Ammpower Corp - AMMPF stock
Introduction to AmmPower[edit]
AmmPower Corp. (OTC: AMMPF, CSX: AMMP) is a Canada-based mineral exploration company engaged in the production of environmental-friendly energy. The firm focuses on the production of green ammonia. The company is involved in developing all aspects of green ammonia technology, including manufacturing green fertilizers, carbon-free shipping fuel, and moving green hydrogen as ammonia. AmmPower is developing proprietary technologies to propel a large-scale production of green ammonia and green hydrogen and also investigate catalytic reactions to lower production costs and maximize carbon credits in the renewable energy space. It has several LOIs with ports in Brazil and the U.S. to create green ammonia for the agricultural sector. Its assets include the Titan Gold Property and Whabouchi property. The company has a research and manufacturing facility located in Southeast Michigan. It also has a lithium exploration asset in the Eeyou Istche region of Quebec.[1] The company was initially known as Soldera Mining Corp. before changing its name to AmmPower corp. In April 2021. AmmPower was incorporated in December 2019 in British Colombia and is headquartered in Vancouver, Canada. The company's common shares are listed on CSE under AMMP, FRA under 601A, and OTCQB under the AMMPF symbol.[2]
Business Operations[edit]
The company focuses on developing a process that can break down water into its constituent hydrogen and oxygen atoms and add natural nitrogen from the atmosphere to generate ammonia. It is determined to use carbon-free energy sources to achieve an all-clean, synchronized green ammonia production scheme that is efficient, mobile, and modularly scalable. The firm has been recording positive developments in its independent ammonia-making machine (IAMM) green ammonia production unit destined to sire approximately four metric tonnes of green ammonia daily. Its objectives include scaling production to meet the high demand for ammonia products across different industries, decreasing point-to-point modal emissions while reducing logistical costs, decarbonizing sectors that were initially hard to abate via green ammonia, and developing state-of-the-art technologies for the production of green ammonia with minimal by-products.[3]
AmmPower holds an option agreement to generate interest in a mineral asset situated in the Klotz Lake Area, Northwestern Ontario. The company wrapped up the acquisition of AmTek Inc. on March 31, 2021. AmTek owns the Whabouchi South lithium exploration property in Quebec and has been advancing propriety process developments to facilitate the production of green ammonia. The company grouped its business and assets into two distinct groups towards the end of 2021, bearing a new corporate structure for better focus and the entirety of its property portfolio. The divisions were categorized into Ammpower Ammonia & Alternative and Energy Ammpower Lithium & Mineral Resources.
The firm also closed an agreement with Process Research ORTECH Inc. to develop proprietary scientific solutions, technologies, and procedures for the efficient production of green ammonia. AmmPower consented to cover mutually agreed-upon costs and possess the sole right to own, market and distribute the developed technologies. Ortech was entitled to a 1% royalty on revenues earned from the sale of the technologies or expelled from the royalty if AmmPower made a $1,000,000 payment to the company.[4]
Assets[edit]
Klotz Lake Property (Titan Gold Property)[edit]
The asset composes 34 mining claims and stretches roughly 2,312.25 hectares of land. It is located in the Bicknell Lake Area, the mining district of Thunder Bay, Northwestern Ontario. AmmPower entered a huge purchase agreement with the Optionor dated March 7, 2020, where after purchase, the optionor was entitled to a 2% Net Smelter Return on the Property for as long as the company holds interest in the asset.[5]
Whabouchi Property[edit]
Following the successful 100% acquisition of AmTek, AmmPower automatically assumed ownership of AmTek’s assets. The Property is located in the Eeyou Istche region of Quebec. AmTek had no operating business operations at the time of the acquisition; hence the transaction was accounted for as an asset acquisition purchase. Part of the company's payments accounted for seed research, development, and technology expenses.[5]
Sale of Assets[edit]
AmmPower announced the sale of 24 mineral claims, covering 1,283.08 hectares in the James Bay/Eeyou Istche region of Quebec, to Consolidated Lithium Metals Inc. (TSXV: CLM | OTCQB: JORFF | FRA: Z36). The sale was made by one of AmmPower's wholly owned subsidiaries and is subject to the terms outlined in the asset purchase agreement dated July 20, 2023. According to the agreement, CLM acquired a 100% interest in the Claims by paying a total of $60,000 in cash. Additionally, AmmPower was granted a 1% net smelter return royalty on the Claims. CLM has the option to repurchase this royalty at any time for $250,000.[6]
