Xebec Signs 10-year Gas-as-a-Service Contract for Hydrogen Recycling
Xebec Adsorption Inc. has announced a significant 10-year hydrogen recycling contract, valued at approximately $1.6 million, with a leading glass manufacturer. This deal follows extensive gas quality testing at two flat-glass facilities in Germany. The partnership highlights Xebec's commitment to the circular economy and showcases its hydrogen recycling technology. Previously, a similar agreement worth $1.2 million was signed with Obeikan Glass Company. Xebec aims to tap into over 400 potential glass manufacturing facilities globally, promoting cost reduction and environmental sustainability.
- Secured a long-term contract valued at approximately $1.6 million over 10 years.
- Demonstrates growing confidence in hydrogen recycling technology, enhancing market presence.
- Identified over 400 potential glass manufacturing facilities that could utilize hydrogen generation and recovery systems.
- None.
- Long-term pay-per-use contract to recover spent gases in glass manufacturing -
MONTREAL, June 09, 2021 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce today that its wholly owned subsidiary HyGear, has signed a 10-year hydrogen recycling Gas-as-a-Service contract with one of the largest glass manufacturers in the world. The pay-per-use contract is valued at approximately
“It was a great opportunity to partner with an established glass manufacturer to develop this system and demonstrate that our hydrogen recycling technology can contribute to the circular economy. This long-term contract demonstrates their confidence in our ability to create value in monetary terms and reduce the environmental impact, which is key to environmentally responsible companies,” said Marinus van Driel, President of Xebec Europe.
Leader in hydrogen and nitrogen recovery systems for glass manufacturers
On February 2, 2021, HyGear signed a similar agreement valued at approximately
In addition, HyGear expects that because of these recent deployments, it can accelerate the uptake of its generation and recovery products within the glass industry. The company has identified over 400 glass manufacturing facilities worldwide that could benefit from on-site or local hydrogen generation and now, hydrogen recycling systems to further reduce costs and emissions.
Hydrogen and nitrogen gas mixtures are used in float glass production to create a protective atmosphere to prevent oxidation. These gases are injected into a tin bath where liquid glass is floated on molten tin. The most common practice of these production facilities is to vent the used mixed gases into the atmosphere.
HyGear’s gas recovery system was developed to recover used gases, clean them to a production-grade standard and feed them back into the manufacturing process. This approach reduces costs and improves the product quality due to the increased atmosphere refreshment rate. In addition, it reduces the environmental impact of the process by preventing the venting of particulate matter back into the atmosphere.
Related links:
https://www.xebecinc.com
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with six manufacturing facilities, eight Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
Cautionary Statement
This press release contains forward-looking statements within the meaning of applicable Canadian securities law. These statements relate to future events or future performance and reflect the expectation of Management regarding the growth, results of operations, performance and business prospects and opportunities of the Corporation or its industry. Forward-looking statements typically contain words such as “believes”, “expects”, “anticipates”, “continues”, “could”, “indicates”, “plans”, “will”, “intends”, “may”, “projects”, “schedules”, “would” or similar expressions suggesting future outcomes or events, although not all forward-looking statements contain these identifying words. Examples of such statements include, but are not limited to, statements concerning: (i) the Corporation’s belief it can accelerate the uptake of its hydrogen generation and recovery systems in the glass industry; and (ii) the total size of the market with over 400 Corporation identified glass manufacturing facilities worldwide as noted in this press release.
These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties that may cause the Company’s actual results, level of activity or performance to be materially different from any future results, levels of activity or performance expressed in or implied by these forward-looking statements. These risks include, generally, risks related to revenue growth, operating results, industry and products, technology, competition, the economy, the sufficiency of insurance and other factors which are discussed in greater details in the most recent quarterly management discussion ana analysis (“MD&A”) and in the Annual Information Form of the Corporation filed on SEDAR at www.sedar.com.
Forward-looking statements contained herein are based on a number of assumptions believed by the Corporation to be reasonable as at the date of this press release, including, without limitations, assumptions about trends in certain market segments, the economic climate generally, the pace and outcome of technological development, the identity and expected actions of competitors and customers, the value of the Canadian dollar and of foreign currency fluctuations, interest rates, the anticipated margins under new contracts awards, the state of the Corporation’s current backlog, the regulatory environment, the sufficiency of internal and disclosure controls, the ability of the Corporation to successfully integrated acquired business, and the acquisition and integration of businesses in the future. If these assumptions prove to be inaccurate, the Corporation’s actual results may differ materially from those expressed or implied in the forward-looking statements. The forward-looking statements contained herein are made as of the date of this MD&A and are expressly qualified in their entirety by this cautionary statement. Except to the extent required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein. Readers should not place undue reliance on forward looking statements.
FAQ
What is the total value of the new contract signed by Xebec Adsorption Inc. with a glass manufacturer?
Which company signed a hydrogen recycling contract with Xebec Adsorption Inc.?
How many global glass manufacturing facilities has Xebec identified for potential hydrogen systems?
What was the value of Xebec's previous contract with Obeikan Glass Company?
