AES Technology Wins Green Hydrogen Energy Storage Project From the State of California
TORONTO, March 10, 2021 - Aberdeen International Inc. ("Aberdeen" or the "Company") (TSX: AAB) is pleased to share some exciting updates regarding its recent acquisition, AES-100 Inc. (see press releases dated February 1, 2021 and February 11, 2021 and March 3, 2021).
The California Energy Commission has selected the Advanced Electrolyzer System (AES) technology for hydrogen energy storage. AES will recover hydrogen from waste syngas sources using excess electricity. "This is a Win-Win solution for California State by creating higher Value from Waste," said Pinakin Patel, President of T2M Global. The Phase 1 of the AES project is $1.2 million to validate lower cost hydrogen production. It will open a pathway for a potential demonstration of $6 million hydrogen energy storage to enhance microgrid resiliency in California, a multi-billion dollars market.
The Advanced Electrolyzer System (AES) is a world-class system created by the team led by Pinakin Patel at T2M Global. Its proprietary technology allows for much lower cost production of hydrogen with no greenhouse gas emissions. AES is the only technology capable of producing high purity green hydrogen at highly competitive costs. AES targets <$5/kg H2, a significant and material improvement from the $10-15/kg H2 levels currently in the market place. The significant cost savings through AES should promote the adoption of hydrogen technology to accelerate growth in sectors such as the fuel cell vehicles and renewable energy sectors.
California is among the largest producers of hydrogen using the natural gas to syngas process. Over 250,000 tons of dilute hydrogen (in dilute syngas) are wasted or used as a lower value heat source. California's use of AES technology will help the state convert this wasted resource into a multi-billion dollar business. "The hydrogen energy storage will help stabilize the grid and provide hydrogen needed for the emerging fuel cell vehicles for clean transportation," said Pinakin Patel.
Furthermore, the California grid has as much as 300,000 MWh per month excess electricity during the day. This excess electricity requires expensive curtailments, potentially costing the state millions of dollars. "The trust and belief in AES technology by the California Energy Commission speaks volumes about the technology we have developed. We are very excited to work with California, as we believe they are going to be a leader in the move to a more sustainable green energy future and will prove to be a catalyst for more states to consider AES in the future," said Pinakin Patel, President of T2M Global.
"This first major project win by Pinakin and his team reinforces our belief in T2M Global and their proprietary technology. This is an exciting development and we look forward to more growth in the future from our hydrogen investments to further drive shareholder value," said Ryan Ptolemy, CFO of Aberdeen International Inc.
ABOUT ABERDEEN INTERNATIONAL
Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the mining and metals and renewable energy sectors.
For additional information, please visit our website at www.aberdeeninternational.ca.
For further information, please contact:
Ryan Ptolemy
Chief Financial Officer
Aberdeen International Inc.
ryanp@fmfinancialgroup.com
+1 416-861-5882
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding: the merits and applications of the AES technology; the potential cost savings and cost advantages of the AES technology; the renewable energy sectors, including hydrogen; the use of AES technology by the State of California; and the Company's future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.aberdeeninternational.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.