Company and Industry Developments[edit]
AmmPower announced on December 30, 2022, that it had sealed a binding letter of agreement to acquire 50.05% of Progressus Clean Technologies, Inc.’s issued and outstanding common shares. Progressus Clean Technologies, Inc. is an emerging green technology company developing iconic hydrogen generation and separation technologies. Its proprietary separation technology has the potential to efficiently extract hydrogen from dilute syngas, thereby boosting ammonia production. AmmPower intends to employ Progressus’ hydrogen extraction technology in various ammonia-use cases such as cracking, shipping, and in its IAMM™ fertilizer units to maximize shareholder value. Dr. Gary Benninger, the company’s CEO and Executive Chairman, added that the acquisition would improve AmmPower’s vertical integration and lower system costs.[7]
On November 3, 2022, the company made public its execution of a non-binding LOI with Alkaline Fuel Cell Power Corp. (PWWR). PWWR develops affordable, efficient, and renewable energy products and cleantech. The LOI summarized both parties’ intentions for a joint venture development of a top-tier project, testing the simulation of PWWR’s off-grid fuel cell generator and AmmPower's ammonia cracking technology. AmmPower’s cracking technology facilitates the safe storage and transportation of hydrogen worldwide as ammonia and its conversion back into hydrogen for cleaner and more efficient ultimate use. PWWR's low-cost hydrogen fuel cell systems efficiently convert hydrogen into electricity without CO2 emissions. The goal of the joint venture is thus to synchronize both companies’ systems to capture the global clean energy market opportunities.[8]
Leadership[edit]
Management Team[edit]
Gary Benninger, PH.D., CEO, and Executive Chairman of The Board
- Recently stepped down from his position at Magna International Inc., the world third largest automotive parts supplier
- Held several managerial positions in his long tenure at Magna, including executive Vice President of Engineering and R&D for the Corporation and Division General Manager, orchestrated the development of new technologies leading to over $1 billion in gains from sales
- He also served as CEO of the North American Operations of the Becker Group and as CEO of Amerityre Corporation, a polyurethane tire manufacturer
- Worked as a product engineering manager for Ford Motor Company before Magna
- He holds patents on air conditioning compressor clutches, disc brakes, radiators, tires, and outdoor equipment
- He has B.S., M.S., and Ph.D. degrees in Physics.
Christopher Lilla, Chief Financial Officer
- Has 20 years of progressive experience in financial management
- He has plenty of expertise navigating global institutions via complex merger and acquisition transactions, integrations, and finance function developments
- Previously served Mobex Global as Executive Vice President and Chief Financial Officer for three years
- At Mobex Global, he took care of accounting and reporting, financial planning and analysis, human resources, taxes, treasury, and information technology
- He acquired his B.A. and M.S. in Accounting from Michigan State University
- He is also a CPA
Other executive team members include Rene Bharti, President; Zhenyu Zhang, PH.D., Chief Technologist; Luisa Moreno, PH.D., VP of Technology & Government Relations; and Venkat Pattabathula, Director Of Ammonia Production Processes.[9]
References[edit]
- ↑ AMMPF – COMPANY DETAILS – CNBC News.
- ↑ AMMPF - Company Profile- Seeking Alpha.
- ↑ WE ARE AMMPOWER – Objectives – AmmPower website.
- ↑ AMMPOWER CORP. Management’s Discussion and Analysis for the nine months ended February 28, 2022, Dated: April 27, 2022, page 2. Accessed on 01/03/2023.
- ↑ 5.0 5.1 AMMPOWER CORP. Management’s Discussion and Analysis for the nine months ended February 28, 2022, Dated: April 27, 2022, - Property Description. page 3 & 4. Accessed on 01/03/2023.
- ↑ GlobeNewswire. AmmPower Corp. Announces Sale of Mineral Claims. July 25, 2023.
- ↑ AmmPower Corp. Announces Letter Agreement for Acquisition of 50.05% of the Common Shares of Progressus Clean Technologies, Inc. – Yahoo Finance. Retrieved on 01/03/2023.
- ↑ AmmPower Corp. Announces Letter of Intent for Joint Venture with Alkaline Fuel Cell Power Corp. for Fuel Cell Generator Pilot Using Green Ammonia -Yahoo Finance.
- ↑ MANAGEMENT TEAM – AmmPower website. Accessed on 01/03/2023.
OTC Symbol: AMMPF | OTC Tier: OTCQB
