AmmPower Corp. announces the development of its IAMM™ green ammonia production unit for the agricultural space
VANCOUVER, Feb. 09, 2022 - AmmPower Corp. (CSE: AMMP) (OTCQB: AMMPF) (FSE: 601A) (the "Company" or "AmmPower") is pleased to announce the development of its IAMM (Independent Ammonia Making Machine) green ammonia production unit. Once in production, the IAMM Units are expected to have a production capacity of 4 metric tons of green ammonia per day. The target market for the units will be independent distributors and retailers of anhydrous ammonia used for fertilizer. Ammpower is now in discussions with potential customers regarding placing orders and delivery times. The Company is aiming to have first units available by late Q3 of this year. Pricing has not been finalized but is targeted to be between $3 million and $3.5 million per unit.
Presently, AmmPower is completing assembly of its green ammonia synthesis demonstration unit that will have a capacity or 50 kilograms per day. The technology used in this demonstration unit is scalable and will be used for the IAMM units.
Eric Kelley, Director of Sales and Marketing, Agriculture reports, "The market has been extremely receptive to the concept of distributed ammonia production. The targeted pricing of the unit is intended to be disruptive and will represent an economically feasible solution for our intended customer base."
Gary Benninger, AmmPower CEO stated, "We are pleased with the response that our planned IAMM units are receiving. The distributed production concept puts the control of the ammonia production closer to the end user and allows distributors and retailers to avoid the logistical supply problems that they so often encounter."
On Behalf of the Board of Directors
Gary Benninger
Chief Executive Officer
About AmmPower
AmmPower is a resource exploration company with an increasing focus on clean energy. The Company is based in Vancouver, BC and owns the Whabouchi South lithium exploration property located in the James Bay/Eeyou Istche region of Quebec and holds an option over the Titan Property located in the Klotz Lake area in Northwestern Ontario. In addition, together with its partner, ORF Technologies Inc., based in Toronto, Canada, the Company is working on the development of a proprietary solution to produce green ammonia and green hydrogen, and is also investigating revolutionary catalyst methods to react Nitrogen and Hydrogen together with the aim of creating 100% clean, and cost effective green, turquoise, and blue ammonia.
Investor Relations
604-398-3379
invest@ammpower.com
Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties, including with respect to the Company's ability to further develop IAMM™ units, to produce a prototype for such units, there being a market for such units, and the target launch date and price of such units.. All statements within, other than statements of historical fact, are to be considered forward-looking. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
The Canadian Securities Exchange (CSE) has not reviewed, approved or disapproved the contents of this press release.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/f18d9dbf-52d1-4300-94c1-b20b162d200a
