Hydrogen Future Industries PLC (AQSE:HFI) has unveiled a newly incorporated subsidiary that will develop proprietary wind and water-based hydrogen production systems, incorporating hydrogen compression and storage.
Tim Blake has been appointed chief executive officer of the new HFI Energy Systems Limited (HESL), which is 100% owned by Hydrogen Future.
The company said the intention is for HESL to develop systems that reduce the generation costs of green hydrogen production significantly and can provide on-demand energy storage in the form of hydrogen at a fraction of the cost of lithium-ion battery storage in a variety of locations.
Blake has considerable experience in the development of efficient turbine systems, an area in which he has specialised for the past 12 years and written multiple patents, the company said, with a strong network built in the motorsport and transportation industries alongside companies including Lexus/Toyota, General Motors and Airbus.
Chairman Daniel Maling said: “The obstacles that have to date hindered an expansive growth in green hydrogen generation arise primarily from the cost of renewable energy generation. After several months of detailed due diligence and discussions we believe our capital, coupled with Tim Blake’s experience in this area, will enable us to develop technologies which will significantly lower the cost of hydrogen production from several renewable sources.
“HFI’s shareholders will have a stake in potentially game-changing renewable energy-based hydrogen production technologies. Teaming up with Tim is the most exciting investment opportunity we have seen in the emerging sector. We look forward to Tim joining the HFI team and helping us to develop a suite of very exciting technologies.”