August 26, 2024 (Source) — FuelPositive Corporation (TSXV: NHHH) (OTCQB: NHHHF) (the “Company”) is pleased to provide a comprehensive update highlighting significant progress as the Company closes in on system activation and broadens its network of strategic partners.
Key Highlights:
- Manitoba Minister of Finance Meeting
- Project Timeline Update
- Strengthening the and Addressing Challenges
- Financing Developments
- Sales Efforts
- Strategic Network Expansion
Manitoba Minister of Finance Meeting:
FuelPositive had a productive meeting with Manitoba’s Minister of Finance, Adrien Sala, at the Legislature in Winnipeg on August 19, 2024. The meeting marked a crucial step in advancing FuelPositive’s vision. The discussions indicated a strong synergy between FuelPositive’s goals and Manitoba’s priorities, highlighting shared objectives supporting economic and environmental progress.
While the specific discussions remain confidential, Minister Sala’s understanding and interest were clear. Both FuelPositive and the Minister’s office remain open to continuing the dialogue.
FuelPositive’s Key priorities:
– Accelerating the timeline for on-farm Green Ammonia production in collaboration with Manitoba Hydro.
– Exploring various existing and model energy rates for farmers producing Green Ammonia on-farm, with the intent of providing predictable energy costs and support the transition to a carbon-free economy and global food security.
– Expanding opportunities for carbon credits to benefit farmers, aligning with the Company’s commitment to decentralized, resilient rural green nitrogen fertilizer and energy solutions.
– Exploring incentives to encourage the adoption of decentralized renewable energy across the province.
– Promoting Green Ammonia as a clean fuel alternative for grain drying.
– Planning a state-of-the-art automated manufacturing facility in Manitoba, potentially in the CentrePort region, to initially scale production to 500 FP1500 systems annually
– Creating numerous clean economy jobs in engineering, science and skilled trades.
“Our recent meeting with Minister Sala represents a pivotal milestone for FuelPositive’s strategy,” said Luna Clifford, Co-Founder and Chief Impact Officer at FuelPositive. “As Manitoba prepares to finalize key budget decisions, our ongoing dialogue with the province’s leadership across various ministries, including Agriculture, Economic Development, Finance, Labour, and the Environment next, positions FuelPositive to drive innovation while supporting the government’s progressive goals.”
Project Timeline Update:
- Ministry of Labour:
On August 22, 2024, FuelPositive engaged with the Ministry of Labour and the Deputy Minister to discuss Manitoba’s evolving strategy. This strategy increasingly prioritizes initiatives that create essential clean economy jobs and stimulate substantial economic growth across the province.
The Deputy Minister was familiar with FuelPositive’s project, and the discussions were constructive in advancing the file through the process. This alignment with Manitoba’s new priorities positions FuelPositive to contribute meaningfully to the province’s clean energy and agricultural goals.
“We have encountered only support and encouragement since we arrived in Manitoba, and we are confident that the current discussions will profoundly impact our future growth and the broader economic landscape in Manitoba. We look forward to clarifying the situation regarding the final approval needed to activate the system,” added Ian Clifford, Co-Founder and Chief Executive Officer and Chair of the Board at FuelPositive.
- Inspection and Technical Services (ITS):
The Company is pleased to provide an update on the final approval process. The Inspection and Technical Services (ITS) division of the Ministry of Labour, responsible for inspecting pressure vessels, will conduct their final on-site inspection during the last week of August. This inspection is anticipated to be a crucial step—a milestone eagerly awaited by stakeholders—as it will provide a clear timeline for approval, enabling FuelPositive to move forward with activation and secure its first sales.
ITS is responsible for Boiler and Pressure Vessel safety in Manitoba. Through physical and remote inspections, ITS is committed to working with industry and owners to reduce safety risks by confirming compliance with The Steam and Pressure Plants Act, The Power Engineers Act, and the Regulations set out by the Government of Manitoba.
