VVC Strategic Investment - Proton Green - Selected for U.S. Department of Energy Grant to Develop Southwest Regional Direct Air Capture Hub
$11.6m Grant Designed to Advance the Carbon Capture Industry In The Region
TORONTO, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Proton Green LLC, a strategic investment of VVC Exploration Corporation, dba VVC Resources, ("VVC" or the "Company"), (TSX-V:VVC and OTCQB:VVCVF) was chosen by the U.S. Department of Energy to lead the development of the Southwest Regional Direct Air Capture (DAC) Hub. This initiative, backed by an esteemed consortium of industry leaders, universities, and organizations, has secured a substantial $11.6 million grant that underscores the promise of a cleaner, more sustainable future. Proton Green is a wholly owned subsidiary of Cyber App Solution Corp. (OTC: CYRB). VVC owns approximately 11.9% of Cyber App Solution Corp.
The Southwest Regional DAC Hub project is an integral part of the U.S. Department of Energy's groundbreaking Regional DAC Hubs program, aimed at expediting the establishment of a wide-reaching network of large-scale DAC carbon dioxide (CO2) removal sites across the nation. This initiative aligns with VVC's commitment to invest in projects fostering innovation and sustainable solutions within the energy sector.
Proton Green, a leading operator in the helium and beverage-grade CO2 market, will play an important role in facilitating the creation of a Storage Field Development Plan in conjunction with its consortium partners. This comprehensive plan will encompass diverse planning aspects including engineering, infrastructure layout, operational intricacies, and transportation logistics. The overarching goal is to pave the way for a multi-location DAC Hub capable of capturing over 1.0 million metric tons of CO2 annually from the atmosphere. This captured CO2 will be securely sequestered within Proton Green's St. Johns Field basin and two additional locations, reflecting Proton Green's commitment to addressing carbon emissions on a significant scale.
"The Southwest Regional Direct Air Capture Hub is a pioneering endeavor that aligns perfectly with VVC’s commitment to advancing sustainable technologies," said Terry Martell, Chairman of VVC Resources. "In addition to the environmental benefits, the grant allows Proton Green to take a big step in developing its carbon capture business."
The DAC Hub will complement Proton Green's strategic vision for CO2 sequestration at its St. Johns Dome asset, which is anticipated to serve as one of the multi-site locations within the Southwest Hub. Furthermore, the Hub's development holds the promise of fostering a renewable energy surge in a region marked by aging coal plants scheduled for retirement and expansive land with existing transmission capacity. This transition presents a unique opportunity to support local communities, generate tax revenue, and pave the way for sustainable industrial growth.
About VVC Resources
VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com.
About Proton Green, LLC
Proton Green LLC (OTC: CYRB) is a leading operator of one of the largest Helium and beverage grade CO2 hubs in North America. The Company maintains exclusive production rights to St. Johns Field, a 170,500 acre property in Arizona with a 33 billion cubic feet helium reservoir, 517 billion ton CO2 reservoir and a basin with the potential to store 1 billion metric tons of CO2. The Company is currently one of the leading producers of Helium in North America – a high-demand gas in both consumer and critical technology applications – leveraging strategic offtake partners with fixed-price agreements to drive a predictable revenue stream. Notably, both Helium and CO2 produced at St. John’s Field contain no hydrocarbon component. To learn more, please visit our website at https://www.protongreen.com/.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
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FORWARD-LOOKING STATEMENTS:
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee", “strategy”, "success" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others: The overarching goal is to pave the way for a multi-location DAC Hub capable of …; This captured CO2 will be securely sequestered within …; which is anticipated to serve as one of the multi-site locations …; holds the promise of fostering a renewable energy surge …; presents a unique opportunity to …; etc.
Such forward-looking information or statements are based on several risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding the sequestration of CO, the planning and completion of the Hub and associated infrastructure. Actual results could differ materially due to a number of factors, without limitation, operational risks in the completion of the project, delays or changes in plans with respect to the development of the project, dependence on third parties for many aspects of the business; general market and economic conditions; technical factors; risks in legislative changes in the applicable jurisdictions, the ability to attract key personnel. No assurances can be given that the efforts by Proton Green will be successful.
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