TORONTO, July 28, 2021 (GLOBE NEWSWIRE) — Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX: AAB F: A8H, OTC: AABVF) is pleased to inform that PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB:2K6B) (OTC: MOTNF) (“PowerTap”) has acquired a 49% ownership stake in Aberdeen investee, AES-100 Inc.
AES is a novel electrochemical technology that selectively recovers high purity hydrogen from dilute syngas streams. PowerTap is focused on installing hydrogen production and dispensing fuelling infrastructure in the United States, leveraging their patented hydrogen production system. AES and PowerTap have technological synergies that can enable a more efficient, cost-effective and sustainable solution for the distribution and consumption of hydrogen across a breadth of end uses – notably, for a growing fleet of hydrogen fuel cell vehicles.
“PowerTap has affirmed the significant potential that we see in the AES technology to support the mass transition to clean energy. We are thrilled at the prospect of an AES-PowerTap technology integration and a partner that can help accelerate development of a large, consumer-oriented use case for AES,” said Chris Younger, CEO of Aberdeen.
Following the transaction, PowerTap and Aberdeen own 49% and 41.67% of AES-100 Inc., respectively, with the balance held privately. The PowerTap transaction implies an $11M increase in the value of Aberdeen’s investment, reflecting a ~200% return on invested capital over the course of approximately five months. For details of the PowerTap transaction please see https://www.globenewswire.com/news-release/2021/07/27/2269304/0/en/REPEAT-PowerTap-Acquires-49-of-AES-100-Inc-a-Green-Hydrogen-Technology-Company-Focused-on-Fuel-Cells-for-the-Transportation-Industry.html
ABOUT ABERDEEN INTERNATIONAL INC.
Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the rare metals and renewable energy sectors. AES-100 Inc., an Aberdeen portfolio investment, owns the exclusive rights and all intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.
For additional information, please visit our website at www.aberdeen.green
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Chief Executive Officer
Aberdeen International Inc.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the investment portfolio of the Company; the renewable energies sector; the acquisition of AES-100 Inc. by PowerTap and potential synergies and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company’s website at www.aberdeen.green/. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.