ITS works with industry to oversee the safe construction, installation, and operation of Boilers and Pressure Vessels within Manitoba. ITS works with equipment owners, manufacturers, installers, and licensed power engineers to ensure safety standards are followed. ITS enforces Boiler and Pressure Vessel safety standards through design registration, inspections, examinations, and licensing.
- Manitoba Hydro:
FuelPositive is pleased to report that it has secured September 17 as the date for the final power connection to the site. The Company is actively working with Manitoba Hydro to accelerate this timeline.
With over 50 years of experience, Manitoba Hydro has become one of Canada’s largest energy utilities that generates, transmits, and distributes electricity primarily from renewable hydroelectric sources. Manitoba Hydro shares FuelPositive’s vision of delivering clean energy solutions to support the well-being of Manitobans and contribute to the province’s long-term prosperity. www.hydro.mb.ca
“We are now fully engaged and ready to showcase our technology. We are excited to be at this pivotal juncture and look forward to sharing further progress with our stakeholders,” stated Janusz McNeill, Head of Electrical Engineering and Project Completion Co-Lead.
Strengthening the Team: Promoting Excellence and Addressing Challenges
FuelPositive is taking decisive steps to overcome the July activation setbacks and a series of avoidable delays caused by internal challenges. While these setbacks were unexpected, they have provided an opportunity for FuelPositive to refine its focus, strengthen its team, and reinforce its commitment to operational excellence. The Company has addressed these challenges head-on, implementing improvements that have restored momentum and strengthened its ability to achieve its mission.
FuelPositive’s commitment to transparency and continuous improvement remains unwavering. By learning from recent experiences and strengthening the team’s capabilities, FuelPositive has regained momentum and is driving its mission forward with renewed resolve. These proactive measures have already proven beneficial, setting the stage for imminent activation and paving the way for the Company’s long-term, consistent growth.
FuelPositive is proud to announce the promotion of three outstanding team members whose leadership, perseverance, and expertise have been instrumental in overcoming these challenges:
- Martin Cina has been promoted to Head of Mechanical Engineering and Project Completion Co-Lead
- Janusz McNeill has been promoted to Head of Electrical Engineering and Project Completion Co-Lead
- Francisco Mora has been promoted to Head of Chemical Engineering.
These leaders are spearheading critical initiatives that have realigned FuelPositive’s timeline and driven the Company forward.
“Our team of highly qualified and creative experts in chemical, electrical, and mechanical engineering, as well as skilled trades, is deeply committed to our mission of supporting farmers and protecting the environment. The elevation of these key individuals to Project Lead roles in their area of expertise has significantly enhanced the efficiency and transparency of our Manitoba project. Their hard work, vision and accountability, along with the contributions of other key team members, have allowed us to move forward with renewed confidence and excitement for what lies ahead for FuelPositive in Manitoba,” said Cheryl Allen, Chief People and Culture Officer.
Financing Developments:
FuelPositive is actively pursuing multiple avenues to secure non-dilutive funding, essential for driving the next expansion stage.
Recent developments include:
- Consistent engagement with Farm Credit Canada (FCC), and strategic meetings with FuelPositive’s Senior Relationship Manager, Andrew Chewpa and others.
- The Royal Bank of Canada (RBC) has shown strong interest, highlighted by FuelPositive’s participation in a recent RBC roundtable in Manitoba
- FCC and RBC have both demonstrated strong interest in fueling FuelPositive’s growth. They are actively collaborating with the Company to develop innovative financing solutions that will make FuelPositive’s technology accessible to more farmers, including those who may not be able to purchase systems outright. These programs may include lease-to-own models, ensuring broader adoption of FuelPositive’s solutions and driving the transition to sustainable farming.
