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Hydrogen Future Industries PLC - London-based developer of wind-based green hydrogen production system - Signs agreement to license its technology in the US. The agreement is between company subsidiary HFI IP Holdings Ltd and a special purpose vehicle named HFI Energy Systems US Inc. HFI Chief Executive Officer Tim Blake is also a director of HFI Energy, so the agreement is considered a related-party transaction. HFI Energy intends to create a green energy park in the US state of Montana, using the HFI technology. Under the 10-year exclusive license, HFI will receive a license fee of $2.0 million within four months of signing, conditional on HFI Energy raising the required funds. The contract is renewable for another $2.0 million. HFI will commit $1 million of the initial license fee to develop its wind turbine energy system.
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