Hydrogen Future Industries has unveiled an investment in and collaboration with Tower Green Holdings Limited, to provide energy storage and hydrogen as a fuel.
In the southwest of England, Tower, a developer of hydrogen production and distribution facilities, is building multipurpose hydrogen hubs. According to the agreement, Tower will use HFI’s system, which is currently under development, as its preferred green hydrogen production method.
For a 20% equity holding, HFI has made a $100,000 first investment in Tower. Of that amount, $50,000 was paid in cash, and the remaining $50,000 was satisfied by issuing 500,000 new ordinary shares in HFI at a price of 10p each. Additionally, upon securing a contract to work with certain selected project partners in exchange for an extra 10% ownership investment in Tower, HFI will have the option to invest an additional £50,000 in Tower.
As part of the cooperation, Daniel Maling, a non-executive director of HFI, will join the board of Tower.
A partnership between Tower and Element 2 Limited, a UK-based company that develops hydrogen refueling stations and sells hydrogen fuel to fleet operators and other customers, was announced on January 4, 2023. As a result, Tower will make hydrogen available for use in road transportation in the southwest of England. Through this agreement, Tower can deliver the infrastructure needed to fuel hydrogen-powered trucks and haul vehicles with locally produced green hydrogen.
A wind-based hydrogen production system coupled with electrolyzer technologies is the HFI technology now under development that seeks to produce hydrogen for less than $2 per kilogram. A crucial component of HFI’s system is its own wind turbine, which has been built with significantly unique features that make it more effective than open-rotor turbines already in use and potentially cut the cost of hydrogen production for future partners like Tower.
David Ormerod, executive director of HFI, said in a statement: “HFI’s System is well positioned to support companies like Tower as they develop downstream infrastructure and partnerships to get hydrogen into vehicles and support the decarbonization of transportation. HFI’s System aims to produce affordable green hydrogen.
By entering into this agreement, we not only gain early investment exposure to the enormous growth opportunity in hydrogen refueling, comparable to the recent rollout of EV charging infrastructure, but we also support Tower’s goal of becoming a vertically integrated green hydrogen producer and distributor in the UK.