Eat & Beyond’s Portfolio Company, Purpose ESG, is Supporting Energy Transition by Contributing to Leading Industrial Group’s “Green Ammonia” Project
Green ammonia is a safe & cost-effective medium for transporting hydrogen
Large-scale green ammonia projects are ongoing in Australia, Japan, USA, Saudi Arabia
Purpose ESG is contributing to global team integration & project planning
Vancouver, BC, June 28, 2023 (GLOBE NEWSWIRE) -- Eat & Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) (“Eat & Beyond” or the “Company”), an investment issuer focused on the global plant-based and alternative protein sector is pleased to announce that its portfolio company, Purpose ESG Holdings Inc. (“Purpose ESG”), an investment issuer building a portfolio of Clean Tech companies that support environmental, social, and governance (ESG) outcomes, is supporting the global energy transition away from fossil fuels by contributing to a leading global industrial group’s project to develop “green ammonia” in Canada.
“We’re all facing the effects of global warming today. To achieve significant progress, we must take large-scale action to reverse growing global CO2 emissions,” said Purpose ESG's CEO, Young Bann. “That’s why Purpose ESG invests in companies using innovative strategies to reduce CO2, such as Carbon Upcycling, which uses CO2 to create value by producing advanced materials for the cement industry.
Beyond that, we’re also working in partnership with global industrial groups to support more transformative measures, such as Energy Transition, especially through hydrogen. That’s where our green ammonia partnership project comes into play.”
Hydrogen (H2) is considered one of the green fuels of the future. Purpose ESG expects hydrogen to follow the trend of other Energy Transition enablers – such as solar, wind and EV batteries – to decrease costs and increase commercial viability. Among the drivers supporting hydrogen’s rise as a clean energy enabler is support from the public, governments and the investment community, as well as advances in R&D and manufacturing.
One key strategy for realizing hydrogen’s potential is through green ammonia, which is a safe and cost-effective medium for transporting hydrogen.
Green ammonia represents multiple advantages that have spurred a global race for leadership: Australia, Japan, the Netherlands and the UK plan to use green ammonia to store and export renewable energy surpluses; in the United States, the world’s largest ammonia producer, CF Industries, is expediting the development of its flagship green ammonia plant; and Saudi Arabia’s plans are to open the world’s largest green ammonia plant.[1]
Green ammonia’s advantages:
Less expensive to transport due to liquefying at -33 degrees C (versus -253 degrees C for H2)
Safe and easy to store as a liquid (hydrogen needs to be stored at high pressure and is explosive under certain conditions)
Can be shipped via existing infrastructure and the current global fleet of container ships used to transport conventional ammonia for the fertilizer industry
Produced using clean renewable energy and an electrolyzer (in contrast, conventional ammonia production has high emissions due to relying on cracking coal or natural gas)
Can be produced anywhere in the world that has competitive electricity costs, therefore production can more easily be located near end users
Purpose ESG’s contributions toward the global industrial group’s project to develop green ammonia in Canada include:
Incubating the project from initial concept through advanced planning
Orchestrating required project expertise by integrating local and global teams
Simulations for business variables such as production locations and logistics
Purpose ESG's CEO, Young Bann, added: “Purpose ESG is excited to be part of green ammonia’s market emergence through our contribution to this project, we consider our involvement in this global partnership to also be aligned with our core values.”
For more information about Purpose ESG and to sign up for their latest updates, visit purposeesg.com/
Sources:
1. https://e360.yale.edu/features/from-fertilizer-to-fuel-can-green-ammonia-be-a-climate-fix
ON BEHALF OF THE BOARD OF DIRECTORS
Young Bann, CEO
young@purposeesg.com
778-887-8912
ABOUT PURPOSE ESG HOLDINGS INC.
Purpose ESG Holdings Inc. (“Purpose ESG”) is an investment issuer building a portfolio of Clean Tech companies that support environmental, social, and governance (ESG) outcomes, with a focus on electrification, energy transitions, circular economy, carbon and new tech. Purpose ESG provides its investors with the opportunity to participate in the growth of a portfolio of breakthrough technologies and value chain solutions with market leadership potential. The Company works closely with its portfolio companies to drive their growth and success, ultimately working to build a smarter, cleaner, and more sustainable future. Learn more: purposeesg.com
For investor inquiries or further information, please contact: young@purposeesg.com
ABOUT EAT & BEYOND
Eat & Beyond is an investment issuer that identifies and makes equity investments in global companies that are developing and commercializing innovative food tech and sustainability. Led by a team of industry experts, Eat & Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food and sustainability sectors, and access companies that are leading the charge toward a smarter, more secure food supply.
For more information about Eat & Beyond and to sign up for our latest updates, visit eatandbeyond.com
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release.
Cautionary Note
All information contained in this news release with respect to Purpose ESG was supplied by Purpose ESG for inclusion herein, and Eat & Beyond directors and officers have relied on Purpose ESG for such information.
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com
