CALGARY, AB, March 24, 2022 /CNW/ - Innova Hydrogen Corp. ("Innova" or the "Company"), in partnership with the University of Alberta, is pleased to announce that a joint research project entitled "Decarbonizing Canada's Hydrogen Production Using Low-Cost Methane Pyrolysis Catalytic Reactors", has been approved and awarded $1.2 million in non-repayable funds by the National Sciences and Engineering Research Council ("NSERC") Alliance and Mitacs Accelerate Grants Program.
NSERC is the major federal agency responsible for funding natural sciences and engineering research in Canada. NSERC directly funds university professors, students and Canadian companies to perform research and training.
Mitacs is a non-profit national research organization that, in partnerships with Canadian academia, private industry and government, operates research and training programs in fields related to industrial and social innovation.
The research project will commence in March 2022 and continue for a period of five years until March 2027.
Innova is excited to partner with the University of Alberta to further advance and optimize its low-cost thermal and catalytic methane pyrolysis technology that will produce clean hydrogen and decarbonize Canada's energy sector as it works towards its net-zero goals.
In addition to the above, Innova has submitted two other applications for non-dilutive funding, including one with a reputable industry partner, which is anticipated to be disclosed at a later date forming part of a larger strategic relationship.
About Innova Hydrogen Corp.
Innova's vision is to develop zero-emission, clean energy technologies to produce carbon-free hydrogen energy and high-quality, high-demand by-products.
Innova's revolutionary, proprietary HIP™ technology transcends existing carbon-emission processes currently used within the energy sector by creating valuable products with zero carbon emissions: high-purity hydrogen gas and customizable, tailor-made graphite and graphene.
Innova's current intellectual property includes patent pending technology for hydrogen, graphite and graphene production, which will be relied upon to support a global patent protection strategy, and a roadmap for additional proprietary advancements in clean energy technology.
Forward-Looking Statements and Information
This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Innova's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "expects", "will", "would", "anticipates", "plans", "estimates", "develop", "intends", "potential", "continue", "could", "create", and similar expressions suggesting future events or future performance.
In particular, this document contains forward-looking statements pertaining to, without limitation: the expected use of the grant proceeds; Innova's vision, operational strategies, future plans and the development of its technologies, including Innova's proprietary HIP™ technology and management expectations related thereto.
These forward-looking statements are based on certain expectations and assumptions that Innova has made in respect thereof as at the date of this news release regarding, among other things: that favourable circumstances continue to exist in respect of planned operations and current and future growth projects, including Innova's HIP™ technology; demand for low-emission technologies; the availability of capital to fund the Company's future capital requirements; prevailing regulatory, tax and environmental laws and regulations; the development of Innova's processes and technologies (including Innova's HIP™ technology) in a manner that is consistent with management expectations in relation thereto; prevailing commodity prices (including with respect to hydrogen, graphite and graphene), interest rates and tax rates; future operating costs; the availability of, and ability of the Company to secure financing, government incentives and grants; and that all required regulatory approvals can be obtained on the necessary terms in a timely manner.
Although Innova believes the expectations and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the failure to realize the anticipated benefits of Innova's technologies (including Innova's HIP™ technology); material cost-overruns in respect of the development of Innova's technologies (including Innova's HIP™ technology) or any material delay in relation thereto; adverse changes in general economic and market conditions, demand for Innova's products, future hydrogen production rates and/or prices, the prevailing regulatory environment and/or overall industry activity levels; adverse actions by governmental or regulatory authorities; risks relating to the current and potential adverse impacts of the COVID-19 pandemic; a failure to achieve the anticipated results of operations in relation to Innova's business initiatives; and an inability to access various sources of debt and equity capital.
The foregoing list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this document speak only as of the date of this news release. Innova does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
SOURCE Innova Hydrogen Corp.