Following up the successful completion of the recently commissioned comprehensive hydrogen business advisory report by FYELABS, Greentech has identified specific opportunities within the hydrogen monitoring and analytics services business.
Greentech intends to accelerate the development of a multi-phase innovation program that includes Proof of concept, Prototype and ultimately a Minimum Viable Product by year-end 2022.
The IoT hardware device is comprised of a certain integrated electronic chipset running proprietary algorithms with software installations operating wirelessly at hydrogen production plants, transport fleets and commercial end-user facilities. The IoT devices collect and store an array of metrics that offer clients cost savings and revenue optimising data analytics not currently available.
Greentech will operate the IoT device manufacturing, technology development, product distribution, device installation and support business while VPN Technologies is the exclusive network provider for Greentech’s cloud analytics monitoring service.
VPN President and CEO, Paul Dickson states “Upon the serendipitous discovery of an under serviced business sector within hydrogen production and logistics, we are confident our findings will be of great importance to virtually all participants involved in the business of hydrogen.”
VPN CTO and Greentech project leader Curtis Ingleton explains “The demand stemming from hydrogen strategies laid out both domestically and internationally is only growing. We are excited to be working with FYELABS to develop IoT solutions aimed at equipping those engaged in the use, production and storage of hydrogen with deeper insight into their operations. These solutions will ultimately lead to a reduction in costs along with revenue opportunities largely unrealised to date.”
Recent findings suggest hydrogen could ultimately account for one third of global energy demand, with some calling for a potential $10 trillion market. The International Renewable Energy Agency (“IRENA“) believes hydrogen is perhaps best suited to meet 30% of global energy demand that is not readily decarbonized (even with electrification). Long-haul transport, city buses, rail, marine and aerospace are clear candidates for hydrogen adoption.
In many countries, such as the Canada, United States, China, Japan, Australia, Germany, Turkey, UK, etc., the importance of hydrogen economy has been recognized. The global hydrogen generation market size was valued at USD 120.77 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
About VPN Technologies Inc.
VPN Technologies Inc. is a provider of Virtual Private Network (VPN) services to the retail market and SMEs.
Greentech Hydrogen Innovations Corp. is a wholly-owned subsidiary of VPN Technologies, a startup energy company formed to identify opportunities in both the science for the purpose of commercialization and the development of products and services addressing the growth in a wide range of long-term hydrogen businesses related to global energy policy objectives and targets.
To learn more about VPN Technologies, please visit www.vpntech.ca or contact [email protected].
To learn more about Greentech Hydrogen Innovations, please visit www.greentechhydrogen.ca or contact [email protected].
On Behalf of the Board,
Paul Dickson,
President & CEO
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of VPN Technologies Inc. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved, or disapproved the content of this press release.
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