Apr 19 2:10pm EDT
Kelowna, British Columbia, April 19, 2024 (GLOBE NEWSWIRE) -- Next-generation clean fuel hubs will advance the production and distribution of low- carbon fuels like hydrogen and renewable natural gas in Western Canada as part of a new partnership between Elemental Clean Fuels and Cariboo Low Carbon Fuels.
Leveraging their respective expertise and resources, both companies have joined forces as Cariboo Clean Fuels Inc. to accelerate the adoption of sustainable energy solutions while mitigating environmental impact.
"We are thrilled to embark on this transformative partnership alongside Cariboo Low Carbon Fuels," said Zachary Steele, CEO of Elemental Clean Fuels and Chairman of Cariboo Clean Fuels. "By combining our strengths and resources, we can expand our impact to become a leader in clean fuel throughout Western Canada by leading the transition towards a more sustainable energy ecosystem with industry partners, indigenous peoples and government."
Cariboo Clean Fuels Inc. (CCF) expects to have at least five clean fuel projects in operation in British Columbia and Alberta within the next three years and is exploring opportunities in Manitoba and Saskatchewan.
CCF will also explore opportunities for collaboration with Indigenous organizations, government agencies, other industry leaders, and research institutions to accelerate their transition to a low-carbon economy.
“By combining our local knowledge and additional resources, we have a unique opportunity with CCF to drive meaningful change and address the urgent challenges posed by climate change,” said Bob Blattler, CEO of Cariboo Low Carbon Fuels Inc. “Together, we can pave the way for a more sustainable future.”
Background:
About Elemental Clean Fuels: Elemental Clean Fuels (“ECF”) is a technology agnostic energy development company with a vision to be on the cutting edge of the emerging clean fuel economy in North America by offering solutions that add value to customers, strategic partnerships and projects . ECF seeks to harness our team’s more than 65 years of collective experience developing, financing, managing and operating energy and infrastructure projects to ensure a meaningful positive impact for all our stakeholders. For more information, visit www.elementalcf.com.
About Cariboo Low Carbon Fuels: Cariboo Low Carbon Fuels is a pioneer in the development and distribution of innovative low-carbon energy solutions. Through strategic partnerships, Cariboo Low Carbon Fuels is leading the charge in reducing greenhouse gas emissions and promoting sustainable development. The Cariboo Executive team has led the development and execution of over $40 Billion in capital and commercial projects in the Utility Power Production, Petrochemical, Natural Gas transport and other industries, over their collective 200 years of experience.
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Sep 14 10:43 ET
NEW YORK, September 14, 2023 (GLOBE NEWSWIRE) -- Elemental Clean Fuels (“ECF”), an energy development company focused on the emerging clean fuel economy in North America, today announced that it has recently closed on its first round of external financing from investors Piney Point Capital, a Racon Capital investment vehicle, and Fusion Fuel Green plc (NASDAQ: HTOO) ("Fusion Fuel"), a green hydrogen solutions company. Capital investment provided by Piney Point will be utilized by ECF to further develop its existing decarbonization portfolio in North America, as well as to expand its internal capabilities and add additional project assets (including the projects contributed by Fusion Fuel).
ECF was created as the latest business venture of Zach Steele and Jason Baran, seasoned energy executives with a demonstrated track record of successful collaboration in energy infrastructure and cleantech, including the execution and management of over $3 billion in development projects together in North America. Joining Zach and Jason in the leadership of ECF is Jeff Crone, a senior energy executive with over 25 years of experience at top multinational organizations managing complex projects as well as leading and developing large technical organizations.
ECF aims to be a leading developer of clean fuels related projects throughout North America by utilizing a customer-focused approach of providing turnkey and customized solutions through the entire project life cycle - development, financing, construction, management and operations. The Company’s technology-agnostic approach works with any renewable energy source to support decarbonization at scale. With experience in both conventional and renewable energy industries, the ECF team offers deep development and technical expertise. ECF will pursue additional funding opportunities to support its immediate and long-term strategies.
“We are extremely excited to have Piney Point as a partner as we progress our mission to drive growth in the emerging clean fuels market,” said CEO Zach Steele. “With investments in a broad range of companies across the energy transition, they are uniquely positioned to provide strategic partnerships and additional access across the value chain to drive scale. Piney Point’s investment and expertise will accelerate the growth of our Company in the mobility and heavy industry sectors throughout North America. We are also excited and optimistic about continued collaboration with Fusion Fuel going forward.”
“As investors, Piney Point Capital recognizes the immense potential of ECF in revolutionizing the clean fuel landscape. We believe in the vision and capabilities of the ECF team, and we are committed to supporting their mission to accelerate decarbonization through innovative projects and strategic partnerships across North America,” said Mike Keough, Managing Partner Piney Point Capital.
Piney Point Capital is an innovative investment firm focused on providing transformational growth capital to companies and projects across North America and Europe. Piney’s value-add approach targets growth investments across the Energy Transition, Agriculture and Transportation sectors, where we believe strong tailwinds are driving demand for new infrastructure, technology and projects for decades to come. Piney Point portfolio companies have become leaders in the hydrogen, carbon capture, chemical recycling and battery storage markets alongside key strategic partners.
