JERSEY CITY, N.J., May 01, 2023 (GLOBE NEWSWIRE) — Vision Energy Corporation ( OTC:VENG ) (“Vision Energy” or the “Company”) is pleased to provide a Corporate and Project Development Update.
Vision Energy recently announced results for the fiscal year ended December 31, 2022. “Our investments in partnerships, coupled with our expanding development team and accelerated development process has proven to be effective in attracting new partners and expanding existing relationships,” said Andrew Hromyk, Chief Executive Officer.
2022 Fiscal Year Highlights:
VoltH2 Dutch Subsidiaries Sale, Resulting in $11.25 MM injection of Cash from sale proceeds to paid in capital as part of stockholders’ equity
Acquisition of Evolution Terminals B.V. inclusive of 14 H.A. Development Site strategically located at the mouth of the Westerschelde Estuary to the North Sea in the Netherlands, and with access to rail, road, sea and major gas and power infrastructure
Engagement of Linde Engineering to accelerate engineering development with an Industry Leader
Secured an additional 2 H.A. of land contiguous to existing 14 H.A.
Expansion of Project Management and Development Team
Project Development Highlights Q1 2023
Evolution Terminals B.V., the Company’s wholly owned subsidiary, is continuing to make significant progress in advancing its Green Energy Hub development project in the North Sea Port of Vlissingen, the Netherlands.
In January 2023 , the Company concluded the development of an Integral Fire Protection Plan (known as the “IPB”) based on the design principals of the Evolution Terminals facility. The IPB will be further supplemented throughout the remaining development phases of the project.
In February 2023 , soil sampling and stability testing on both the seabed and onshore was initiated and is now concluded for the foundations of the new jetty and onshore storage tank infrastructure.
In March 2023 , the Company’s Project Management Team engaged several external consultants and specialists over two separate workshops to carry-out a detailed risk, hazard, and operability study to produce a “HAZID” report. The HAZID examines the design and operational characteristics of the future facility and is a risk identification study for supporting final design. The objective of the study was to identify safety and potential environmental risks and to determine and implement safeguarding and control measures to mitigate any risks identified.
The definitive Environmental Permit application was submitted in Q1 2023. The Construction Permit application for the initial phase (“Phase 1a”) of the Company’s development plan for Green Ammonia storage and all related infrastructure is in preparation and scheduled for submission within Q2 2023. The Construction Permit application is comprised of inputs and data from all recent studies and basic engineering efforts undertaken for sea, road and rail logistics infrastructure, storage tanks, storage tank foundations, office and workshop buildings and utilities. The Company will submit its Construction Permit application in stages according to the phases of the development plan and with consideration of commercial demand and customer operating requirements.
The pre-FEED study that was awarded to Linde Engineering in November 2022 will conclude in May 2023 for Phase 1a Green Ammonia (NH3) infrastructure, which includes 150,000 cbm of ammonia capacity comprising of 5, 30,000 cbm refrigerated bulk storage tanks. The Company will continue in its strategy to parallel-track permitting and engineering efforts to ensure development timelines remain as efficient as practical in response to increasing commercial enquiries for Green Ammonia capacity booking. The Company anticipates awarding a full FEED contract for Phase 1a design shortly after conclusion and delivery of the pre-FEED.
The Company is in advanced negotiations with several prospective customers that are seeking to secure storage and throughput capacity to facilitate imports of Green Ammonia into Western Europe from 2026 onwards. In Phase 2 of its development plan, the Company is planning to develop an integrated ammonia back-cracking plant to facilitate the cracking of Green Ammonia to Hydrogen gas, as a service for commercial customers wishing to transport and distribute Hydrogen imported as Ammonia, via the future European Hydrogen Backbone currently in development.
About Vision Energy
Vision Energy Corporation identifies energy commodities and focuses on originating and developing energy infrastructure projects and assets which facilitates the energy transition through low-carbon energy solutions. The Company leverages its experienced team with a vast proven track-record in site procurement, accelerating development permitting, facilities design, engineering studies and project management to deliver an efficient and method driven project development process. Vision pursues commercial relationships and operating partnerships with energy industry participants and off-takers seeking carbon abatement across feedstock and fuels. Vision Energy is committed to providing low carbon energy solutions whilst targeting an attractive investment yield, by utilizing and leveraging existing gas, power, and logistics infrastructure to enable import and or distribution of reduced-carbon energy for domestic and global value chains.
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Forward Looking Statements:
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “forecast”, “anticipate,” “believe,” “estimate,” “expect” and “intend,” among others. These forward-looking statements are based on current expectations, and actual results could differ materially. The Company does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.