LOS ANGELES, CA / ACCESSWIRE / February 7, 2022 / Clean Vision Corporation (OTCQB:CLNV), a global holding company that acquires and operates sustainable clean tech and green energy businesses, today announced that it has optioned a state-of-the-art hydrogen fuel cell technology as a pivotal next step toward demonstrating its ability to store its clean hydrogen -- AquaHTM produced from its pilot pyrolysis plant - anticipated to lead to full scale commercialization.
The Company plans to customize this advanced fuel cell (technically, a "low temperature PEM pure hydrogen fuel cell electric power generator") for installation with its Hyderabad pyrolysis pilot plant which is being developed in accordance with its agreement with the Indian Institute of Chemical Technology (IICT). Clean-Seas has recently upgraded its waste plastic-to-energy conversion technology to produce hydrogen as a valuable end-product to enhance its technology's economics.
This fuel cell is expected to enable Clean-Seas to provide a complete end-to-end solution: producing energy converted from a plastic waste stream and providing clean electricity to an end user. The pyrolysis and fuel cell technologies combined gives Clean-Seas a disruptive advantage as it enters the $125 billion hydrogen economy. The pilot plant is expected to be installed in Hyderabad in March.
Kingsberry Power and Licensing Terms
Clean Vision has optioned the fuel cell technology from Kingsberry Power, which has spent 12 years developing and patenting the technology financed largely by $10 million in US and state Government sponsored research grants (DARPA, DOE, etc.). Following its preliminary R&D, and collaboration with Kingsberry to adapt the fuel cell for electricity generated by its pyrolysis plant, the Company expects to convert its option into a license agreement.
Under the terms of the license agreement, Kingsberry grants Clean Vision:
- Exclusive IP and distribution rights globally, except for Canada. As Clean Vision commercializes the tech, Kingsberry retains a subordinated right to white label and market it in the US
- A five-year term with renewal rights at Clean Vision's option
- On-site engineering support for custom design of the fuel cells for its Hyderabad pyrolysis plant
- Ongoing worldwide engineering support for the fuel cell throughout the life of the license
While financial terms are not disclosed, licensing fees to be paid to Kingsberry are heavily weighted to the IP's commercial revenue and profitability when Clean Vision commercializes it as an integral component of its pyrolysis plants to be built globally in the Clean-Seas Plastic Conversion Network (PCN).
"This is a game changer," said Dan Bates, Clean Vision CEO. "The patented, advanced hydrogen fuel cell was the last remaining component required to create a virtuous environmental cycle - from waste plastic to clean H2 to usable electricity. This is not only a sound environmental solution but one which we believe will add great value for our shareholders. We have agreements from nations and cities around the world to host large PCN plants, commercial pyrolysis technology recently upgraded to produce clean hydrogen from waste plastic and, now, the ability to store that hydrogen energy efficiently for commercial use.
"With support of our expert strategic partners, we are preparing to demonstrate our own pilot pyrolysis plant in Hyderabad next month. By helping to solve the global waste-plastic crisis and, converting that waste plastic into hydrogen to help to solve the climate change crisis, Clean-Seas stands at the forefront of a world-changing hydrogen economy in the years ahead," Mr. Bates added. "That three major Wall Street firms have launched hydrogen themed ETFs last year indicates that the smart money sees incredible future value to be realized in this sector."
When operational, Clean-Seas' Hyderabad plant is designed to produce its own brand of clean hydrogen called "AquaHTM" that is generated from a waste stream which falls between green and blue hydrogen as explained in this link. This positions Clean Vision as an early entrant in the nascent $125 billion hydrogen generation marketplace which analysts project increasing to $184 billion by 2028.
About Clean-Seas, Inc.
Clean-Seas, Inc. is a wholly owned subsidiary of Clean Vision. It provides efficient and cost-effective technology solutions that address the global waste plastic crisis as well as creating economic opportunity and social benefit in emerging and developed economies across the world. Clean-Seas offers "best in class" pyrolysis technology deployment for plastic waste-to-energy recycling, including securing feedstock and off-take agreements. For more information, visit: clean-seas.com.
About Clean Vision Corporation
Clean Vision is a public company that acquires and operates a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: cleanvisioncorp.com.
About CSIR-IICT
CSIR-IICT is one of India's premier Research and Development institutions which focuses on the development of advanced, sustainable and affordable technologies in chemical sciences and technology for the improvement of human welfare and is geared to meet the requirement of transfer of technology, commercialization and scalability. For more info: https://www.csir.res.in/.
About IICT
The CSIR-Indian Institute of Chemical Technology (CSIR-IICT), Hyderabad was established in 1944, as a constituent laboratory of Council of Scientific and Industrial Research (CSIR), Government of India. Since its inception, CSIR-IICT focused on the development of advanced, sustainable and affordable technologies. It is internationally recognized for its contributions to chemistry & chemical technology and is an ideal place for taking ideas to commercialization through state-of-the-art research and development. For more info: https://www.iict.res.in/.
Safe Harbor Statement
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company assumes no duty to update its forward-looking statements.
Contact
Clean Vision Corporation
Dan Bates, CEO
[email protected]
Investors
Frank Benedetto 619-915-9422
Twitter: @CleanVisionCorp
SOURCE: Clean Vision Corporation