- VPN Technologies (VPN) has partnered with FYELABS to complete a review of new business opportunities in hydrogen storage
- Recent findings suggest hydrogen could ultimately account for one-third of global energy demand, providing a potential $10 trillion market
- Long-haul transport, city buses, rail, marine and aerospace are clear candidates for hydrogen adoption
- VPN Technologies Inc. is a provider of VPN services to the retail market and SMEs
- VPN Technologies Inc. (VPN) is unchanged, trading at C$0.195 per share at 11:50 am ET
VPN Technologies (VPN) has partnered with FYELABS to complete a review of new business opportunities in hydrogen storage.
The market space and technology landscape in this area is rapidly evolving. Establishing a business in this market requires careful scrutiny of a number of considerations, including:
- the technical maturity of existing and emerging technologies
- demand on various end-user markets
- safety regulations
- cost and energy densities
- logistics of transportation and distribution, and
- storage.
Careful attention must be paid to the existing participants in the market, particularly their intellectual property protection strategies.
VPN Technologies recently announced the formation of its wholly-owned subsidiary, Greentech Hydrogen Innovations Corp. The initial mandate for Greentech Hydrogen includes identifying opportunities in both the science for the purpose of commercialization and the development of products and services addressing the growth in a wide range of long-term hydrogen businesses related to global energy policy objectives and targets.
Recent findings suggest hydrogen could ultimately account for one-third of global energy demand, providing a potential $10 trillion market.
The International Renewable Energy Agency (IRENA) believes hydrogen is perhaps best suited to meet 30% of global energy demand that is not readily decarbonized. Long-haul transport, city buses, rail, marine and aerospace are clear candidates for hydrogen adoption.
The recently published Hydrogen Strategy for Canada details a path for the country to lead in innovation, intellectual property and industry. Canada has already surged to account for over 1/2 of fuel cells deployed in buses globally which makes use of Canadian powertrain technology.
Despite the rapid growth of electrification throughout the economy, roughly one-third of global energy-related emissions come from sectors for which there are no economic alternatives to fossil fuels. These emissions originate primarily from energy-intensive industrial sectors and freight transport.
Curtis Ingleton stated,
“Our latest business model is deeply rooted in the research of the underlying business and science of hydrogen. Working with FYELABS will help verify our existing findings and allow us to forge a clear, successful path in this space.”
FYELABS Founder & CEO, Dr. Suvojit Ghosh, is excited to initiate research on behalf of VPN Technologies and will be personally monitoring the progress of this project.
“The hydrogen economy is just around the corner. It is an obvious next step in meeting our society’s energy needs. We are excited to be a part of this journey with VPN Technologies,” said Ghosh.
VPN Technologies Inc. is a provider of VPN services to the retail market and SMEs. The company is the parent of a wholly-owned subsidiary, Greentech Hydrogen Innovations Corp., a startup energy company.
VPN Technologies Inc. (VPN) is unchanged, trading at C$0.195 per share at 11:50 am ET.