JERSEY CITY, N.J., Jan. 10, 2023 (GLOBE NEWSWIRE) -- Vision Energy Corporation (OTCQB:VENG) (“Vision Energy” or the “Company”) announces the incorporation of new Dutch subsidiaries to accommodate strategic initiatives for prospective partners, operators and launching customers for its integrated Green Energy Hub development in North Sea Port of Vlissingen, the Netherlands.
The Company has incorporated “Vision Hydrogen BV” as a project development company to develop, own and operate the Company’s planned Ammonia Cracking Facility, for back-cracking imported green ammonia to hydrogen gas as a service. It is planned that the Ammonia Cracking Facility will integrate with the Company’s import, storage and handling terminal development in Vlissingen via a short pipeline enabling dedicated storage and handling capacity for imported green Ammonia feedstock, subject to additional studies and obtaining all requisite permits and approvals.
On December 2, 2022, the Company entered into a Memorandum of Understanding with Linde Engineering in connection with a mutual interest to participate in co-investment, development and operations associated with Hydrogen production through Ammonia back-cracking (please refer to Company News Release December 12, 2022). Vision Hydrogen BV plans to commence pre-feasibility, pre-development and initial permit preparation efforts in consultation with Linde Engineering to define the land area required for the facility, and to allocate suitable lands for detailed development and engineering.
The Company has also incorporated “Evolution Terminals Operating BV”, a dedicated operating entity to jointly own and operate logistics infrastructure under a joint operating agreement on behalf of the terminal in the event that the terminal’s tank storage assets are owned by more than one strategic equity partner, and “Evolution Terminals SPV II BV”, a special purpose vehicle to be utilized for joint ownership of specific storage assets with a strategic launching customer or partner.
About Vision Energy
Vision Energy is a forward-looking energy company developing assets and solutions for the commercial, industrial and transportation sectors. Leveraging its proven track-record in site and asset procurement, accelerating development and permitting processes, plant design, and grid integration to facilitate low-carbon energy production, supply and distribution. The Company pursues reliable offtake relationships and operating partnerships with energy industry participants and end users seeking carbon abatements across feedstock and fuels. Vision Energy is committed to providing low carbon energy solutions with the highest yield, and where possible, projects are designed to leverage existing gas and power infrastructure to integrate and facilitate import and or distribution of reduced-carbon energy to domestic and global supply chains.
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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.