Hydrogen Future Industries PLC (AQSE:HFI) has inked a long-term licensing deal, said to be worth up to €2.25 million, with a new framework to expand and deploy its proprietary wind-based green hydrogen production systems in Ireland.
It comes as Ireland advances its plans to develop and scale sustainable and renewable energy, which includes hydrogen-based technologies.
HFI Ireland, a new company, is to develop a pilot hydrogen production system to demonstrate the effectiveness of green hydrogen production in the region.
This Irish business will have a 20-year licence and exclusive rights and is projected to pay up to €2.25 million to the parent company over the period.
Meanwhile, the Aquis-listed parent company will hold a 30% equity interest in the Irish business, rising to 40% following an anticipated €1 million investment in the pilot energy system.
"There is an energy crisis in Ireland due to the incremental demand being driven primarily from the growth of data centres,” HFI chief commercial officer Dan Maling said in a statement.
“There is a positive political drive to unlock new sources of renewable energy.
“The establishment of hydrogen infrastructure is central to Ireland's energy transition.”
Maling added: “In particular, the west of Ireland's terrain and prevailing wind conditions are ideal for HFI's turbines which are smaller, lighter and more environmentally friendly than current solutions.
“The HFI system provides data centres, industry and agriculture with a unique opportunity to supply their own renewable energy."
Neil Ritson, HFI chair, meanwhile, added: "This territorial licensing deal further validates the value of our IP and its importance in the renewable energy sector.
“Our CEO, Tim Blake, has been a regular visitor to Ireland over the last decade and has established relationships with key industry players.
“We look forward to providing further updates as we identify specific project opportunities and secure new sources of non-dilutive financing."