Enters into NDA With Large US Fleet Operator Burnaby, British Columbia--(Newsfile Corp. - October 19, 2021) - Aether Catalyst Solutions, Inc. (CSE: ATHR) (FSE: 2QZ) ("ATHR" or the "Company") is pleased to announce that it has entered into a Non-Disclosure Agreement (the "NDA") with a large US fleet operator ("Fleetco") to begin the evaluation and development of Aether's catalyst for use in their fleet of over 150,000 vehicles.
Fleetco, with a market cap of more than US$10 billion, approached Aether due to increasingly significant losses from catalytic converter theft from its fleet vehicles. Fleetco suffers losses from both the cost of transporting inoperable vehicles and subsequently replacing expensive catalytic converters, as well as having those vehicles out of commission. This is a growing problem for all fleet operators globally (https://www.nytimes.com/2021/02/09/climate/catalytic-converter-theft.html) , as the cost of Palladium (the most expensive component of catalytic converters) has risen dramatically over the last 5 years. (https://www.kitco.com/charts/popup/pd1825nyb.html)
Aether has chosen a catalyst formulation for benchmarking and will scale up that catalyst and ship it to Fleetco for testing at Fleetco's research facility in a vehicle representative of their fleet to begin the project.
Taylor Procyk, Chief Operating Officer of Aether comments, "Working with Fleetco presents Aether with an opportunity to test our technology in a real-world transportation application. Our catalyst technology has come a long way in the last few years and we're eager to take these next steps towards commercialization."
Paul Woodward President of Aether adds, "We're tremendously excited about this opportunity - this is a needs-based scenario - Fleetco is seeking to innovate to solve an expensive and rapidly growing problem with a cost in both dollars and operating inefficiency. Our catalyst is not only less expensive than the incumbent PGM catalyst, but it is also far less likely to be stolen. We are looking forward to begin the development of our non-PGM catalyst solution with Fleetco."
https://www.newsfilecorp.com/release/100164