EEStor Corporation enters into Letter of Intent to Acquire Infinium Generation Ltd.

Fuel generated from air and water at any location where it is needed, will provide a clean and renewable energy source with reduced need for distribution networks

TORONTO, Feb. 24, 2020 (GLOBE NEWSWIRE) -- EEStor Corporation (TSX.V: ESU) (“EEStor”), is pleased to announce it has entered into a letter of intent, dated February 20, 2020, pursuant to which it proposes to acquire all of the outstanding share capital of Infinium Generation Ltd. (“INFINIUM”).  Based in Montreal, Canada, INFINIUM is an arms-length private company involved in research and development and commercial activities related to zero-emission NH3 fuel, generated from a patented and scalable process.

Jean-Louis Bertrand, Co-Founder and CTO of INFINIUM stated: “The team at INFINIUM is excited by this transaction and the multitude of opportunities that the combined enterprise addresses – from the immediate replacement technology of greenhouse gas-emitting fossil fuel- based generation and back-up systems, to the most sophisticated smart grid integration. The combined expertise of the two companies should provide for a wide range of opportunities.”

Bertrand continued: “INFINIUM Generation’s fuel and power generating technology has the potential to have a significant effect on our lives and shape the way we consume energy for generations into the future. The ability to produce fuel and generate energy without any carbon footprint is what our world needs now and what INFINIUM technology may represent.”

Ian Clifford, Founder and CEO of EEStor added: “The acquisition of INFINIUM by EEStor represents a strategic and valuable integration for both companies. The mission and principles of INFINIUM and EEStor are synergistic. The imperative for sustainable and globally scalable energy solutions has never been so evident.”

Clifford continued: “The acquisition of INFINIUM will allow for the targeted implementation of specific types of zero-emission generation technology to address some of the most pressing and dynamic energy needs globally. By creating zero-emission fuels from sustainably generated purified water, in exactly the place that the energy needs to be consumed, we hope to reduce, and potentially eliminate, the need for profoundly inefficient distribution networks that exist today.”