Progressus announced it had executed a Letter of Intent (LOI) whereby the California, US-based firm, BioQuest acquire up to 100% of Progressus’ issued and outstanding shares.

H2 View understands the LOI sets out for Progressus shareholders to receive shares of BioQuest in exchange for the acquisition of the Toronto-headquartered company’s shares, which in turn would see Progressus become the primary business of BioQuest.

Progressus owns the rights to exclusive intellectual property that can enable dilute amounts of hydrogen to be extracted from a variety of different gas streams. By utilising its unique fuel cell technology, the company says oxygen-free electrolysis is possible.

The Canadian firm’s technology is intended to allow homes in areas with hydrogen blends seen in pipelines to be powered purely by hydrogen.

Read more: Progressus Clean Technologies: Homes to be powered by hydrogen with an innovative new technology

With unprecedented levels of potential growth in the global green hydrogen market anticipated in the coming years, Progressus says its intellectual property is well positions to capitalise on the global opportunity.

In May (2022), Progressus (formerly AES-100) announced intentions to assist in Europe’s shift away from Russian fossil fuels.

Read more: Progressus Clean Technology to assist with Europe’s hydrogen transition

Did you know H2 View is one of the only media publications to be recognised as an official partner of the Hydrogen Council?

This means we get exclusive columns, interviews and studies that you won’t find anywhere else. Along with our featured webinars and events, H2 View is the go to global platform for the hydrogen industry.

Become a subscriber today to make sure you don’t miss out. Already a subscriber? Log in here.