipher Neutron and dynaCERT,
Galaxy Placements Inc. has, at no cost to dynaCERT nor CN, acted as
corporate strategy advisor in certain of the structuring of the
hydrogen business collaborations between these two international
leaders in hydrogen generation. To accelerate the fulfillment of
Cipher Neutron's and dynaCERT's global business, further future
private financings by Cipher Neutron may provide institutions with
an opportunity to gain large potential upside exposure to
international hydrogen infrastructure projects.
Gurjant Randhawa, M.Eng., P.Eng., President and CEO of Cipher
Neutron, stated, “Cipher Neutron and dynaCERT share ambitions for
transforming and accelerating the energy transition. Our portfolio
of technologies can help place both companies at the forefront of
tackling climate change with practical and implementable solutions.
We are enthusiastic to be supported by dynaCERT in its ambitions
for a more sustainable future. There is enormous global demand for
Green Hydrogen and clean energy, and engineering solutions such as
those pioneered by Cipher Neutron and dynaCERT collaborating
together are vital to increasing world options to reduce Greenhouse
Gases. We look forward to working with dynaCERT on a variety of AEM
Electrolyser and Green Hydrogen projects in Canada and around the
globe, the many plans that will help to enable industries and the
world to move beyond the detrimental effects of fossil fuels.”
Jim Payne, President and CEO of dynaCERT, stated, “While
maintaining and supporting our current HydraGEN™ technology and
network, world-wide, dynaCERT is proud to expand our relationship
with Cipher Neutron, a highly respected and skilled partner with a
proven track record in AEM Electrolysers. This collaboration will
help us strengthen our supply chain and underpin our ability to
deliver on our growing AEM Electrolyser initiatives. With a partner
like Cipher Neutron, dynaCERT is also in a very strong position to
become a global leader of the Hydrogen Economy, not just with AEM
Electrolysers, but also in Green Hydrogen infrastructure projects.
For the rapidly developing Hydrogen Economy, this collaboration is
a game-changer. By bringing together one of the most highly
regarded Green Hydrogen and fuel cell companies in Canada which
operates globally, and with dynaCERT’s technology and manufacturing
capabilities, we are designing the potential for future volume and
scale for Green Hydrogen that hasn't existed until now in most
parts of Canada. This partnership confirms Cipher Neutron’s world
class position in flow field design and catalyst coated membranes,
the key performance-defining components of our AEM Electrolysers
and Reversible Fuel Cells."
About Cipher Neutron
Inc.
Please see: www.cipherneutron.com
About Galaxy Placements
Inc.
Galaxy Placements is a strategy advisor based in Canada
operating world-wide focusing on providing to public and private
companies lucrative Climate Change Solutions for Institutions.
Galaxy Placements brings hundreds of person-years of professional
experience and seasoned wisdom in the financial marketplace to
Issuers such as dynaCERT and Cipher Neutron, and many others
including public and private businesses. Galaxy Placements focuses
advising issuers in the Critical Minerals Industry, the new
Hydrogen Economy, and Clean Energy.
AEM Technology
Anion Exchange Membrane (AEM) electrolysis is the latest
advanced technology designed to produce Green Hydrogen. AEM allows
negatively charged Hydroxyl ions (OH-) to pass through the membrane
and restricts positively charged ions (H+). These restricted
protons (H+) combine to make Hydrogen gas on the cathode side and
the Hydroxyl ions (OH-) combine at the anode side producing Water
and Oxygen gas.
About dynaCERT Inc
dynaCERT Inc. manufactures and distributes Carbon Emission
Reduction Technology along with its proprietary HydraLytica™
Telematics, a means of monitoring fuel consumption and calculating
GHG emissions savings designed for the tracking of possible future
Carbon Credits for use with internal combustion engines. As part of
the growing global Hydrogen Economy, our patented technology
creates hydrogen and oxygen on-demand through a unique electrolysis
system and supplies these gases through the air intake to enhance
combustion, which has shown to lower carbon emissions and improve
fuel efficiency. Our technology is designed for use with many types
and sizes of diesel engines used in on-road vehicles, reefer
trailers, off-road construction, power generation, mining and
forestry equipment. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. In particular, information relating to
Cipher Neutron Inc. and Galaxy Placements Inc. cannot be
independently verified. Although we believe that the expectations
reflected in the forward-looking information are reasonable, there
can be no assurance that such expectations will prove to be
correct. We cannot guarantee future results, performance of
achievements. Consequently, there is no representation that the
actual results achieved will be the same, in whole or in part, as
those set out in the forward-looking information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those anticipated in the forward-looking information. Some of the
risks and other factors that could cause the results to differ
materially from those expressed in the forward-looking information
include, but are not limited to: uncertainty as to whether our
strategies and business plans will yield the expected benefits;
availability and cost of capital; the ability to identify and
develop and achieve commercial success for new products and
technologies; the level of expenditures necessary to maintain and
improve the quality of products and services; changes in technology
and changes in laws and regulations; the uncertainty of the
emerging Hydrogen Economy; including the Hydrogen Economy moving at
a pace not anticipated; our ability to secure and maintain
strategic relationships and distribution agreements; and the other
risk factors disclosed under our profile on SEDAR at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking information contained in this news release
is expressly qualified by this cautionary statement. We undertake
no duty to update any of the forward-looking information to conform
such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
Neither the Toronto Stock Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Toronto Stock Exchange) accepts responsibility for the adequacy or
accuracy of the release.
On Behalf of the Board Murray James Payne, CEO
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230222005456/en/
For more information:
Jim Payne, CEO & President dynaCERT Inc. #101 – 501 Alliance
Avenue Toronto, Ontario M6N 2J1 +1 (416) 766-9691 x 2 jpayne@dynaCERT.com
Investor Relations dynaCERT Inc. Nancy Massicotte +1 (416)
766-9691 x 1 nmassicotte@dynaCERT.com
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