We have developed a customizable hydrogen-based fuel we call eCombustible, which is 100% carbon-free and is designed to be used as a drop-in replacement for a variety of fossil fuels in industrial thermal applications. There are no carbon emissions produced from the combustion of eCombustible fuel, with water vapor being the primary biproduct. The Company’s mission is to provide a cost-competitive, carbon-free fuel to our customers through our fuel production units (“FPUs”) in support of a transition to a sustainable, clean energy future.
We produce eCombustible through our proprietary water electrolysis and post-production processes that make up our FPUs, which are designed to allow us to tailor the fuel to a customer’s specific combustion process operating parameters. In many parts of the world with relatively high fossil fuel prices, we believe that this makes eCombustible a viable replacement for fossil fuels, including natural gas, diesel fuel, and liquefied petroleum gas (“LPG”), used to create heat for industrial and commercial applications. Examples of customers we are under contract with or in late-stage discussions for provision of fuel include global mining companies and manufacturers of cement, tile, tires, bottles, and various metals producers, among others. According to the Renewables 2019 report – Analysis and Forecast to 2024 (the “2019 Renewables Forecast”) issued by the International Energy Agency (the “IEA”), the use of fossil fuels in industrial thermal applications accounts for approximately 23% of annual global carbon production. While this industry segment remains our near-term focus, the Company plans to expand our research and development efforts over the next two years to include additional applications in mobility, combined heat and power, and non-utility scale electricity generation.