Amogy and ITOCHU Partner to Explore Application of Ammonia-Powered Solution for Decarbonizing Maritime Vessels [Yahoo! Finance]
ITOCHU CORP UNSP/ADR (ITOCY)
NASDAQ:AMEX Investor Relations:
itochu.co.jp/en/ir/index.html
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Source: Yahoo! Finance
of a Memorandum of Understanding (MOU) with ITOCHU Corporation ("ITOCHU"), a Japan-based global trading and import/export company. This strategic partnership is aimed at exploring the potential application of Amogy's technology on ITOCHU's maritime vessels. Amogy has developed a modularized system that transforms liquid ammonia into electrical power. This innovative technology involves "cracking" liquid ammonia into its base elements of hydrogen and nitrogen. The hydrogen is then funneled into a fuel cell for efficient generation of electricity onboard a vessel. Together, Amogy and ITOCHU will investigate opportunities for deploying Amogy's system on vessels owned, operated, or chartered by ITOCHU. Both parties will work closely to identify suitable vessels, offer information for retrofitting existing vessels or designing new ones, and contribute technical expertise and project scoping. This partnership may also extend to other projects within the broader ammonia and hydrogen valu
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