Hydrogen Future Industries PLC (AQSE:HFI) has acquired a suite of international patents related to its development of wind-based hydrogen production systems.
The patents cover wind turbine design work undertaken by Timothy Blake, who joined the company earlier this year as chief executive of product development arm HFI Energy Systems.
Covering aspects from ducted wind turbine rotor configurations, a dynamic telescopic tower to optimise wind farm energy production, a variable hydraulic drive and electro-magnetic clutch to increase efficiency and lower cost of energy production, and the conversion of stored energy to green hydrogen, the suite of patents “significantly enhances IP around HFI’s wind-based hydrogen production system”, said executive director David Ormerod.
They could also offer the potential for early cash flow generation, the Aquis-listed firm added, from their potential wider commercial applications beyond HFI’s systems, in the wind energy generation sector.
Hydrogen Future made the acquisition via the issue to HW Power Ltd, where Blake worked and owned shares, of 5.2mln new ordinary shares, the forgiving of a US$0.15mln loan made to the company in December to acquire exclusivity rights for the acquisition, £33,000 cash and warrants over a further 2.5mln new ordinary shares in the company with an exercise price of 12p apiece and an expiry date three years from issue.
Ormerod said the company was aiming to start testing a 1-metre prototype unit in Montana, USA in this quarter, which is anticipated to last for several months prior to the construction of the first commercial-scale units for testing.
“Additionally, given the considerable efficiency gains we believe our turbine will offer compared to existing open rotor wind turbines in use today, the commercial applications for our patents may not be limited to hydrogen and could be of value in the wider wind energy generation sector,” he said.
“We will certainly be exploring wider commercial applications for the patents beyond HFI’s systems, potentially as an avenue for early cash flow generation.”