- Final TSX approval is expected imminently, and FuelPositive look forward to concluding the previously announced private placement within the next few days
RBC Climate Action Institute:
FuelPositive is honoured to have had the opportunity to participate in the roundtable “Ideas into Action: Investing in Manitoba’s Agriculture and Agri-Food Sector to Drive Innovation” on August 14, hosted by the RBC Climate Action Institute and John Stackhouse, Senior Vice President, Office of the CEO. The event took place at the University of Manitoba’s Glenlea Research Station. The roundtable focused on transforming visionary ideas into actionable strategies for advancing innovation in Manitoba’s agriculture and agri-processing sectors. This roundtable brought together a select group of stakeholders to collaboratively explore transformative investments that can build a robust ecosystem of partners and amplify impact across Canada.
The discussions identified bold opportunities for Manitoba’s agriculture sector and turning innovative ideas into concrete, directed investments that will drive meaningful change. Much of the discussion was focused on the imperative of Green Ammonia adoption; FuelPositive is proud to contribute to this forward-thinking dialogue and be part of shaping the future of sustainable agriculture in Manitoba.
Conserving Capital:
Simultaneously, the Company is carefully managing resources by streamlining operations and temporarily pausing secondary initiatives. These efforts are designed to conserve capital and sharpen focus as FuelPositive transitions toward securing sales post-activation and future manufacturing. With these strategic actions, FuelPositive is positioning itself to advance confidently into the next stage of its mission.
“The recent delays in Manitoba have added challenges to our capital-raising efforts, as some stakeholders prefer to wait until activation is complete. However, this transitional time is precisely when their support is most crucial. The Company is confident that momentum will shift rapidly once our system is activated.” stated Ian Clifford, CEO. Throughout the summer, we’ve welcomed numerous stakeholders to our site, all with a keen interest in investing or purchasing systems once we are fully operational.”
Sales Efforts:
“FuelPositive has identified and qualified many potential customers in Manitoba for the FP1500 system over the summer and remains committed to the prompt activation of its first on-farm system, which will trigger the first sales and help the company with its focus on transitioning towards revenue generation,” stated Michael Heslin, Director of Sales at FuelPositive. “The Company is busy with multiple visits to the Sperling site each week from potential investors and customers of the FuelPositive technology.”
Amongst recent visitors:
- RBC Agricultural Banking
- FCC Valuations
- Manitoba Ministry of Agriculture
- The Keystone Potato Producers’ Association (KPPA) Susan Ainsworth
- Meridian Manufacturing
- Bioscience Association of Manitoba (BAM)
- Winnipeg Chamber of Commerce
- Canada Ukraine Chamber of Commerce
- Bryan Lung, Engineering Supervisor, Carl Havixbeck, Technical Sales and Lorne Grieger, Director, Technical Sales from Prairie Agricultural Machinery Institute (PAMI).
- Numerous farmers
“With nearly 50 years of pioneering agricultural innovation, PAMI has transformed traditional farming into a modern, sustainable industry. Our deep-rooted passion for agriculture and commitment to continuous improvement drives us to support advancements such as FuelPositive’s On-Farm Green Ammonia technology.
We believe it has the power to enhance food security, fertilizer sustainability, and agriculture efficiency in a rapidly changing world. With our expertise in agri-food processing, process management, machine testing, and more, we are dedicated to fostering a future where agriculture thrives through innovation,” stated Carl Havixbeck, Technical Sales at PAMI.
“FuelPositive’s decentralized approach offers significant advantages over traditional fertilizer companies that rely on centralized production and complex supply chains. Unlike conventional fertilizers that must be transported to farms seasonally or as needed, facing increasing delays due to strikes, infrastructure challenges, or labor disputes—such as the recent tensions with Air Canada and CN—FuelPositive’s technology allows farmers to produce Green Ammonia directly on their farms,” added Luna Clifford CIO. “Centralized supply chains are vulnerable to disruptions from failing infrastructure, human disputes, and logistical bottlenecks, which are likely to worsen over time, leading to significant delays and added stress for farmers. With FuelPositive, farmers gain greater control and independence, protecting their operations from the many points of friction that can arise in centralized systems.”
