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Hydrogen Future Industries PLC - London-based investment company focused on hydrogen sector - Buys suite of international patents from HW Power Ltd. Acquisition is via Hydrogen's subsidiary HFI IP Holdings Ltd. Pays £33,000 in cash to HW Power. Further, issues 5.2 million new shares at 10 pence each to vendor. Meanwhile, Hydrogen forgives a loan of $150,000 to HW Power dating back to December 2021. Goal of acquisition is to enhance intellectual property around HFI's wind-based hydrogen production system. The patents ‘are relevant to the systems being developed’ by Hydrogen Future.
‘By securing these patents attached to earlier works undertaken by [Chief Executive Officer] Timothy Blake we have significantly enhanced the intellectual property around the wind-based hydrogen production system we are developing. We look forward to beginning the testing of our 1m prototype unit in Montana, USA in this quarter, which we anticipate will last for several months prior to the construction of the first commercial scale units for testing,’ Hydrogen Executive Director David Ormerod says on Wednesday last week.
Current stock price: 5.25 pence
12-month change: down 51% from December 2021
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