Micromem's ARTRA Unit Ready for Global Field Trials in the Natural Gas Sector

Rhea-AI Summary

Micromem Technologies announces its ARTRA unit is ready for field trials in the natural gas industry. The unit is being transported to Toronto for review before European certification by the client. The company is developing a second configuration - a well-mounted automated unit for gas wells. Market potential includes over 12,000 gas wells in Europe and potentially 100,000+ wells globally. The next development phase involves integrating an automated sampler with the ARTRA unit, with installation projected for Q1 2025.

Positive

• Large market potential with over 12,000 gas wells in Europe
• Global market opportunity exceeding 100,000 gas wells
• Product ready for field trials and certification

Negative

• Installation timeline delayed to Q1 2025
• Still awaiting development schedule from engineering partner

Toronto, Ontario and New York, New York--(Newsfile Corp. - October 28, 2024) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ("Micromem") ("the Company") is excited to announce its ARTRA unit, designed for field trials in the natural gas industry, is en route to Toronto for review before being shipped to Europe for inspection and final certification by the Company's client. With access to a cutting-edge automated sampler system, Micromem is advancing the development of its second configuration-a well-mounted and fully automated unit, tailored specifically for gas wells.

The Company sees a significant market opportunity, with over 12,000 gas wells in Europe, and has had widespread initial interest expressed for this technology. Globally, the Company believes that the market for the Configuration 2 automated tracer sampler system could be in excess of 100,000 gas wells. The next phase of development activity involves integrating the automated sampler with the ARTRA unit for field installation on a natural gas well.

Micromem is currently awaiting a development schedule from its engineering partner. Once approved, the Company expects to announce a timeline for installation, currently projected for the first quarter of 2025.

About Micromem.

Micromem Technologies Inc. and its subsidiaries, a publicly traded (OTCQB: MMTIF) (CSE: MRM), company analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the Company successfully powers the development and implementation of innovative solutions for oil & gas, utilities, automotive, healthcare, government, information technology, manufacturing and other industries. Visit www.micromeminc.com.

Safe Harbor Statement

This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; continued consumer adoption of digital technology; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer and technological demands; inability to replace significant customers; seasonal nature of our business; and other risks detailed in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.

The CSE or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.

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Listing: OTCQB - Symbol: MMTIF
CSE - Symbol: MRM
Shares issued 572,985,698
SEC File No: 0-26005

Investor Contact: info@micromeminc.com; Tel. 416-364-2023

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228032

FAQ

When will Micromem (MMTIF) begin ARTRA unit field trials in Europe?

The ARTRA unit is currently being shipped to Toronto for review before European certification, with installation projected for the first quarter of 2025.

What is the market size for Micromem's (MMTIF) ARTRA technology in Europe?

The market includes over 12,000 gas wells in Europe, with a potential global market exceeding 100,000 gas wells.

What is the next development phase for Micromem's (MMTIF) ARTRA unit?

The next phase involves integrating the automated sampler with the ARTRA unit for field installation on a natural gas well.