- Altima (ARH) and St-Georges (SX) have announced a joint venture for green hydrogen technology
- The binding term sheet, which involves St-Georges’ subsidiary, H2SX, will see Altima employ H2SX’s technology partner’s hydrogen production and nano-carbon technology to convert natural gas into clean hydrogen at a new facility
- St-Georges Eco-Mining explores for energy metals and develops new technologies to solve some of the mining sector’s most common environmental problems
- Altima Resources is a junior energy company engaged in the exploration and development of petroleum and natural gas in Canada
- St-Georges Eco-Mining (SX) is down by 2.56 per cent trading at $0.19 per share
- Altima (ARH) is up by 58.33 per cent trading at $0.095 per share
Altima (ARH) and St-Georges (SX) have announced a joint venture for green hydrogen technology.
The binding term sheet, which involves St-Georges’ subsidiary, H2SX, will see Altima employ H2SX’s technology partner’s hydrogen production and nano-carbon technology to convert natural gas into clean hydrogen. The natural gas will originate from wells in Alberta and B.C.
Altima will parcel out 6,000,000 common shares to H2SX based on the completion of certain milestones, including a preliminary technological engineering report, a detailed engineering report tailored to Altima’s initial project, and a preliminary economic assessment or a prefeasibility study.
Altima has committed to build, fund and co-operate a hydrogen processing facility utilizing H2SX’s patented technology.
All capital expenditures will be reimbursed to Altima prior to any profit sharing between the companies.
H2SX and its partner will receive a 5 per cent NRR, for which a long-form royalty agreement will be executed.
“We look forward to working with H2SX in moving this exciting zero greenhouse gas (CO2) emission hydrogen production technology into commercialization and for other prospective green tech opportunities that could benefit from utilizing low-cost green hydrogen,” stated Joe DeVries, Altima’s Interim CEO.
“The production of cheap and clean hydrogen will spark a multitude of other opportunities, such as the production of methanol, ammonia, or fertilizers (urea) with a very low environmental footprint. We can only be excited to start this collaboration with Altima as soon as possible,” added Sabin Boily, CEO of H2SX.
St-Georges Eco-Mining explores for energy metals and develops new technologies to solve some of the mining sector’s most common environmental problems.
Altima Resources is a junior energy company engaged in the exploration and development of petroleum and natural gas in Canada.
St-Georges Eco-Mining (SX) is down by 2.56 per cent, trading at $0.19 per share as of 12:10 pm EST.
Altima (ARH) is up by 58.33 per cent, trading at $0.095 per share as of 11:45 am EST.