Expansion of Strategic Networks:
FuelPositive is grateful for its tremendous progress, thanks to the exceptional support from the Company’s expanding network of Manitoba-based advisors and farmers, including Dr. Mario Tenuta, Darrell Brown, Chad Berry, and Rick Rutherford. Their expertise and connections in Manitoba have been vital in supporting the Company’s engagement with strategic stakeholders and interested farmers, guiding the Manitoba project and growth initiatives toward success.
“We are incredibly grateful to be supported by such a dedicated and knowledgeable network. Our advisor’s generous support, valuable advice, and strong connections have consistently reinforced our confidence that Manitoba is the ideal location for our Company’s future success. We are inspired by the incredible people we have met leading progress, innovation, and excellence across technology, agriculture, the environment, and social and economic development,” added Luna Clifford, CIO.
- Bioscience Association of Manitoba (BAM):
Through this growing network, FuelPositive was introduced to Andrea Ladouceur, President, and Janelle Hacault, Business Development Manager of the Bioscience Association of Manitoba (BAM), who invited FuelPositive to become members.
BAM connects its members with key industry players and provides valuable insights into the ag-tech and bioscience sectors. Thanks to BAM, FuelPositive has established connections with new stakeholders, including PrairiesCan, CentrePort, Westcap, and others.
Additionally, FuelPositive will be featured in BAM’s Annual Report and a new promotional video alongside seven other handpicked companies representing and promoting technology and bioscience in Manitoba. FuelPositive is also proud to have been selected to participate in an upcoming event at the Manitoba legislature in September, highlighting the province’s top technology and bioscience companies.
Andrea Ladouceur, President of BAM, expressed her excitement for FuelPositive’s impact, stating, “BAM is very excited with the impact that Fuel Positive will make with this technology. It will increase producers’ options to access needed inputs to help us continue to feed the world while addressing climate change by reducing GHGs. This type of innovation is key to meeting the challenges of today and tomorrow.”
Bioscience Association Manitoba (BAM) is an industry association for Manitoba’s bioscience sector and supports over 150 member companies in health, agriculture, and clean biotechnology. BAM is dedicated to providing industry development, advocacy, workforce development, industry promotion and connectivity.” https://biomb.ca
- Rural Manitoba Economic Development (RMED):
Thanks to the efforts of Deanna Fridfinnson, the Economic Development Advisor at Rural Manitoba Economic Development (RMED), FuelPositive has begun connecting with key rural community stakeholders, including farmers and city councils. RMED has already started assisting FuelPositive in meeting farmers, potential buyers and investors and evaluating potential manufacturing locations near the Winnipeg airport and CentrePort. Their guidance has introduced FuelPositive to promising areas to potentially build the Company’s new manufacturing capabilities that offer strategic advantages like proximity to the Company customer base, skilled labour, affordable housing and tax incentives.
Deanna Fridfinnson, RMED’s Economic Development Advisor, expressed RMED’s endorsement, stating, “RMED proudly supports FuelPositive in their mission to revolutionize on-farm Green Ammonia and clean energy production. We are committed to fostering collaboration and connecting resources to help FuelPositive thrive in rural Manitoba with their innovative on-site containerized Green Ammonia systems.”
Manitoba is an ideal location for FuelPositive Corporation’s growth due to its green grid and affordable electricity, which support sustainable manufacturing operations. The province offers abundant and cost-effective space for expansion and strategic distribution access that reduces shipping costs to customers in Canada and beyond. Manitoba’s government also strongly supports sustainable agriculture and green anhydrous ammonia initiatives, providing many valuable resources and aligning with the Company’s mission.
Manitoba is also focused on green job creation and is committed to a carbon-free economy. With a large customer base of technology-driven farmers and access to areas like CentrePort for mass manufacturing and distribution, Manitoba provides the ideal setting for FuelPositive’s expansion.
