EEStor enters into Letter of Intent to Acquire Green NH3

Sustainable fuel generated from air and water at any location where it is needed, will provide a clean and renewable energy source across a vast array of applications

TORONTO, Aug. 06, 2020 (GLOBE NEWSWIRE) -- EEStor Corporation (TSX.V: ESU) (“EEStor”), is pleased to announce it has entered into a letter of intent, dated August 6, 2020, pursuant to which it proposes to acquire all of the outstanding share capital of Green NH3 Inc. (“GREEN NH3”).  Based in Georgetown, Ontario, Canada, GREEN NH3 is a private company involved in research, development and commercialization of zero-emission NH3 fuel, generated from its patented and scalable process.

Roger Gordon, Founder and CEO of GREEN NH3 and its patent holder, stated: “The team at GREEN NH3 is excited by this transaction and the variety of opportunities that the combined enterprise addresses. We are pleased to be associated with Ian Clifford and his team, who have extensive development and production experience and a long history in the public markets. Our systems will provide for replacement technology of greenhouse gas-emitting fossil fuel- based generation and back-up systems and are designed to integrate into sophisticated smart grids. The combined expertise of the two companies should provide for a multitude of opportunities.”

Gordon continued: “GREEN NH3 fuel and power generating technology has the potential to change the way the world consumes energy. Through the creation of a fuel that has the potential of a true zero-emission footprint and that can be utilized in virtually every aspect of our lives, we can reshape the way we consume energy for generations into the future. The ability to produce non carbon based fuel and generate energy without any negative environmental footprint is what our world needs now and what GREEN NH3 technology represents.”

Ian Clifford, Founder and CEO of EEStor added: “The acquisition of GREEN NH3 represents a strategic and valuable integration for both companies. The mission, values and principles of Roger Gordon and EEStor are highly aligned. The imperative for sustainable and globally scalable energy solutions has never been so evident. The credibility and viability of the technology is unassailable. A third-generation production capable prototype is fully built and certified by the Ontario Tech University (University of Ontario Institute of Technology) in Oshawa, Canada, under the supervision of Dr. Dincer and his team.”