European Commission announces plan to transform Europe’s energy system ending dependence on Russian fossil fuels
Commission proposes a new headline target to meet 45% renewable energy by 2030 including 10 million tonnes of domestic renewable hydrogen
Progressus Clean Technologies, through its technology platform, intends to assist with Europe’s transition to renewable energy away from reliance on Russian imports of fossil fuels
RePowerEU plan to require investment of additional 225 billion euros dedicated between now and 2027
TORONTO, May 23, 2022 (GLOBE NEWSWIRE) -- Progressus Clean Technologies Inc. (“Progressus” or the “Company”) announces today that it intends to assist with Europe’s transition away from Russian imports and fossil fuels. This announcement comes in tandem with the European Commission’s announced plan (“RePowerEU”) to transform Europe’s energy system ending dependence on Russian fossil fuels.
Europe’s dependence on Russian fossil fuels costs taxpayers over 100 billion euros each year while also posing a significant economic and political threat. Europe’s plan includes three components: saving energy, diversifying suppliers, and accelerating the roll-out of renewables – most notably Hydrogen. The Progressus technology produces green hydrogen and power which is applicable to existing European projects already underway as well as new projects now possible as a result of the RePowerEU plan.
Within the plan, the Commission has committed to accelerating the 2030 target for renewable energy up to 45%, a significant move in the right direction. Further, the Commission has committed to reducing regulatory hurdles (e.g., shortened and simplified permitting processes) to speed up project implementation and enable the plan on an expedited basis.
Specific to hydrogen, the EU has publicly committed to a target of 10 million tonnes of domestic hydrogen production and 10 million tonnes of additional hydrogen imports by 2030. Hydrogen will be a replacement for natural gas, coal, and oil in hard to decarbonize areas – such as the transportation sector.
Progressus technology produces green hydrogen at industry leading efficiencies while also enabling direct conversion to green power. Implementation of Progressus technology is an ideal compliment to existing projects already underway in Europe while also enabling new projects to accelerate implementation.
“Our commitment to the development of clean hydrogen and power technologies for application in homes and industries around the globe is stronger than ever. Leadership by nation states in setting ambitious clean energy goals are essential. The most recent announcement enables new projects and technologies that will make a meaningful impact for the environment, economy and in this case – global security. Progressus is well positioned to play a key role in helping Europe achieve their 2030 targets,” said a spokesperson for the company.
As the EU further refines and makes available additional information, Progressus is already in conversations with potential European partners to rollout technology and tackle this globally critical challenge. Progressus is committed to providing clean hydrogen and energy solutions that truly reduce carbon impact globally.
ABOUT Progressus Clean Technologies
Progress Clean Technologies (formerly AES-100 Inc.) is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. Progressus Clean Technologies owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the assisting with Europe’s transition to clean energy; Progressus Clean Technologies; the Advanced Electrolyzer System technology; the home power unit, and the company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the hydrogen industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause 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. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
President & CEO
Progressus Clean Technologies