TIDMMEN
RNS Number : 0664X
Molecular Energies PLC
18 December 2023
18 December 2023
MOLECULAR ENERGIES PLC
("MEN" or the "Company")
Significant progress within Green House Capital Group plc
Technological breakthrough on Dual Fuel Hydrogen Mobility
Green House set for IPO
Molecular Energies (AIM: MEN), is pleased to announce the
achievement of a significant technological and commercial
breakthrough at Dual Fuel Limited ("DFL"), a wholly owned
subsidiary of the Company's 75% owned alternative energy
development division, Green House Capital Group plc ("Green
House").
Highlights
-- Initial trials on DFL's innovative and proprietary hydrogen
injection technology indicate that a minimum of approximately 20%
of hydrogen can safely be introduced into a heavy-duty diesel
vehicle engine resulting in a proportionate reduction in the amount
of emissions and a significant extension to driving range.
-- The 20% displacement represents the baseline for DFL's
technology and establishes its credentials as a compelling
commercial solution for heavy-duty diesel fleet operators worldwide
with first customers in launch country Paraguay already
identified.
-- DFL will now move to live testing on a rolling-road expected to take place in Q1 2024.
-- The DFL solution avoids need for expensive hydrogen only
fuelled-vehicles and hydrogen refuelling networks, major inhibitors
to rolling out hydrogen mobility.
Dual Fuel Technological Breakthrough
In February 2023, DFL contracted Helical Technology, an engine
and vehicle testing specialist, to conduct trials on a heavy-duty
vehicle engine using DFL's innovative and proprietary dual-fuel
technology, developed in collaboration with DFL's contractor
G-Volution Limited. The purpose of these trials was to identify the
optimal conditions for introducing hydrogen into a diesel-powered
engine.
The testing protocol entails a thorough evaluation of the engine
and test cells followed by running of the engine using diesel alone
and then progressively introducing hydrogen until the fuel entering
the engine becomes disproportionate to its power output.
The results of these initial trials confirm that approximately
20% of hydrogen can be safely introduced into a heavy-duty diesel
vehicle engine resulting in a proportionate reduction in the amount
of emissions. The results also indicate that DFL's solution will
significantly extend the range of heavy-goods vehicles.
DFL will now undertake a further test of its technological
solution in a live rolling-road environment in Q1 2024 which is
intended to complete the calibration of the software behind the
system.
Upon successful completion of the rolling-road tests DFL expects
to deliver its first retrofit solutions to customers in its lead
country Paraguay in Q3 2024 with first customers already identified
and the Government having a supportive and defined hydrogen
mobility plan. DFL's offering will be supported by the supply of
100% green hydrogen generated by G-Mobility its sister company
within Green House.
Paraguay is an economically and politically stable landlocked
country with no active railway network which relies on a fleet of
approximately 75,000 long range heavy diesel trucks and 3,000
barges for its infrastructure logistics. MEN, through the network
created by its current and historic operations in Paraguay as well
as its sister company Atome Energy, is particularly well positioned
to penetrate this market.
DFL's cost-effective retrofit technology is positioned to
provide fleet operators with an affordable and transitional
decarbonisation solution which will expand the range of their
vehicles without the need for an extensive hydrogen refueling
network the latter being a material and expensive negative factor
in other hydrogen mobility solutions.
The results of this initial trial demonstrate that the DFL
technology is capable of substantial displacement of diesel within
a heavy goods engine which will ultimately lead to a compelling
commercial opportunity for its customers with the offering intended
to roll out worldwide after using Paraguay as a lead country.
Green House IPO
The Green House AIM IPO is expected in Q1 2024.
Green House has made strong progress in preparations for its AIM
IPO with all primary workstreams set to complete in the near term.
Green House is encouraged by feedback received from investors seen
to date which confirms the view that Green House can build on its
significant progress with market support as an independent
entity.
Christopher Raggett, CEO of Green House , commented:
"Operations within Green House continue to progress at pace and
the latest technological breakthrough of Dual Fuel is particularly
encouraging as we seek to bring this solution to a fertile target
market very quickly.
Dual Fuel has a significant advantage over other hydrogen
mobility solutions in that it can use existing vehicles at a modest
retrofit cost, avoid having an expensive hydrogen refueling network
whilst at the same time importantly reduce carbon emissions as a
transition to Net Zero.
With this progress we look forward to the successful spin out
and admission to AIM of Green House in 2024 ."
For more information, please visit www.molecularenergiesplc.com
or contact:
Molecular Energies PLC +44 (0)20 7016 7950
Peter Levine, Chairman info@molecularenergiesplc.com
Rob Shepherd, Group FD
Cavendish Capital Markets Limited
(Nominated Advisor and Broker)
Simon Hicks, George Dollemore +44 (0)20 7220 0500
Tavistock (Financial PR & IR)
Simon Hudson, Nick Elwes, Charles
Baister +44 (0)20 7920 3150
Notes to Editors
Molecular Energies PLC is an AIM listed company at the forefront
of energy development and has interests across the energy spectrum,
from an oil and gas project to the green and alternative energy
sector.
The Company currently has an oil exploration asset in Paraguay.
The Company has two separate subdivisions which are focused on
early-stage opportunities in the green and/or alternative energy
sub-sector.
Activities in the green and alternative energy space are being
carried out direct through Molecular and under the Green House
Capital brand and through AIM listed Atome Energy PLC, a green
hydrogen, ammonia, and fertiliser company operating in Paraguay,
Costa Rica and Iceland, in which Molecular currently has 20.5%.
With a strong strategic and institutional base of support, no
third-party financial debt and a Chairman whose interests as the
largest shareholder are aligned to those of its shareholders,
Molecular gives UK investors access to an energy growth story
combined with world class standards of corporate governance,
environmental and social responsibility.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Robert Shepherd, Finance
Director.
-ends-
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