Supporting the Government Clean Energy Initiative, Mercury EV-Tech breakthrough Hydrogen Storage Partnership with Hydrogen Horizons Ltd

Mercury EV-Tech has embarked on a revolutionary journey in the realm of clean energy by diving into the manufacturing of hydrogen storage tanks. The company submitted this update in a corporate filing with the stock exchange. The recent update revealed that the company has sealed a Memorandum of Understanding (MOU) with UK and Israel-based firms, Hydrogen Horizons Ltd (HHL) and Hydrogen Horizons Israel Ltd (HHIL), respectively. This strategic collaboration is set to usher in a new era in combating climate change on a global scale.

The MOU entails the formation of a joint venture, aptly named "New Co," where HHIL, HHL, and Mercury EV-Tech will join forces to develop and manufacture a patented product known as the Hydra Pak. This innovative product, covered under United States Patent No.: US 8,628,609 B2, offers a unique solution for hydrogen storage. Designed by inventor Fredy Ornath from Tel Aviv, Israel, the Hydra Pak boasts an inside wall bonded to a hydride core, facilitating rapid release and intake of hydrogen gas. With its high hydrogen content capability and high thermal conductivity properties, the Hydra Pak holds promise for diverse energy applications.

Further bolstering the venture, United States Patent No.: US4,607,826A, contributed by inventor Moshe Ron from Haifa, Israel, provides a method and apparatus for preparing metal-embedded porous metallic-hydride (PMH) compacts. This advancement ensures the durability of the Hydra Pak, capable of withstanding repeated hydriding-dehydriding cycles without disintegration.

"However, the scrip pared some of its gain amid profit booking. At around 11:23 am, Mercury EV Tech share price was trading at Rs 59.0, surging 3.53%. Meanwhile, the 52-week high and low of the share were Rs 139.20 and Rs 51.24 per share, respectively."

As part of the agreement, HHL is tasked with securing a signed Tri-Party agreement between New Co and Mentana Group, based in Canada, for the purchase of an initial number of Hydra Pak Units. The Mentana Group has committed to an initial purchase order of five units to support the production costs incurred. In return, New Co will grant the Mentana Group exclusive rights for the sales and distribution of Hydra-Pak units throughout Canada. Additionally, as part of the exclusivity arrangements, the Mentana Group will provide evidence of financial eligibility to fulfill contractual obligations.

This strategic move by Mercury EV-Tech marks a significant turning point in the company's trajectory and is poised to reshape the company's future outlook. By venturing into hydrogen storage manufacturing, Mercury EV-Tech demonstrates its commitment to sustainability and innovation in the clean energy sector. The collaboration with industry-leading partners underscores Mercury EV-Tech's dedication to driving impactful change and advancing towards a greener, more sustainable future.

With the stage set for transformative developments in the clean energy landscape, stakeholders eagerly anticipate the far-reaching implications of Mercury EV-Tech's foray into hydrogen storage manufacturing. As the world grapples with the urgent need for sustainable solutions, initiatives such as this pave the way for a brighter, cleaner future for generations to come.

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Mercury EV-Tech Enters Hydrogen Storage Sector with New JV "New Co"

- Business-standard

With the stage set for transformative developments in the clean energy landscape, stakeholders eagerly anticipate the far-reaching implications of Mercury EV-Tech's foray into hydrogen storage manufacturing. As the world grapples with the urgent need for sustainable solutions, initiatives such as this pave the way for a brighter, cleaner future for generations to come.