VANCOUVER, British Columbia, Jan. 31, 2022 (GLOBE NEWSWIRE) -- AmmPower Corp. (CSE: AMMP) (OTCQB: AMMPF) (FSE: 601A) (the “Company” or “AmmPower”) is pleased to clarify and provide additional information in relation to certain disclosure contained in its press release issued earlier today.
The Company notes that it has signed a Letter of Intent (“LOI”) with the Port of South Louisiana (“PoSL”), pursuant to which AmmPower and PoSL will jointly explore the feasibility of developing a green hydrogen/ammonia facility at the PoSL (the "Potential Project"). PoSL is the largest tonnage port in the Western Hemisphere, servicing over $57 Billion in Exports, and $18 Billion in imports every year. Stretching 54 miles along the Mississippi River, PoSL is a vital port to the United States, and ranks first in total domestic trade and second in total foreign trade.1
Under the terms contemplated by the LOI, AmmPower will work with PoSL to identify a potential site for the Potential Project, and to determine, and share information with respect to, the economic, structural, commercial, financial and logistical feasibility of developing the Potential Project, which is currently contemplated as a large green hydrogen and ammonia facility, to produce, store and distribute green ammonia for use as a carbon free fuel and a carrier of hydrogen energy. The facility would be aimed at servicing the fueling of oceangoing vessels (over 4,500/year) at the PoSL, and at providing hydrogen rich, green ammonia for use domestically and for export. In addition, each party has committed to allocating one professional belonging to its own staff to carry out the actions and activities contemplated by the LOI.
The Company estimates that the cost of the Potential Project will be upwards of $1 billion, and notes that any decision to proceed with construction ("Construction Decision") will depend on a variety of factors and contingencies, including, but not limited to, the negotiation of a satisfactory definitive agreement with PoSL, completion of a feasibility report and raising the funds necessary to proceed. The Company estimates that construction and development will take approximately 39 months from the time a Construction Decision is made. The Company has engaged a large, experienced Engineering Procurement Construction company to complete a feasibility report, which is currently underway. Once the study is completed, the Company intends to provide further details regarding overall costs associated with the Potential Project.
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.
About Port of Southern Louisiana
The Port of Southern Louisiana is the largest tonnage part in the Western Hemisphere, hosting over 3,600 oceangoing vessels every year, amounting to over 71 million US tons of cargo (15% of Total U.S. Exports). Port of Southern Louisiana (“PoSL”) is a superport that is occupies over 50 miles of the Mississippi River, Most active Foreign Trade Zone (FTZ #124) in America, and a key port of entry and exit to the United States.
PoSL is strategically located, and houses over 40 liquid and bulk terminals and serves as the #2 energy transfer port in the U.S., currently housing four major oil & seven crude oil storage terminals. PoSL does over $57 Billion worth of exports, and over $18 Billion worth of imports every year.
https://www.globenewswire.com/news-release/2022/01/31/2376139/0/en/AmmPower-Corp-Provides-Additional-Information-Regarding-Letter-of-Intent-to-Develop-Ammonia-Production-Facility-with-Port-of-South-Louisiana-Largest-Tonnage-Port-in-the-Western-Hem.html