Hydrogen Future Industries PLC (AQSE:HFI) has announced that Neil Ritson will take a more active role, moving to executive chair, from his previous non-executive role.
At the same time, the company told investors that there’s been a delay to the prototype of its wind-based hydrogen production system.
The system, which features a custom aerodynamic wind turbine and advanced electrolyser, has run into a delay in testing at a facility in Montana due to an issue with its control unit and because of a shortage of specialist consultants.
HFI told investors it expects testing to progress again as replacement parts and personnel arrive, with the company eyeing the windier winter season for maximum operational testing.
"The development of new technology is rarely straightforward, and we have been managing through a period of equipment and resourcing issues,” Neil Ritson said in a statement.
“Whilst the capital markets remain challenging, we believe our project in Montana will attract new sources of non-dilutive investment in the coming months and the board remains optimistic about the company's future as end-user markets start to increasingly demand future supplies of green hydrogen."
The company noted that it is also evaluating the potential of wastewater from a nearby mining site as electrolysis feedstock.
Several litres of wastewater were recently transported to the University of Bristol for analysis to determine suitable separation and cleaning processes for use in the company's hydrogen production system.
It plans to progress a flow-sheet and economic assessment of the feasibility studies, focusing initially on the Montana mine site.
"Whilst the turbine testing delays are frustrating, I have been encouraged by the feedback and enthusiasm of our local partners in Montana,” chief executive Tim Blake said.
“The need for new sources of renewable energy and energy infrastructure is compelling.
“Our relationships in Whitehall are providing us with access to a significant opportunity to unlock a new renewable energy hub utilising our latest generation green hydrogen technology."
Elsewhere, in California, the company noted that its innovative electrolyser technology demonstrated over 97% efficiency during testing, exceeding industry standards. This system operates without using costly platinum group metals, HFI highlighted.
HFI plans to advance its electrolyser towards commercialisation.
As Ritson takes up executive responsibilities, Daniel Maling moves to non-executive director to focus on his external executive duties. The company added that it intends to seek the appointment of an independent non-executive director.
Tim Blake retains his non-board chief executive position.