HydroGraph and Gulf Cryo Begin Initial Steps to Bring Pristine Graphene to the Middle East

Initial planning and market assessment phases to focus on composites, plastics, resins, lubricants, cement and concrete applications

VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- HydroGraph Clean Power Inc. (CSE: HG) (OTCQB: HGCPF) (the “Company” or “HydroGraph”), a commercial manufacturer of pristine graphene, announced today that it has entered into a memo of understanding (MOU) signed May 13th, 2024, with Gulf Cryo LLC ("Gulf Cryo"), a leading provider of industrial, medical and specialty end-to-end gas solutions in the Middle East and Africa (MEA) region, to collaborate in the production, distribution and selling of HydroGraph’s pristine graphene to the Middle East region.

Under the terms of the MOU, HydroGraph and Gulf Cryo will work together to assess the local market, as well as to identify placement and operation of a commercial-scale graphene production unit (Hyperion System). HydroGraph will contribute technical, operational and application expertise while Gulf Cryo will bring the essential business development and operating resources.

The partnership will cover key markets in the region, among them the United Arab Emirates (U.A.E.), Bahrain, Kuwait, Oman, Qatar, Jordan and Egypt, and it will focus on the areas of lubricants, resins, bottling and concrete, with the planning and market assessment phases expected to last three to five months.

“We made an initial investment in HydroGraph in November 2023 and now are looking forward to extending the relationship to leverage the enormous investment focus in the region on innovative and sustainable technologies such as graphene,” said Amer Huneidi, executive chairman and CEO of Gulf Cryo. “Given that HydroGraph’s graphene uses oxygen and acetylene as raw materials, and there is a broad range of potential graphene applications in this region, this is a unique opportunity to extend our product line into new areas, creating value for our customers and shareholders, while we play our role in supporting the sustainability goals.”

“We are excited to begin this partnership with Gulf Cryo as we see several mutually beneficial opportunities,” said HydroGraph President and Interim CEO Kjirstin Bruere. “In addition to being a leading provider of acetylene to the Middle East and offering the required feedstock to HydroGraph’s high-purity graphene production process, Gulf Cryo has strong operational capabilities and shares many of the same target customers as us. Importantly, they have an established operating footprint within the region with steadfast relationships.”