Funds will accelerate commercialization of KEY's multi-hundred MW Green Hydrogen production systems and significantly reduce carbon emissions
OWEN SOUND, ON / ACCESSWIRE / June 8, 2021 / KEY DH Technologies Inc. (KEY) today announced that Sustainable Development Technology Canada (SDTC) has awarded the company a $4.8 million grant in support of a $12 million project to demonstrate its unique Green Hydrogen technology.
The funds will be used by KEY's Hydrogen Optimized subsidiary to advance the commercialization of its RuggedCell™ high current water electrolysis system. The resulting commercial product will enable Green Hydrogen production systems up to 200 megawatts (MW) and provides a stepping-stone to systems up to 400 MW.
'SDTC's funding represents a major step toward realizing our goal of providing industry-leading, cost-effective and highly efficient water electrolyzer technology at scale,' said Andrew T.B. Stuart, Chair, President and CEO of KEY DH Technologies. 'We thank SDTC for its vote of confidence in our company and technology, and for its support in accelerating our progress. Our goal is to be the world leader in the provision of large-scale Green Hydrogen production systems, which will assist major industries to significantly reduce their carbon emissions.'
'Our commitment to advance Canada's 2050 net-zero targets is strengthened by supporting climate tech entrepreneurs who are finding innovative solutions to drive the green economy forward. SDTC is proud to invest in KEY's project which has the potential to significantly reduce carbon emissions and help build a cleaner and greener future for all,' said Leah Lawrence, President and CEO, SDTC.
The project builds upon the previously announced collaboration between Hydrogen Optimized and ABB to demonstrate the combined technological approach of each company to Green Hydrogen production.
ABB provided the following statement: 'ABB's High Power Rectifier System technology fits well with the unique Hydrogen Optimized approach to large-scale Green Hydrogen production. ABB sees this funding as a positive reinforcement of the patent pending technology that Hydrogen Optimized has. ABB is pleased to see this funding that will contribute to the high current testing facility and other activities as outlined in the MoU which supports the green hydrogen transition. ABB looks forward to further ongoing collaboration with Hydrogen Optimized.'
Also involved in the project is Hatch, a global engineering, project management and professional services firm with expertise in Green Hydrogen production installations. 'We are pleased to contribute to this project to advance an EPCM solution for the Hydrogen Optimized RuggedCell system,' said Jim Sarvinis, Managing Director, Power at Hatch.
Hydrogen Optimized has established its headquarters and technology and manufacturing centre in Owen Sound, Ontario, in the heart of the Grey-Bruce Hydrogen Hub.
'Congratulations on this phenomenal achievement and recognition of your transformative work,' said Bruce County Warden Janice Jackson. 'The Bruce region has the economy, location, natural resources, readiness to build, and project partners required to become a leader in clean hydrogen technology, research and innovation. The Hydrogen Optimized SDTC project will demonstrate our region's capabilities to advance innovations in large-scale hydrogen production systems.'
Hydrogen Optimized's RuggedCell™ Green Hydrogen production systems are targeted to major industrial, chemical, utility and energy end users. According to a 2020 Goldman Sachs report, the Green Hydrogen market in Europe alone could reach US$12 trillion by 2050*.
About Sustainable Development Technology Canada
Sustainable Development Technology Canada (SDTC) helps Canadian companies develop and deploy competitive, clean technology solutions, to help solve some of the world's most pressing environmental challenges: climate change, clean air, clean water and clean soil. By taking a cross-Canada approach, from seed to scale, and in partnership with the best peers and experts, SDTC is the global benchmark for sustainable development innovation programming. www.sdtc.ca/en/
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB's success is driven by about 110,000 talented employees in over 100 countries. www.abb.com
Whatever our clients envision, our engineers can design and build. With over six decades of business and technical experience in the energy, mining and infrastructure sectors, we know your business and understand that your challenges are changing rapidly. We respond quickly with solutions that are smarter, more efficient and innovative. We draw upon our 9,000 staff with experience in over 150 countries to challenge the status quo and create positive change for our clients, our employees, and the communities we serve. Find out more on www.hatch.com.
About Hydrogen Optimized
Hydrogen Optimized is a private hydrogen technology company that develops and commercializes large-scale Green Hydrogen production systems. As a sustainable energy conversion company, we enable the conversion of green electricity into Green Hydrogen and the transformation of heavy fossil fuel-use industries into sustainability leaders. Hydrogen Optimized seeks to be the first water electrolysis company to supply an aggregate of 10 GW of hydrogen production equipment. For more information on Hydrogen Optimized, please visit www.hydrogenoptimized.com.
About KEY DH Technologies Inc.
KEY DH Technologies develops innovation-driven businesses in the deuterium and hydrogen industries, serving global markets. KEY's three main operating companies include: Hydrogen Optimized, a private hydrogen technology company that develops and commercializes the patent-pending RuggedCell™ water electrolysis systems for the large-scale production of Green Hydrogen; Isowater®, a world-leading supplier of deuterium oxide to global customers in the life sciences, high technology and environmental science sectors; and deutraMed™, a breakthrough deuterium science and innovation company that provides clients with high-value deuterium-containing products for specialized applications along with IP-driven research and services. For more information, please visit https://keydht.com.
For more information:
* Goldman Sachs https://www.goldmansachs.com/insights/pages/gs-research/green-hydrogen/report.pdf
SOURCE: Key DH Technologies Inc.
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