Victory Clean Energy Enters into Agreement to Acquire Innovative Low-Cost Green Hydrogen Production Technology from Proton Power - Seite 2

Jim McGinley, Chief Executive Officer of Victory added, "We are very excited about this transaction and believe it will be a game-changer in the green energy marketplace as we work to continue to improve efficiency and commercialization of this innovative technology through planned initial deployment in 2025." Mr. McGinley continued, "it is increasingly clear that biomass pyrolysis is a critically needed technology in achieving world-wide decarbonization."

The CHyP system will be capable of operating on over 100 different types of biomass, including wood, agriculture waste, and most forms of biomass. The CHyP system can generate energy-rich syngas for electricity and, therefore, is not dependent on the grid to operate.

Victory has already announced plans to build its first commercial facility in California for the Redding Rancheria Tribe in 2025. This is planned to be the first of 32 plants nationwide in partnership with the Redding Rancheria Tribe to provide green hydrogen as part of a nationwide infrastructure for hydrogen transportation. Also, in 2025, Victory also plans to build a 3 tonne per day demonstration facility to supply a green charging station, demonstrating the ability to use hydrogen-rich syngas as part of a true carbon-negative and economical charging solution for electric vehicles. Victory is also exploring other co-location partnerships, including ones in the industrial sectors such as refineries, ammonia, steel, and fertilizer, among others, to leverage this technology for cost savings and emissions reductions.

The transaction is expected to be finalized this month but is subject to board approvals of an exclusive license agreement and asset purchase agreements. The acquisition price of $100 million is structured with payments scheduled over a 5-year period, which will allow Victory to focus on deploying capital toward its commercialization efforts. Victory will acquire the CHyP engine intellectual property, utilize the Proton manufacturing facility in Lenoir City, Tennessee, and become a supplier of biochar for Proton's proprietary graphene manufacturing process.

CHyP Announcement Conference Call
VYEY will host a webcast at 12:00 p.m. EST / 11:00 a.m. CST on Wednesday August 7th, 2024, to discuss the acquisition and technology in greater detail. The live webcast of the call and an archived replay will be available online in the Investor Relations section of Victory's website. Those wishing to participate will find link or dial-in information to be announced in a following release.