Vancouver, British Columbia--(Newsfile Corp. - October 31, 2022) - VPN Technologies Inc. (CSE: VPN) (OTC Pink: SRBBF) (FSE: 6GQ1) ("VPN Technologies", or the "Company"), is pleased to announce further updates on the development of its wholly-owned subsidiary Greentech Hydrogen Innovations Corp. ("Greentech").
Since filing for a patent provisioning of a novel proprietary "smart" IoT (Internet-of-Things) data aggregation and analytics technology in June 2022, the Company is on track to meet the patent requirements including proof of concept, prototype and a forthcoming minimum viable product is slated for early 2023 upon completion of Hydrogen-of-Things™ (HoT) patent filing.
Greentech's Hydrogen-of-Things™ utilizes data collected from clusters of sensors distributed throughout the supply chain and leverages machine learning techniques to output yet unknown energy related findings. "We are attempting to build a novel energy grid where hydrogen takes center stage as an energy carrier." VPN CTO & Greentech project lead Curtis Ingleton adds, "Much of the potential input to the electrical energy grid is lost due to inefficiency and inability to store accumulated energy. We aren't just looking to fuel cars, trucks & ships but we're looking to distribute energy on a massive scale. Without insights like those offered through HoT, betting on hydrogen to successfully augment energy consumption globally is a shot in the dark at best."
The HoT offering has a multi-phased delivery of features and aims to balance a minimum service offering with massive data collection. Collected data is analysed using proprietary algorithms to determine a variety of new metrics such as distributed hydrogen production & availability, carbon impact, buyer/seller matchmaking along with staple metrics like tank temperature, pressure & flow. The platform depicts the data through unique images, charts, animation, infographics and is accessible to subscribers. Greentech intends to offer various levels of data access subscriptions, HoT device sales, licensing opportunities and potential revenue from fuel commissions.
Greentech will operate the HoT device assembly, technology development, product distribution, device installation, technology licensing, sales, and support while VPN Technologies will be the exclusive network provider for Greentech's cloud analytics monitoring service.
Additionally, Greentech is in a position to qualify for various innovation grants and plans are in place to access capital without any further stock dilution to VPN.
VPN President and CEO, Paul Dickson states, "I'm pleased to see the hardware and software development unfold and enthusiastic about how the adoption of hydrogen as a fuel source is becoming more prevalent, specifically green hydrogen."
Ingleton explains further; "We are encouraged by the HoT proof of concept reaching its completion and have already begun developing a prototype. If progress continues at its current pace, it would be reasonable to expect this stage of the project to be finished by year end. With the prototype finished we can finalize our patent and advance past the provisional stage."
The International Renewable Energy Agency ("IRENA") stated in an October 18, 2022 article "Hydrogen is experiencing unprecedented momentum and given the current geopolitical turmoil leading to severe risks for global energy security, the need to accelerate its development has become even more important. This was recognised by the German G7 presidency who announced, in the 'G7 Hydrogen Action Pact" earlier this year, the need for strengthened collaboration between G7 members on the development of green and low carbon hydrogen value chains."
Recent findings suggest hydrogen could ultimately account for one third of global energy demand, with some calling for a potential $10 trillion market. IRENA believes hydrogen is perhaps best suited to meet 30% of global energy demand that is not readily decarbonized (even with electrification). Long-haul transport, city buses, rail, marine and aerospace are clear candidates for hydrogen adoption.
In many countries, such as the Canada, United States, China, Japan, Australia, Germany, Turkey, UK, etc., the importance of hydrogen economy has been recognized. The global hydrogen generation market size was valued at USD 120.77 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
About VPN Technologies Inc.
VPN Technologies Inc. is a provider of Virtual Private Network (VPN) services to the retail market and SMEs.
Greentech Hydrogen Innovations Corp. is a wholly owned subsidiary of VPN Technologies, a startup energy company formed to identify opportunities in both the science for the purpose of commercialization and the development of products and services addressing the growth in a wide range of long-term hydrogen businesses related to global energy policy objectives and targets.
On Behalf of the Board,
President & CEO
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of VPN Technologies Inc. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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