Hydrogen Future Industries Plc Technology Update, Board Changes & Establishment of Advisory Board

 
TIDMHFI 
 
24 May 2023 
 
Hydrogen Future Industries plc 
 
("HFI" or the "Company") 
 
Technology Update, 
 
Board Changes 
 
& 
 
Establishment of Advisory Board 
 
Hydrogen Future Industries plc (AQSE: HFI), a developer of a proprietary wind 
-based green hydrogen production system, is pleased to provide an update on the 
complementary components of the system under development, alongside other 
corporate updates. 
 
Technology Update 
 
As announced on 28 April 2023, HFI expects to shortly commence a third and final 
testing phase of an upgraded version of the 1 metre diameter wind turbine. The 
upgraded wind turbine will be used to measure the energy output over an 8 to 12 
week period before work commences on a larger diameter commercial wind turbine. 
The data gained from the performance of the wind turbine will be compared to the 
wind tunnel results and used in the design of the larger diameter wind turbines. 
 
HFI has established a facility in Birmingham, UK, where work is ongoing to 
incorporate the variable hydraulic drive and/or electro-magnetic clutch, which 
are part of the patents acquired and announced on 5 October 2022, to increase 
efficiency and lower the cost of energy production. 
 
The concept testing of an electrolyser for the hydrogen production system is 
currently taking place in California, USA, led by quantum-physicist, Dr Nicholas 
Blake, a consultant to HFI and brother of Timothy Blake (Chief Executive Officer 
of HFI Energy Systems Limited, the Company's wholly owned development subsidiary 
and director of the Company's joint venture subsidiary, HFI IP Holdings 
Limited). The objective of the testing is to build an electrolyser with cheaper 
and more readily available materials that improves power efficiency and 
longevity. 
 
Board Changes 
 
Effective immediately, Daniel Maling, currently Non-Executive Chairman, will 
become Executive Chairman, taking on primary managerial responsibility for the 
Company. David Ormerod, currently Executive Director, will become a Non 
-Executive Director, allowing him to focus on other commitments while enabling 
the Company to continue to benefit from his significant energy industry 
expertise. 
 
Advisory Board 
 
The Company has formed a new hydrogen advisory board ("Advisory Board") to 
advise HFI's Board of Directors and review additional hydrogen-related 
technology opportunities. The Advisory Board will initially comprise Timothy 
Blake and Dr Nicholas Blake. 
 
Dr Blake holds a Ph.D. in quantum electrodynamics and has more than 30 years' 
postdoctoral research experience in this field. Dr Blake spent five years 
developing hydrogen fuel cell technology for the US Government prior to the 
technology being sold to Toyota Group. 
 
Daniel Maling, Executive Chairman of HFI, commented: 
 
"HFI is making excellent development progress, now from facilities in both the 
USA and UK. We are delighted to welcome the accomplished Dr Nicholas Blake to 
the Advisory Board and look forward to benefitting from his expertise as we gear 
up for subsequent testing phases with a larger diameter commercial system. We 
believe our system can achieve a breakthrough in green hydrogen production 
economics and look forward to reporting further updates as the testing programme 
advances." 
 
Enquiries: 
 
Hydrogen Future Industries plc 
Daniel Maling, Executive Chairman                      +44 (0)20 3475 6834 
 
Vigo Consulting (Investor Relations) 
Ben Simons                                             +44 (0) 20 7390 0230 
Peter Jacob 
 
Cairn Financial Advisers LLP (AQSE Corporate Adviser) 
Ludovico Lazzaretti                                    +44 (0) 20 72130 880 
 
Liam Murray 
 
Peterhouse Capital Limited (Broker) 
Duncan Vasey                                           +44 (0) 20 7469 0930 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
About Hydrogen Future Industries 
 
Hydrogen Future Industries was established to invest in projects and companies 
focused on the Hydrogen Economy. We are developing a proprietary wind-based 
hydrogen production system, incorporating hydrogen compression and storage. 
Through this technology, we aim to significantly reduce the cost of hydrogen 
production from renewable sources and provide on-demand energy storage in the 
form of hydrogen at a fraction of the cost of lithium-ion battery storage. Click 
here (https://hydrogenfutureindustries.com/wp-content/uploads/2022/07/HFI-Flyer 
-for-Website.pdf) for more information about Hydrogen Future Industries. 
 
Visit our website: www.hydrogenfutureindustries.com 
 
Follow us on social media: 
 
LinkedIn: @Hydrogen Future Industries (https://www.linkedin.com/company/hydrogen 
-future-industries) 
 
Twitter: @HydrogenFI (https://twitter.com/HydrogenFI) 
 
Caution Regarding Forward Looking Statements 
 
Certain statements made in this announcement are forward-looking statements. 
These forward-looking statements are not historical facts but rather are based 
on the Company's current expectations, estimates, and projections about its 
industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 
'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions 
are intended to identify forward-looking statements. These statements are not a 
guarantee of future performance and are subject to known and unknown risks, 
uncertainties, and other factors, some of which are beyond the Company's 
control, are difficult to predict, and could cause actual results to differ 
materially from those expressed or forecasted in the forward-looking statements. 
The Company cautions security holders and prospective security holders not to 
place undue reliance on these forward-looking statements, which reflect the view 
of the Company only as of the date of this announcement. The forward-looking 
statements made in this announcement relate only to events as of the date on 
which the statements are made. The Company will not undertake any obligation to 
release publicly any revisions or updates to these forward-looking statements to 
reflect events, circumstances, or unanticipated events occurring after the date 
of this announcement except as required by law or by any appropriate regulatory 
authority. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END
(END) Dow Jones Newswires
May 24, 2023 02:00 ET (06:00 GMT)
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