Elemental Clean Fuels (“ECF”) is a technology agnostic energy development company with a vision to be on the cutting edge of the emerging clean fuel economy in North America by offering solutions that add value to customers, strategic partnerships and projects. ECF seeks to harness our team’s more than 65 years of collective experience developing, financing, managing and operating energy and infrastructure projects to ensure a meaningful positive impact for all our stakeholders. For more information, visit www.elementalcf.com.
Fusion Fuel is an emerging leader in the green hydrogen sector committed to accelerating the energy transition through the development of disruptive, clean hydrogen solutions. Fusion Fuel’s patented miniaturized Proton Exchange Membrane (PEM) electrolyzer, the HEVO, and building-block approach to green hydrogen production, unlock unprecedented modularity and flexibility in the design and deployment of cost-competitive, decentralized green hydrogen solutions. Its business lines include the sale of its electrolyzer technology to customers interested in building their own green hydrogen production, the development of turnkey hydrogen plants to be owned and operated by Fusion Fuel, and the sale of green hydrogen as a commodity to end-users through long-term hydrogen purchase agreements. For more information, please visit https://www.fusion-fuel.eu.
Contact:
Zachary Steele
zsteele@elementalcf.com
Jason Baran
jbaran@elementalcf.com
Sep 14 9:01 ET
DUBLIN, Ireland, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Fusion Fuel Green plc (NASDAQ: HTOO) (“Fusion Fuel”), a green hydrogen solutions company, announced today that it has entered into definitive agreements with Elemental Clean Fuels (“Elemental”), a newly formed and funded development company focused on originating and developing clean fuel projects in North America. Elemental is led by Zach Steele and Jason Baran, formerly senior executives at Fusion Fuel, along with Jeff Crone, a former advisor to Fusion Fuel, all of whom have extensive management experience in the energy infrastructure sector in North America. Fusion Fuel is contributing several development assets from its broader project portfolio to Elemental in exchange for a minority equity ownership interest.
In parallel, Fusion Fuel has also entered into a strategic technology partnership with Elemental, granting Fusion Fuel the right to bid on all PEM-based green hydrogen projects in Elemental’s North American pipeline for a period of three years. Elemental has approximately 40 MW in pre-feasibility projects within its pipeline and is currently collaborating with Fusion Fuel on a feasibility study for a 2 MW green hydrogen project for a state utility to be delivered in 2024. This partnership will provide Fusion Fuel with exposure to the emerging North American green hydrogen market, whilst enabling the company to focus its near-term commercial efforts on the Iberian Peninsula and Northern Europe.
Frederico Figueira de Chaves, CEO of Fusion Fuel, commented, “This partnership represents a continuation of the go-to-market strategy we’ve discussed in detail in recent months. We view channel partnerships as an effective means to amplify our presence in new markets. With secured development capital, a pipeline of actionable projects, and leadership with a proven track record, we are confident that Elemental will deliver significant value to our shareholders and be a great complement to the existing Fusion Fuel team. The opportunity to work closely with Zach and Jason once more, executives who we know well and who are familiar with the unique advantages of our HEVO technology, presents a golden opportunity to accelerate the deployment of our HEVO-Chain solution in the North American market and create meaningful opportunities for technology sales.”
Zachary Steele, CEO of Elemental, added, “We are excited and optimistic about our continued collaboration with Fusion Fuel going forward, and are confident that the HEVO-Chain solution will prove to be a valuable product offering for our smaller scale green hydrogen customers in North America over the coming years.”
Jeffrey Schwarz, Chairman of Fusion Fuel, concluded, “Understanding that we can’t be all things to all people, our strategy is to lean into opportunities where we have an edge versus our competition and where we can secure the most attractive return profile for the company and its shareholders: small to midscale projects with grants, strategic land, or offtake contracts. However, we must also ensure we have access to diverse avenues of growth across multiple geographies. This partnership will serve as another powerful tool in our arsenal, providing exposure to actionable projects and broadening our access to commercial opportunities in North America. Importantly, it will not constrain us from independently pursuing development opportunities or collaborating with other prospective partners. We look forward to working with the Elemental team and are excited about the opportunities this partnership will bring as we continue to shape the future of green hydrogen.”
Fusion Fuel is an emerging leader in the green hydrogen sector committed to accelerating the energy transition through the development of disruptive, clean hydrogen solutions. Fusion Fuel’s patented miniaturized Proton Exchange Membrane (PEM) electrolyzer, the HEVO, and building-block approach to green hydrogen production, unlock unprecedented modularity and flexibility in the design and deployment of cost-competitive, decentralized green hydrogen solutions. Its business lines include the sale of its electrolyzer technology to customers interested in building their own green hydrogen production, the development of turnkey hydrogen plants to be owned and operated by Fusion Fuel, and the sale of green hydrogen as a commodity to end-users through long-term hydrogen purchase agreements. For more information, please visit https://www.fusion-fuel.eu
Elemental Clean Fuels is a technology agnostic energy development company with a vision to be on the cutting edge of the emerging clean fuel economy in North America by offering solutions that add value to customers, strategic partnerships and projects. ECF seeks to harness our team’s more than 65 years of collective experience developing, financing, managing and operating energy and infrastructure projects to ensure a meaningful positive impact for all our stakeholders. For more information, visit www.elementalcf.com
Investor Relations Contact
Ben Schwarz
ir@fusion-fuel.eu
