Current Water Technologies Inc. (TSX-V: WATR) ("CWTI" or "the
Company" or "the Corporation"), an emerging technology leader in
the management of industrial and municipal wastewater, and in the
development of novel hydrogen and lithium recovery technologies
receives contract of approximately CAD $250,000 from Highland
Engineering of Michigan for development of its patent pending novel
AmmEL–H2 technology.
Highland Engineering Inc. is a preferred small
business supplier of ground support equipment to all US Department
of Defense agencies, as well as the Federal Emergency Management
Agency, the Bureau of Reclamation, and many industrial companies.
It has extensive expertise in integrating new technologies,
including water treatment options, into pilot scale, industrial and
military systems that are usable by its customers.
CWTI’s AmmEL–H2 technology has the potential to
be one of the world’s most environmentally and economically
beneficial hydrogen technologies. It not only produces green
hydrogen; it also simultaneously removes toxic ammonia from
wastewater. As the AmmEL–H2 system benefits from two revenue
streams, this process is an important alternative to traditional
electrolyzers that are used only to produce hydrogen gas.
The global green hydrogen market is experiencing
rapid growth. Goldman Sachs Global Investment Research, European
Commission estimates that the global green hydrogen market will
reach US$11T in 2050, and asserts that “hydrogen looks poised to
become a once-in-a-generation opportunity”.
Dr. Gene Shelp, CEO, said “We are very proud to
collaborate with Highland Engineering in the development of our
green hydrogen technology, which testifies to the originality of
our intellectual property. Our green hydrogen initiative is
relevant to municipalities and industries globally. This is the
latest achievement for Current Water and we anticipate 2022 to
become our most successful year-to-date with accelerating sales and
revenues that will enhance our international reputation.
The Company’s goal is to convert costly
municipal wastewater treatment facilities into profit centers by
converting ammonia waste into environmentally friendly nitrogen gas
and pure, fuel cell–grade hydrogen gas. Due to the ubiquity of
wastewater treatment plants around the globe, our vision is to
convert these facilities into energy storage centers — vital
components in the future electrical grid.
These locally created energy storage centers
will facilitate the transition of municipal fleets from
conventional internal combustion engine vehicles to more efficient
hydrogen–powered, fuel cell electric vehicles. In contrast to
conventional internal combustion engines, fuel cell electric
vehicles do not generate exhaust pollutants, and can therefore
dramatically improve the poor atmospheric conditions plaguing major
cities globally.
Governments across the world are increasingly
adopting ambitious hydrogen energy strategies. For example, the
United States Department of Energy – Hydrogen Program Plan,
released in 2020, indicates a 15–fold increase in annual shipments
of fuel cells since 2015, and projects a global market for hydrogen
technologies of US$2.5T and a U.S. hydrogen economy valued at US
$750B annually, comprising 3.4 million jobs by 2050. Furthermore,
the report describes a strategic plan to accelerate research,
development, and deployment of hydrogen related technologies.
The Government of Canada released HYDROGEN
STRATEGY FOR CANADA – Seizing the Opportunities for Hydrogen
in 2020. It outlines a process to achieve net–zero emissions,
create up to 350,000 green jobs, and become a global industrial
leader of clean renewable fuels by 2050. CWTI believes that its
novel technology for the recovery of hydrogen from contaminated
wastewater can play an important role in helping Canada achieve its
goals.
Simultaneously, CWTI is exploring numerous
applications and opportunities for its ammonia treatment/hydrogen
recovery technology, including advanced biogas, fertilizer
production, steel production, aviation, and maritime sectors, which
are all striving to decarbonize.”
Neither the TSX Venture Exchange Inc. nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
About Current Water Technologies
Inc.
Current Water Technologies is a
“Technology Company” applying its patented and proprietary
“Electrochemical Technologies” to the treatment of waste water,
desalination water and drinking water contaminated by metals or
nutrients, i.e., nitrate/ammonia associated with the mining, metal
processing, chemical, agricultural, municipal and waste management
sectors. Pumptronics Incorporated operates as a division of the
Company and continue to function as an integrated pump station
manufacturer specializing in custom design and automation.
The common shares trade on Tier ll of the TSX
Venture Exchange under the symbol “WATR”.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor RelationsAndreas Curkovic, Proconsul
Capital: 416-577-9927
Dr. Gene S. Shelp, Ph.D., P.Geo.President and
CEO
Tel: (519) 836-6155Fax: (519) 836-5683E-mail:
gshelp@currentwatertechnologies.comWeb Site:
www.currentwatertechnologies.com
Forward Looking Statements
This news release contains forward-looking
statements within the meaning of the “safe harbour” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
and other factors that may cause Current Water Technologies Inc.
results to differ materially from expectations. These include risks
relating to market fluctuations, property performance and other
risks. These forward-looking statements speak only as of the date
hereof. Certain statements contained in this press release and in
certain documents incorporated by reference into this press release
constitute forward-looking statements. The use of any of the words
"anticipate", "continue", "estimate", "expect", "may", "will",
"project", "should", "believe" and "confident" and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Current Water believes that the expectations reflected
in those forward-looking statements are reasonable but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements included in, or incorporated by
reference into, this press release should not be unduly relied
upon. These statements speak only as of the date of this press
release. Current Water undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
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