- Mindscape Studios:
FuelPositive is collaborating with Mindscape Studios to capture the excitement of the Company’s first system’s delivery and commissioning. Their stunning drone footage and photography, combined with interviews featuring FuelPositive’s team members and advisors, culminate in an engaging informational and promotional video highlighting the passion and dedication driving the Company’s mission. This project is a genuine team effort, bringing all employees together to celebrate these significant milestones as FuelPositive prepares for activation.
Gosia Fazio, Co-Founder of Mindscape Studios Inc., shared her thoughts on the collaboration: “From the moment we met Luna and Ian Clifford, we were struck by their profound passion and the transformative potential of their mission. The concept of producing Green Ammonia from renewable energy right here in Manitoba is groundbreaking. As we interviewed various members of the FuelPositive team, it became clear that their shared commitment to this vision transcends roles and backgrounds. Everyone we spoke to shares a common drive to create a greener, more sustainable future. The energy at the farm site is palpable, with a collective belief that this project could redefine agricultural practices across Canada and beyond. We at Mindscape Studios are thrilled to contribute to documenting FuelPositive’s pioneering work.”
In Summary:
As the Company approaches critical milestones, FuelPositive is entering an exciting phase of growth and innovation. With the continued support of its stakeholders, strategic partners, and a strengthened team, FuelPositive is well-positioned to revolutionize the agricultural industry with the Company’s Green Ammonia technology. The momentum FuelPositive has built through its recent achievements sets the stage for a future filled with transformative possibilities.
The Company looks forward to sharing more updates as it moves toward activation and beyond. FuelPositive is confident in the positive impact it can make in Manitoba, across Canada, and around the world.
About FuelPositive Corporation
FuelPositive is a Canadian technology company dedicated to delivering commercially feasible and sustainable clean technology solutions that follow a circular approach, ensuring the entire lifecycle of our products is environmentally friendly. This includes an on-farm/onsite, containerized Green Ammonia (NH3) production system that effectively eliminates carbon emissions during the production process.
By focusing on technologies that are clean, sustainable, economically advantageous and realizable, the Company aims to help mitigate climate change, addressing unsustainable agricultural practices through innovative technology and practical solutions that can be implemented now. The FuelPositive on-farm/onsite, containerized Green Ammonia production system is designed to produce pure, anhydrous ammonia for multiple applications, including fertilizer for farming, fuel for grain drying and internal combustion engines, a practical alternative for fuel cells and a solution for grid storage. Green Ammonia is also considered a key enabler of the hydrogen economy.
FuelPositive systems are designed to provide for Green Ammonia production on-farm/onsite, where and when needed. This eliminates wildly fluctuating supply chains and offers end-users clean fertilizer, energy and Green Ammonia supply security while eliminating carbon emissions from the production process. The first customers will be farmers. Farmers use 80% of the traditional grey ammonia produced today as fertilizer.
See pre-sale details here: https://fuelpositive.com/pre-sales/.
FuelPositive Corporation is based in Waterloo and Manitoba (Canada) and trades on the TSX Venture Exchange under the symbol NHHH and in the USA on the OTCQB under the symbol NHHHF.
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) that are based on expectations, estimates and projections as of the date of this news release. The information in this release about future plans and objectives of the Company, including with respect to further testing and implementation of the FP300 system, are forward-looking statements.
These forward-looking statements are based on assumptions and estimates of management of the Company at the time they were made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies can directly or indirectly affect and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Forward-looking information is provided to provide information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information, except to the extent required by applicable law.
SOURCE FuelPositive Corp.
For further information, please contact: Ian Clifford, Co-Founder, Chief Executive Officer and Board Chair, [email protected], Tel: 416.535.8395, www.fuelpositive.com; Jodee Mason, Senior Account Director, Counsel Public Affairs, Inc., [email protected], Tel: 204.898.7183, www.counselpa.com; Investor Relations United States & International: RB Milestone Group (RBMG), [email protected]; Investor Relations Canada: Transcend Capital Inc., [email protected]
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