Vancouver, British Columbia--(Newsfile Corp. - May 13, 2021) - VPN Technologies Inc. (CSE: VPN) (OTC Pink: SRBBF) (FSE: 6GQ1) ("VPN Technologies", or the "Company") is pleased to announce the engagement of product development acceleration and innovation as a service company FYELABS.
Over the next 3-4 weeks, VPN Technologies' CTO and director, Curtis Ingleton is working closely with the FYELABS Team of scientists to complete a state-of-the-art review exploring new business opportunities in hydrogen-storage. The marketspace and technology landscape in this area is rapidly evolving. Thus, establishing a business in this market requires careful scrutiny of, e.g.,
- technical maturity of existing and emerging technologies,
- demand on various end-user markets,
- safety regulations,
- cost and energy densities,
- logistics of transportation and distribution, and
In addition, careful attention must be afforded to the existing participants in the market, particularly their intellectual property protection strategies.
VPN Technologies recently reported the formation of its wholly-owned subsidiary, Greentech Hydrogen Innovations Corp. (“Greentech Hydrogen”). The initial objectives for Greentech Hydrogen include identifying opportunities in both the science for the purpose of commercialization and the development of products and services addressing the growth in a wide range of long-term hydrogen businesses related to global energy policy objectives and targets.
Recent findings suggest hydrogen could ultimately account for one third of global energy demand, with some calling for a potential $10 trillion market. The International Renewable Energy Agency ("IRENA") believes hydrogen is perhaps best suited to meet 30% of global energy demand that is not readily decarbonized (even with electrification). Long-haul transport, city buses, rail, marine and aerospace are clear candidates for hydrogen adoption. The recently published Hydrogen Strategy for Canada details a path for the country to lead in innovation, intellectual property and industry. Canada has already surged to account for over 1/2 of fuel cells deployed in buses globally which make use of Canadian powertrain technology.
Despite the rapid growth of electrification throughout the economy, roughly one-third of global energy related emissions come from sectors for which there are no economic alternatives to fossil fuels (IRENA, 2017). These emissions originate primarily from energy intensive industrial sectors and freight transport.
Curtis Ingleton stated, "Our latest business model is deeply rooted in the research of the underlying business and science of hydrogen. Working with FYELABS will help verify our existing findings and allow us to forge a clear, successful path in this space."
FYELABS Founder & CEO, Dr. Suvojit Ghosh, is excited to initiate research on behalf of VPN Technologies and will be personally monitoring the progress of this project. "The hydrogen economy is just around the corner. It is an obvious next step in meeting our society's energy needs. We are excited to be a part of this journey with VPN Technologies," said Ghosh.
About VPN Technologies Inc.
VPN Technologies Inc. is a provider of Virtual Private Network (VPN) services to the retail market and SMEs.
The company is the parent of wholly-owned subsidiary, Greentech Hydrogen Innovations Corp., a startup energy company.
On Behalf of the Board,
Paul Dickson, President & CEO
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of VPN Technologies Inc. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved, or disapproved the content of this press release.
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SOURCE VPN Technologies Inc.