DGAP-News: AmmPower Corp.
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AmmPower Has Entered Into Negotiations for Sale and Delivery of First IAMM (TM) Unit
AmmPower's IAMM™ Units Set to Become Disruptor in Global Green Ammonia Market
TORONTO, ON / ACCESSWIRE / September 8, 2022 / (CSE:AMMP)(OTCQB:AMMPF)(FSE:601A) AmmPower Corp. (the "Company" or "AmmPower") is pleased to announce that the Company has entered into negotiations with a potential purchaser of its first IAMM™ unit. AmmPower is proud to announce that, subject to entering into a definitive agreement in respect of the potential sale transaction, it could be delivering its first unit within the United States late in the first quarter of 2023. This is a pivotal point for the company to achieve commercialization and revenue generation, and the IAMM™ unit would be one of the first revenue generating initiatives globally in the green ammonia space.
AmmPower recently successfully completed its pilot prototype, the "demo unit", capable of producing 50 kg of ammonia per day, at its Manufacturing and R&D facility in Michigan. The demo unit has run successfully since initiation and multiple patents have been submitted on AmmPower's reactor technology. This same technology being scalable quickly allowed AmmPower to begin its sales cycle for the 4 metric ton/day green ammonia production unit, the Independent Ammonia Making Machine™.
Since the launch of IAMM™ pre-sales in July 2022, AmmPower has received many inquiries about the units, and has sent out budgetary quotes for both single-unit orders and multi-unit orders all over the world. AmmPower is however surprised to learn that the interest in the IAMM™ units goes beyond the agricultural industry for use of anhydrous ammonia as fertilizer in the United States, as the Company has received global interest in the agricultural, industrial, and energy sectors.
With the passing of the U.S. Inflation Reduction Act on August 16th, 2022, the economics around the IAMM™ units changed significantly. The potential 3 $/kg hydrogen tax credit equates to 530 $/metric ton of green ammonia tax credits.
Gary Benninger, CEO of AmmPower, states, "we are extremely excited to be close to completing our first sale of the IAMM™ unit. We are truly on the verge of a ground breaking moment, and our units have the potential to be an incredible disruptor for the agricultural space. The green movement has changed the landscape of farming and we are extremely proud that we will be leading the front."
On Behalf of the Board of Directors
For More Information please visit www.ammpower.com, or contact AmmPower Investor Relations: +1 248-662-5565, email@example.com
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
SOURCE: AmmPower Corp.
08.09.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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1437861 08.09.2022 CET/CEST