Australian based Eden Energy, parent company of the Hythane Company, has announced the acquisition of HyRadix Inc, a Chicago based company specialising in on-site hydrogen generating systems. HyRadix systems have already been installed in California, China and Malaysia for use in transport, oil hydrogenation and metal annealing.
Eden says the US systems are a natural fit for integration with its own suite of hydrogen fuel technologies – in particular allowing for onsite production and dispensing of Hythane®. Hythane®, a mixture of hydrogen and natural gas, is a high efficiency, low emission premium blend of natural gas which reduces emissions of polluting nitrogen oxide by up to 50% compared with just natural gas.
“A combined Eden-HyRadix product provides an immediate opportunity to not only continue to supply the pure hydrogen market that HyRadix has been servicing, but also to supply a fully developed, complete Hythane® system able to now be marketed in India, the United States, China and Europe,” Eden’s Executive Chairman, Mr Greg Solomon, said today.
“It rapidly expands the market potential for an ultra-low emission, high efficiency blend of hydrogen and Natural Gas that can be the ideal transitional fuel between the hydrocarbon economy and the future hydrogen economy,” Mr Solomon said.
“When added to the very significant marketing progress that our Hythane interests have made in India, the US and China, Eden is increasingly well placed to be able to rapidly market its combined range of products around the world.
The main consideration for the acquisition will see Eden issue one million of its ordinary shares to HyRadix and immediately inject US$525,000 into the company for working capital.
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